Statistics show it, common sense suggests it and Patrick Roy proves it: teams that want to win should pull their goalie more than they do now.
Pulling the goalie in favour of an extra skater is hockey’s great risk-reward exercise, a parallel to fourth-and-long in American football. It increases the trailing team’s chance of scoring, but increases the leading team’s chance to a greater degree. Yet the trailing team can turn defeat into victory; for the leading team, victory merely becomes victory by a greater margin.
The Colorado Avalanche, with Roy as their coach, are masters at this. In January and February the team had an unheard-of streak in which pulling the goalie led to a Colorado goal in three successive games, and four in five.
It was more than a fluke. Roy has long been aggressive in pulling the goalie, notably in last year's play-offs. His team does it often enough that what is desperation time for others is business time for them.
Colorado’s Tyson Barrie, after scoring against Dallas with 20 seconds left and an extra skater on the ice said: “It’s big for us to know that [if] we are down a goal, we do need a big goal, that we’re confident we can get it done. Guys don’t squeeze their sticks too tight.”
Research has shown for years that coaches should mimic Roy’s approach.
As far back as 1989, Philadelphia-based professors Robert Nydick and Howard Weiss reported that optimal times for pulling the goalie ranged from three minutes, 25 seconds, for a strong offensive team, to 1:19 for a weak one. “Under any reasonable set of assumptions,” they wrote, “hockey coaches wait too long before pulling the goalie.”
More recently, two federally funded Canadian professors analysed a variety of game situations and concluded that a more aggressive approach would be worth two to three points in the standings at year’s end. (Or more: during Roy’s hot streak, his tactics added six points to Colorado’s column.)
The two Canadians, who parsed the statistics of every 2007/08 game, noted that pulling the goalie typically happened with a minute left in a one-goal game and 90 seconds in a two-goal game: suggesting that strategy had little evolved since 1989, when the norm, Nydick and Weiss generalised then, was to pull with a minute left.
An analysis of NHL games in January shows that coaches, perhaps influenced by Roy, are finally wising up. Teams pulled the goalie in 105 games. In 59 of those games, they did so with more than 90 seconds left. That included 29 times with more than two minutes left, six times with more than three minutes left, once with more than four minutes left and once with more than five minutes left (that was Columbus, down four goals to Arizona).
An intriguing idea derived from the numbers is that if you are losing in the third period, and the other team takes a penalty, you should press the advantage by pulling your goalie.
According to the Canadian research, in a normal six-on-five situation after pulling the goalie, the team that pulled scores every 8.5 minutes. But switch that to six-on-four (team with a man advantage also pulls the goalie), and the scoring rate rises to once every 5.5 minutes.
rmckenzie@thenational.ae
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Starring: Eric Ruffin, Chloe Levine
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