Younus puts on brave face



LONDON // The state of turmoil that Pakistan cricket inhabits was given its daily fix yesterday when Abdul Qadir, their chief selector, stepped down in the wake of their World Twenty20 humbling by England. The former leg-spin great was in charge for just six months, yet had already grown weary of the unseemly machinations at the top of the game in Pakistan.

The 48-run defeat to a resurgent England side at the Oval on Sunday evening was believed to have been the final straw for Qadir, who had reportedly fallen out with the chairman of the cricket board, Ijaz Butt. The news had little visible effect on the mood of the Pakistan players as it filtered through just before training at Lord's yesterday afternoon. They were in fine spirits during their warm-up game of handball, and the ensuing net session.

Pakistan's players are working on the calculation that they must beat the Dutch by 25 runs or more if they are to advance to the Super Eight stage today. If they bat second, they need to chase whatever the Netherlands make within 16.5 overs. There are likely to be hefty ramifications if they fail to advance to the second phase of a world competition for the second time running, even though the captain Younus Khan, feels 20-over cricket is "just about fun".

Younus said: "We'll have to do it because if we don't we will be out of the competition. Hopefully the senior guys will come forward and do a job for our team - it's the only chance we have. "It wouldn't be disastrous for Pakistan if we went out - it's international cricket, but it is only a fun game. "It will be sad for us if we are not in the Super Eights but it's not a disaster. Twenty20 cricket is all about entertaining the crowd - it's all about fun."

After laying to rest the ghost of their opening night Dutch horror-show with a victory over Pakistan, England's captain Paul Collingwood was hit with a tricky question. Who were the best team they had played so far in the competition? He had a choice of two, yet he squirmed and agonised more uneasily than he would have done had he been next in to face Fidel Edwards at his nastiest. "What a question," he said, as he shifted in his seat. "I suppose I would have to say Pakistan."

The Dutch will get the chance to prove him wrong tonight when they return to Lord's. Jeroen Smits, the Netherlands captain, is sure his side can improve on their heroic display against England. "Batting-wise I think we played to our capabilities [against England]," he said. "Fielding and bowling-wise I think there is room for improvement. We played OK against England, and we are looking forward to Pakistan.

"The momentum up front is on our side. We know Pakistan's players like to play their shots up front, and against England we proved we do have quality bowlers up front." Tom de Grooth, who won the man-of-the-match award for his 49 against England, is not ruling out another fairytale. He said: "We believe in everything right now. We never say never, hopefully we can bring our game again and cause another upset."

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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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MATCH INFO

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When: Friday, 2pm
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