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Our arts editor is retiring after 20 years. Here’s what she learned

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This is an audio transcript of the Life and Art from FT Weekend podcast episode: ‘Our arts editor is retiring after 20 years. Here’s what she learned

Lilah Raptopoulos
Welcome to Life in Art from FT Weekend. I’m Lilah Raptopoulos.

[MUSIC PLAYING]

There are some questions that I think a lot of us ask ourselves when it comes to the arts. Like what makes something good and what makes it lasting versus a fad. Is the art world really as mean as it seems? And what are the ways that the arts influence our everyday lives? My colleague Jan Dalley has been the arts editor at the Financial Times for coming up on 20 years, and she’s been writing about the arts for many more. By the time you hear this, she will be retired. She’ll still be writing for FT Weekend but this is her last official week on the job. And so before she walks away from this wild, prestigious and all-seeing role that she’s been in for so long, we thought we’d use this moment to ask her for some wisdom. I’m in London and Jan is with me. Jan, welcome back to the show. Thank you so much for taking the time. 

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Jan Dalley
Hi, Lilah. Thank you for having me. It’s really lovely to be able to kind of say hello and goodbye like this.

Lilah Raptopoulos
I know. I know. I wanted to ask you first. You know, I know this isn’t a total goodbye, but I’m just wondering how you’re feeling. Are you, like, ready to go relax in your garden? Are you ready to go and just sit in a museum and not have to look for a trend? Like, how does it feel? 

Jan Dalley
It feels great. I’ve had what truly has been probably the best job in the world for many, many years. And I’m very, very happy for somebody else to take it on because I think, you know, new ideas are always important and I will be doing what I love best, which is simply writing about the arts. 

Lilah Raptopoulos
That’s nice. I wonder what you’re finding yourself reflecting on most this week, especially like what has changed from when you started this job to now? 

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Jan Dalley
Well, there’s been huge, huge changes because when I say I’ve been in this job for 19 years, the job itself has just changed beyond recognition. And I think in a way, the changes in my job and my work mirror the changes in the cultural world. 

Lilah Raptopoulos
Yeah. 

Jan Dalley
I mean, just to give you a small example. 

Lilah Raptopoulos
Yeah like 19 years ago versus now. 

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Jan Dalley
Yeah, I got the library to find for me the first issue of Weekend, as it was then called, the first one I ever worked on. And I mean, our amazing HTSI magazine was then just two pages inside the paper. So in a way, the growth of the luxury industries has been enormous and that has affected the arts, there’s no question, because the luxury industries and brands that have grown have put a lot of money into the arts. They’ve developed programs and somehow there’s a kind of glamour that has transferred itself to the art world, which really wasn’t there, I’m going to say, 25 years ago.

Lilah Raptopoulos
That’s interesting. 

Jan Dalley
It was . . . I mean, 25 years ago, the kind of cultural figures who kind of got their names in the gossip columns and stuff weren’t contemporary artists. They were writers. So there’s that. There’s, I mean, these huge changes in the TV industry, for example, completely different because 20 years ago, basically, we really only had terrestrial television. And in this country, there were like, five, six, seven channels, and that was it. And then, of course, there are all the new art forms that have come. Podcasting. I mean, it was very interesting with podcasting because we honestly, I don’t think anybody really predicted that it that it would go on and on and on to greater and greater success like it has done. I think a lot of people thought, you know, this was something people kind of did in their kitchens and . . . 

Lilah Raptopoulos
Right. Like a cute extension of the radio.

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Jan Dalley
Exactly. Yeah.

Lilah Raptopoulos
Right. Wouldn’t be more.

Jan Dalley
So that’s a huge change. Anyway, so you see you see the kinds of things that I’m thinking of.

