An American historian who spent decades in Afghanistan working to preserve the heritage of the war-torn country died on Sunday.
An Afghan government statement said Nancy Hatch Dupree, who first came to Afghanistan in 1962 and spent much of her life collecting and documenting historical artefacts, passed away at a Kabul hospital at the age of 90.
She amassed a vast collection of books, maps, photographs and even rare recordings of folk music, all now housed at a centre she founded at Kabul University. She also wrote five guidebooks and with her husband, Louis Dupree, wrote the definitive book on Afghanistan, an encyclopaedic tome about the country they adopted as their own.
Dupree lamented the fact that young people in Afghanistan, many of whom had grown up as refugees in neighbouring countries, knew little if anything about their own history.
"So many young Afghans know more about the histories of the countries where they lived as refugees than their own country's history," she said. "It makes me sad because their own history is so rich."
To remedy this, she founded the Afghan Center at Kabul University in 2006, where she worked to create an extensive library that could be accessed electronically from universities in Herat, Kandahar, Jalalabad and Mazar-e-Sharif.
Dupree was born in 1927 in Kerala (then known as Travancore), where her American parents were working on rural development projects and spent most of her childhood there. She first arrived in Afghanistan as the wife of a diplomat. Some years later, she met archaeologist and anthropologist Louis Dupree, — also American and also married — when she asked him for help with her first guidebook on Afghanistan. Their love affair caused a scandal in Kabul but they married and stayed on in Afghanistan for more than a decade, with Nancy writing guidebooks and Louis uncovering prehistoric settlements, and the couple visiting historical sites all over the country together and documenting them all.
When the Soviet Union invaded Afghanistan in 1979, Louis was imprisoned under suspicion of spying for the CIA. Rather than return to the US, Nancy joined thousands of Afghan exiles in a refugee camp in Peshawar, Pakistan, where her husband eventually joined her. During their time there, she realised how easily unique historical documents about Afghanistan could be lost forever and with her husband began collecting everything they could find pertaining to the country's history and culture — including the Soviet invasion, the Mujahideen and the Taliban.
It was just as well. In the looting that followed the Soviet invasion, many priceless books were sold for fuel or as food wrapping. Louis died in 1989, just a month after the Soviets left Afghanistan, but Nancy carried on collecting. By 1999, she had amassed 7,739 titles written in Pashto, Dari and several European languages.
She returned to Kabul in 2005, smuggling in her precious collection in 300 plastic fertiliser sacks. Two years later, it was installed in Kabul University, with funds from the Afghan finance ministry She also launched a mobile library scheme that brought thousands of books, including easy-to-read volumes in Pashto and Dari, to remote communities, often on the backs of donkeys.
She was dubbed her the "honorary grandmother of Afghanistan". The centre she founded said, "We stand in hommage to a woman of exemplary grace, dedication, humour and humanity" and news of her death prompted hundreds of messages from Afghans on social media.
Apart from visits to her home in Louis' native North Carolina, Dupree remained in Kabul., even though it was no longer the peaceful city of her youth.
"Kabul is grim now, all these concrete walls and barriers and razor wire. it is not my Kabul.," she said. But she had no intention of leaving. She is survived by her daughter.
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Zayed Sustainability Prize
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
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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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