Jacques Kallis of KKR playing a shot in the IPL match between Royal Challengers Bangalore vs Kolkata Knight Riders at Sharjah Cricket Stadium in Sharjah on April 24, 2014. Pawan Singh / The National
Jacques Kallis of KKR playing a shot in the IPL match between Royal Challengers Bangalore vs Kolkata Knight Riders at Sharjah Cricket Stadium in Sharjah on April 24, 2014. Pawan Singh / The National
Jacques Kallis of KKR playing a shot in the IPL match between Royal Challengers Bangalore vs Kolkata Knight Riders at Sharjah Cricket Stadium in Sharjah on April 24, 2014. Pawan Singh / The National
Jacques Kallis of KKR playing a shot in the IPL match between Royal Challengers Bangalore vs Kolkata Knight Riders at Sharjah Cricket Stadium in Sharjah on April 24, 2014. Pawan Singh / The National

Cricket great Jaques Kallis admits: ‘I’m embarrassed to call my self South African’


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NEW DELHI // Cricketing great Jacques Kallis has said he is “embarrassed” to be South African after the government banned four sports federations from bidding for international tournaments for failing to pick enough black players.

South Africa’s sports minister announced Monday he would veto any bid by the cricket, rugby, netball and athletics bodies to host multinational events as they had missed racial “transformation targets” designed to redress apartheid-era inequalities.

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Day-night Tests receive support from most nations but South Africa remain unconvinced

While more than 90 per cent of South Africans are black, they remain in a minority in the starting line-up for many national teams, most notably rugby and cricket, more than two decades after the end of whites-only rule.

But Kallis, who is himself white, criticised the government for what he regarded as meddling in sport in a Tweet posted while he was coaching in India.

"So sad that i find myself embarrassed to call myself a South African so often these days #no place for politics in sport," said Kallis, who is currently coaching the Kolkata Knight Riders in the Indian Premier League.

The government’s veto, which will be reviewed in a year’s time, should not immediately affect South African cricket as the right to host a major tournament is not currently up for grabs.

However it could sink the rugby federation’s hopes of hosting the 2023 World Cup, with the process due to begin in a few months.

Although the national rugby body and the government have agreed that the Springboks team in the 2019 World Cup should be at least 50 per cent black, only three black players regularly started in the last tournament in 2015.

Cricket South Africa is aiming to field at least seven players of colour in its starting elevens, which would include black Africans, mixed-race and players of Indian descent such as the leading batsman Hashim Amla.

While it has met that target in several one-day matches, it has never had more than five non-white players in a Test team.

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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