Lilah Raptopoulos
Right. Yeah. These are really big changes. Jan, one of the reasons that I’ve been excited to have you on is to ask for your advice, maybe on behalf of listeners, for how to go out and really experience arts and culture well. When I was taking this job on full-time as a culture journalist, I asked you if you could spare a few minutes for a video call. I don’t know if you remember, and you kindly did. And I asked you basically, when so much falls under the umbrella of culture, there’s visual art, there’s film, music, food, theatre, books, as you said, podcasts, video games. It’s endless. How do you prioritise? Right? Like, how do you start to learn all of these worlds? And the advice that you gave me was go to everything. And it was really incredible advice. And even now, if something catches my attention, like an event or an exhibit and I think I don’t really know how we would cover that in the show or I would cover it in writing, but maybe there’s something there. I think, Jan told me to go to everything. I should go. And so I guess my question is, what is behind that advice because it feels like good advice not just for journalists, but for anyone interested in culture.

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Jan Dalley
Well, I should probably apologise. It sounds like I kind of ruined your life. (Laughter) Didn’t leave you with very many evenings free to do anything else. 

Lilah Raptopoulos
I got way busier after that conversation. (Laughter)

Jan Dalley
Well, I think that what’s behind my saying that — and I do still absolutely believe it — is that the most dangerous thing for any of us, I mean, I’m talking now about us as journalists, but it probably applies to everybody everywhere, especially if we’ve been in a long time in the same role is that we get complacent. We think we know. 

Lilah Raptopoulos
Yeah.

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Jan Dalley
You know, it’s very easy for me to look at the first five lines of a press release and think, meh. And that’s dangerous. I mean, quite often I’m right — because I’ve been reading those things for a long time — but quite often I’m not. And you’ve got to allow yourself the possibility of being surprised. And I think that would probably be . . . Yeah, I think I’d probably, all these years on, say exactly the same thing. And, you know, you get bad surprises as well as good ones. But at least, you know, that’s another thing you’ve learned or discovered. 

Lilah Raptopoulos
Yeah, I think some of the bad stuff is interesting, too. I’ve been feeling like as a culture, we’re trying so hard to optimise sometimes that like we get stuck in a decision paralysis. Like we’ll think, OK, what next book do I read or what show should I go to? Or, you know, is the movie going to be worth my time or my money? So let me read a hundred reviews before I decide. And I’m curious if you have thoughts on this. I mean . . . 

Jan Dalley
Well, yes, I realise that go to everything isn’t very practical advice really, because most people can’t and we can’t either. I certainly don’t go to everything. I can’t. So in a way that’s really just a shorthand for keep trying new things. So I think that’s the so, for example, and sometimes there’s a fabulous show coming up, which I know is going to be amazing. You know, let’s say Monet is coming to the Courtauld Institute. There is that amazing series about London. When he lived in London and painted the Thames in the houses of Parliament and everything. I mean, that show is just going to be like having a kind of great big sweetie for me. Great piece of candy. On the other hand, if I was pressed for time, I probably, I mean professionally, I would probably skip that because I know those paintings and go to something that I don’t know so well. 

Lilah Raptopoulos
Yeah. 

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Jan Dalley
And so there are two different ways of looking at it. Pure personal pleasure. Of course I’d go and I will go. 

Lilah Raptopoulos
Yeah. Yeah.

Jan Dalley
But if I were still in this job next month when that happened, I probably would think I ought to be looking at something that’s less familiar to me. 

Lilah Raptopoulos
Yeah. Yeah. I also wonder if we should all relieve ourselves of the pressure a little bit of the thing we’re going to having to be perfect, right? Like, actually, if it’s not perfect, it’s still kind of . . . I don’t know. Well, it might be important. You know, the binary isn’t just good and bad. 

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Jan Dalley
No, it isn’t. And also, you know what? Standards are fantastically high. So even the start, I mean, our expectations are unbelievable now. And that’s another thing that changes all the time and certainly has changed over 20 years that the . . . what we expect from, say, a museum visit. We don’t just expect a fabulous show. We expect, you know, an amazing environment. We expect a gorgeous shop and a brilliant café and really good, you know, ancillary materials, really well-curated, brilliant information. I mean, we just expect a lot.

