A dejected LeBron James following Cleveland's Game 6 and NBA Finals defeat to Golden State. Darron Cummings / AP Photo / June 16, 2015
A dejected LeBron James following Cleveland's Game 6 and NBA Finals defeat to Golden State. Darron Cummings / AP Photo / June 16, 2015

LeBron James would ‘rather not make the playoffs’ than suffer more NBA Finals heartbreak



LeBron James has tasted defeat four times in NBA Finals now but that does not make it any easier to swallow. In fact, losing to Golden State hurt so much he would rather miss out on the playoffs altogether than lose another championship series.

James led the way for Cleveland with 32 points, 18 rebounds and nine assists in Game Six on Tuesday but it was not enough to carry the Cavaliers to victory over the Warriors.

Golden State picked up their first title in 40 years with the 105-97 win in Cleveland.

“When you fall short it hurts,” James said. “I’m starting to (think) I’d rather not even make the playoffs than to lose in the Finals. It would hurt a lot (less).”

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James finished with averages of 35.8 points, 13.3 rebounds and 8.8 assists for the six games, becoming the first player to lead both teams in total points, rebounds and assists in a Finals series.

There was talk he could follow Jerry West (1969) and become just the second player to win the Finals MVP despite losing the series, but that honour went to Golden State’s Andre Iguodala, who hounded James throughout the matchup.

In the end, effort could not make up for a depleted roster.

The Cavs lost All Star guard Kyrie Irving to a knee injury in the series opener and All Star forward Kevin Love to a shoulder ailment in the first round of the playoffs.

“We never asked for sympathy when they went down,” coach David Blatt said. “We never made an excuse and I certainly won’t do that now. The Warriors were better.”

The result of losing two key players was that Cleveland had to feed James the ball more, but the increased workload saw him make just 39 percent of his shots.

“I don’t enjoy being as non-efficient as I was. I don’t enjoy dribbling the ball for countless seconds on the shot clock with the team looking at me to make a play,” James said.

“That’s not winning basketball. It was what I had to do, what was needed. We ran out of talent.”

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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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Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
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