For my final column for 2022, I want to share some things I have been pondering lately. Because this time of year encourages a lot of reflection.
Firstly, what does it mean to live a good life? It is a seemingly simple question, but with a complex answer.
Perhaps it is living mindfully? Knowing your purpose and values? Cultivating creativity? Overcoming fears and anxiety? Helping others? Or understanding the difference between being wealthy and being rich?
It is a vast subject, but perhaps the most important decisions you’ll ever make are whether to marry, who to marry and whether to have children.
None of these are taught to us. How could they be? You can’t distil major life decisions into an equation or even a broad principle.
They are so important but so hard to teach. Therefore, awareness around high-quality decision-making is so important to lead a good life.
People have different personalities, goals, experiences and levels of chance and serendipity, all of which make universal truths hard to find and difficult to teach.
Regardless of technological development, the best answer for many big questions will always be: “You have got to figure it out for yourself.”
A lot of things work like that. Some of the most important topics are the hardest to teach and experience is the only school.
Here are some others:
- How to get along with people you disagree with
- How to respect the views of people who have had different life experiences than you
- How to make high-quality life decisions when the stakes are super high
- How to deal with failure
- How to avoid being swayed by charlatans
- How to manage the balance between confidence and ego, recognising that you might be unique but you are not special
- How to accept your faults without guilt
- How to change your mind, especially about things that were once core to your identity
- How to listen
- How to love
- How to come to terms with the agony of making a costly financial mistake
- How to accept critical feedback
- How to be inspired by others’ success while avoiding envy
- Recognising how incentives affect your behaviour, often for the worse
- How to recognise the long-term consequences of your actions
- How to balance optimism and pessimism so you can exploit opportunities with realistic expectations
There are no easy rules to learn and memorise — you have got to figure those out for yourself.
Mindset matters, as does self-awareness around your own fears, emotions, wants and triggers.
For me, a good life is measured by progress. I am reflecting now on my progress in 2022 and thinking about how I can improve myself next year and to use the wisdom I learnt from today’s learning opportunities to live a better tomorrow.
When you learn to see the world as it is, and not as you want it to be, everything changes
Sam Instone,
co-chief executive of AES
Comparisons are not made with other people, but only with previous versions of myself.
I follow my inner scorecard. This gives me optimism to hope we will all be a little bit better tomorrow than today.
Following on the theme of progress, my second thought is around the models we all have in our heads.
The quality of our life depends on them. Because when you learn to see the world as it is, and not as you want it to be, everything changes.
The solution to any problem becomes more apparent when you can view it through more than your own lens.
You will spot opportunities you could not see before. You will avoid costly mistakes that may be holding you back. And you will begin to make meaningful progress in your life.
This is the power of the world’s great “mental models”. They can help to propel you past the massive gravitational pull towards our natural, evolutionary programming.
But traditional education doesn’t prepare us for this. Or at least, it didn’t prepare me.
I have made more than my share of mistakes over the years. To improve, I have spent a long time looking around for mentors. Those with practical world experience in making “great decisions”.
I have settled on the easy-to-like, intelligent, witty and, at times, irreverent Charlie Munger. The billionaire long-term business partner of Warren Buffett says: “The key to better understanding the world is to build a latticework of mental models.”
Ideas such as “first principles thinking” (popularised by Elon Musk) and “second-order thinking” — there are many more ideas I wish I had learnt at school.
And these are ideas we can all benefit from because they help us understand how the world works and how to apply that understanding to keep us out of trouble. Ultimately, this makes our journey through life more successful and rewarding.
As a final note, I will leave you with American novelist David Foster Wallace’s thoughts: “Learning how to think really means learning how to exercise some control over how and what you think.”
Here’s to a better life.
Sam Instone is co-chief executive of wealth management company AES
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
UAE currency: the story behind the money in your pockets
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
UK%20record%20temperature
%3Cp%3E38.7C%20(101.7F)%20set%20in%20Cambridge%20in%202019%3C%2Fp%3E%0A
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
WIDE%20VIEW
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Asia%20Cup%202022
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More coverage from the Future Forum
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
WHAT%20START-UPS%20IS%20VISA%20SEEKING%3F
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Racecard
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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
UAE%20SQUAD
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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
