The first 5,000 American soldiers to reach England march across historic Westminster Bridge in London, UK.
The first 5,000 American soldiers to reach England march across historic Westminster Bridge in London, UK.
The first 5,000 American soldiers to reach England march across historic Westminster Bridge in London, UK.
The first 5,000 American soldiers to reach England march across historic Westminster Bridge in London, UK.


T S Eliot's poetry still touches on the great themes of our lives


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April 12, 2022

The 17th century Church of St Magnus-the-Martyr stands near the site of the old London Bridge over the River Thames in the city’s financial district. It’s a glorious, stunning building, created by Sir Christopher Wren on the site of an earlier church destroyed by the 1666 Great Fire of London.

The church is said to be one of the most expensive rebuilding efforts of the time, and it has many admirers, including an American from St Louis Missouri who settled in London, worked in a bank nearby and eventually became a British citizen. That American was TS Eliot, one of the greatest poets of the 20th century, indeed of all time.

Eliot would come to the church to think and pray, thinking often about the terrible state of the world he lived in after the First World War. Exactly 100 years ago, in April 1922, Eliot published the long and complex poem, The Waste Land, which made his literary reputation. What is remarkable is how so many of the themes of that great piece of literature have strong echoes today.

Last weekend I was part of a group of writers, musicians, scholars and others celebrating the 100th anniversary of Eliot’s great work in this and other churches nearby with live audiences. We discussed not just poetry but the state of the world now and how similar it is to the concerns Eliot had a 100 years ago.

The key theme of Eliot’s great poem is fragmentation, a 1920s world in which it was difficult to make sense of all the things which were happening around him – a "waste land" of post-war debris and ruins. Eliot wrote the poem in an England exhausted by the First World War and also enduring a pandemic, the Spanish flu.

Influenza victims at an emergency hospital near Fort Riley, Kansas, US, in 1918. The 1918 Spanish flu pandemic killed at least 20 million people worldwide. National Museum of Health / AP
Influenza victims at an emergency hospital near Fort Riley, Kansas, US, in 1918. The 1918 Spanish flu pandemic killed at least 20 million people worldwide. National Museum of Health / AP

Another war was continuing in the east of Europe involving Russia – the aftermath of the Russian revolution. Yet another war had just ended in Ireland. There was famine, economic dislocation and disrupted harvests. There were great social changes. In a world in which so many men had been killed in the war, women’s rights and what we now would call gender issues were part of a "culture war". Women’s fashions in dress were changing profoundly from Edwardian England to the "Roaring Twenties," and by 1928 after a long struggle British women achieved the right to vote.

All this came as the United Kingdom of Great Britain and Ireland was itself fragmenting. In 1922 the UK lost 22 per cent of its land mass when the 26 counties of the Irish Republic broke away, leaving us with a Northern Ireland question unsolved even in 2022. Many of these themes and others – especially fragmentation – are part of our world right now.

The prospect of Scottish independence or Northern Ireland joining the Irish Republic, for example, could mean yet another reformation of the UK. Our own pandemic, the coronavirus, is still with us. The Spanish flu of T S Eliot’s time even had its own "fake news" – it was not Spanish at all. Spain was not part of the First World War and had no wartime censorship, so it was the first nation to report the pandemic, but the flu probably originated in the US. For Britain, too, there is another echo of 1922.

Throughout British history there has always been a tension between the UK’s relationship with the continent of Europe and its relationship with the British empire. The empire was where money was to be made. Europe was where the existential threat of wars were fought.

Repeatedly in British history, including in Eliot’s time, governments hoped that Europe could simply be ignored and Britain could focus elsewhere. It led to policies known as "splendid isolation" from Europe and in the 1930s to appeasement of Germany. Nowadays the British government has withdrawn from the EU in favour of what it calls, vaguely, Global Britain.

The catch, of course, is that British disengagement from Europe never works for long. We have just seen significant re-engagement including British Prime Minister Boris Johnson’s recent visit to the Ukrainian capital Kyiv amid fears of a wider European war in our own century. The more things change, the more they stay the same.

TS Eliot was not a prophet. But his poetry touches on the great themes of our lives today. How do we make sense of a world of fragments, of division and disagreements? How do we cope with changes beyond our control?

The Waste Land – the clue is in the title – surveys a difficult and divided world, but it ends with optimism about the human spirit. We have great differences between us, different cultures, different beliefs, fragmented in so many ways, but the poem concludes with words from Hindu scriptures meaning "Give" "Compassion" and "Self-control". In 2022 as in 1922 we can be obsessed with what divides us, with conflict and misery, but we also need to remember the goodness which unites us. The poem ends with the word "Shantih". That is Sanskrit for "peace". Let us hope.

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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.

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Updated: April 13, 2022, 7:50 AM`