Frank Lampard’s quest for balance has taken him to one of Russia’s southern outposts. Chelsea arrive in Krasnodar with a reputation as adventurers compromised by successive stalemates.
If cavalier attacking may have come at too great a cost, the shift towards solidity may have gone too far.
"I am least worried about the front end of the pitch with the players we have there," said Lampard after Sunday's 0-0 draw with Manchester United. Cautious tactics made it harder to accommodate them all.
That 3-4-3 formation left him with Christian Pulisic, Timo Werner and Kai Havertz, with Mason Mount joining Tammy Abraham and Hakim Ziyech on the bench.
Each came on and the last presents the most intriguing issue. If Pulisic, Werner and Havertz represent the A-list, where does that leave Ziyech?
The Moroccan appears a contradiction. He is the first summer signing, a man whose deal was announced in February but whose full debut may not arrive until November. After a knee injury and three cameos, a maiden start may beckon. "Hakim Ziyech is coming close to starting a game with his fitness," Lampard said.
He felt an example of forward planning when his move was announced, his £36 million ($46.9m) price seeming a bargain when it was announced, but before the impact of Covid-19 reduced prices.
Yet rewind to February and few thought Chelsea could get Werner or Havertz. The striker seemed bound for Liverpool. The attacking midfielder might be headed for Bayern Munich or Real Madrid. Roman Abramovich allowed Chelsea to spend when others could not and Chelsea instead poached the two Germans.
Yet had they the foresight to know they would become available, would they have signed Ziyech? The first recruit can feel the afterthought now. He has stated his preference is to play as a No 10, but that is Havertz’s favourite role, too. There is likelier to be a vacancy on the right.
It would be fitting if the chance comes in the Champions League. It is the competition that brought Ziyech to a wider audience and, indeed, provided his outstanding display to date at Stamford Bridge. So far, it defines him, and yet denied him the crowning glory.
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Chelsea 0 Sevilla 0: player ratings
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Rewind 17 months and he set up Donny van de Beek's semi-final goal against Tottenham. Ajax took a 1-0 lead back to Amsterdam and, when Ziyech put them 2-0 ahead on the night, they were 3-0 up on aggregate. Enter Lucas Moura, whose hat-trick was completed in the 96th minute. "Crazy," Ziyech recalled last week.
Which may have served as a description of his only start at Stamford Bridge. His in-swinging deliveries from the right led to two Ajax goals – one diverted into his own net by Kepa Arrizabalaga – but his side had two centre-backs sent off in the same passage of play and drew 4-4. It was little wonder he attracted Lampard's attention.
Since then, shinier and newer, younger and costlier players have caught Chelsea’s eye. Werner got 34 goals for Leipzig last season and Havertz 18 for Bayer Leverkusen, whereas the Dutch campaign was curtailed. Ziyech’s 21-goal, 16-assist year in 2018-19 thus feels like more distant history.
He faces competition from Mount, Lampard’s protégé, and each will suffer from the system, unless he reverts to 4-2-3-1, sacrificing a defender for a further attacker.
But only Angel di Maria, Kylian Mbappe and Robert Lewandowski registered more assists in last season’s Champions League than Ziyech and, whereas they played in the final, he did not feature after the group stages.
As Chelsea look to recapture their attacking edge, it could be an opportunity to see what a man whose European exploits propelled him to Stamford Bridge can do.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia