Tim Nielsen has been 'living the dream' but time to walk away


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Tim Nielsen has been "living the dream" as Australia head coach for the last four years but admits he is ready for some time away from the international set-up after standing down yesterday.

The 43 year old confirmed his departure after seeing his side draw the third Test against Sri Lanka in Colombo — a result which set the seal on his ninth victory in 15 Test series since replacing John Buchanan in 2007.

Nielsen decided to quit after being told he was required to reapply for his job following a review of the Australian management structure, but left with his head held high despite the indifferent form of the team during his tenure.

"Unfortunately I wasn't good enough to play cricket for Australia, so I've been living the dream. This has been the greatest job that I could do," said Nielsen.

"I'm very proud of the fact that I've been able to do it for the past four years, which I feel is a long term in international sport."

Despite boasting a winning record in Tests — and maintaining Australia's place at the top of the one-day rankings over the past four years — Nielsen has paid a heavy price for Australia's 3-1 Ashes defeat to England on home soil last winter.

That loss was the prompt for a comprehensive review of the Australia set-up, led by Don Argus, which on returning its findings last month recommended a management restructure.

Nielsen, head of selectors Andrew Hilditch and selector Greg Chappell were all high-profile victims of the changes, which call for the implementation of a five-man selection panel comprising a full-time chairman, two part-time selectors, the national captain and head coach.

Although Nielsen declined the chance to be interviewed for his redefined job, there was initial speculation that he could be offered a role elsewhere in the Cricket Australia set-up. However, he admits that is not likely to happen anytime soon.

"I'm a cricket coach, I'm a cricket person. I certainly will be looking at other opportunities and seeing what's out there," he said.

"I won't work with Cricket Australia in the short term — it's a good chance for me to have a break and for them to have a change of scene. We'll just take a breath now."

Meanwhile, Australia legend Glenn McGrath has backed Steve Rixon's credentials to take over from Nielsen ahead of next month's tour to South Africa.

Rixon is currently part of the Australian set-up, and along with fellow assistant coach Justin Langer has emerged as a leading candidate for the post.

"When I first started playing at New South Wales I worked with Steve Rixon, the ex-Australia wicketkeeper, and I think he's an incredible coach," McGrath told Sky Sports.

"His work ethic is second to none and for me to work with him early doors stood me in great stead.

"So he's a name that pops to mind, but I'm sure there will be others too."

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

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