Lilah Raptopoulos
A great audio. 

Jan Dalley
A great audio, everything. And if we don’t get it, we’re a bit kind of hmmm, you know, it’s better down the road.

Lilah Raptopoulos
Right. I would love to ask you, Jan, for your insights about how you’ve noticed culture kind of move in cycle. You’ve seen a lot of trends come and go. You’ve had to choose how and whether to cover them. How do you gauge what’s real and exciting versus what’s like fluff and hype, you know? Like, are there things that you really see cycling? 

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Jan Dalley
Yeah, things that come around. Sure. Yes, absolutely. And there are things which never go away. I mean, questions about . . . Well, it’s always questions about money, actually. The big, big question is always, how do we pay for our culture? How do we pay for the arts? And is it the job of government, as in, let’s say, France and Germany used to be but not so much now, but 20 years ago in many of the richer European countries, you know, you could get things pretty much 100 per cent paid for. Whereas in the States, it would be almost always 100 per cent private-funded. Yeah, everybody always moans about there not being enough money. But somehow, art gets made. It just does. Art gets made and music gets created and people get, you know, people are able to do things, of course. And one of the reasons why it’s so important to have good funding for the arts, one way or another, is so that the opportunities to create come to a much wider range of people. The accessibility and the democratisation of the arts is probably the biggest single theme that runs through the whole of the last, let’s say, 20 years. You know that people from diverse backgrounds, not just ethnically, but also economically. And this is why arts education in schools is so important. But that’s something that’s gone downhill in the last 20 years. Badly. Badly downhill. 

Lilah Raptopoulos
Yeah. 

Jan Dalley
Really serious. So, yeah, a lot of things have got better, but not everything. 

Lilah Raptopoulos
Right. So just to sum that up, what are you most discouraged by looking forward and what are you most encouraged by? 

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Jan Dalley
I think I am discouraged by the state of arts education. I just don’t see how we’re going to reverse this. This is a huge, huge problem because if you didn’t denude a whole system, you can’t put it back very quickly. I think if . . . possibly the biggest success story over the past 20 years is museums, what they’re actually like now. I mean, they’re just amazing. 

Lilah Raptopoulos
They are amazing. 

Jan Dalley
They are amazing. I mean, the museums, in fact, and galleries have to some extent taken over from the education system. Actually, there are some amazing initiatives in museums right across this country. And I know there are many in other European countries and in the States, of course, as well, where, you know, if you want to, you can take your kids for a Saturday morning and they can draw you. You know, people can do stuff, but it’s not the same. Yeah, but it does exist. 

Lilah Raptopoulos
Yeah. Yeah. 

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Jan Dalley
So I think that that kind of thing is extraordinary. 

Lilah Raptopoulos
Yeah. 

[THE RUN THROUGH WITH VOGUE PODCAST TRAILER PLAYING]

Lilah Raptopoulos
OK. For our last section, I want to ask you a little bit about these different cultural worlds. I am learning that every world seems to have its own distinct vibe, you know. My sense at this stage is that the books industry is like actually pretty approachable but can be intellectually condescending sometimes. The food world feels kind of messy and find a little more casual and a little unhinged. The music world is very cool. You know, if you know the language and the references you’re kind of in. And the art world — and this has been proven and disproven in my experience with it — but it has the reputation of being mean. Why is the art world considered mean and is it? 

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Jan Dalley
Can be. Yeah. I think that I think money comes into it. Big part. I mean, when there are these huge, some potentially huge sums of money involved, people get weird around that. 

Lilah Raptopoulos
Yes. 

Jan Dalley
And you get extremely rich people involved. And they are not usually very approachable. And they may be, I don’t know, I mean, the collecting of art is quite a strange business, really. Some people think of it as an investment opportunity. I think they’re crazy. It’s extremely difficult to make money by buying and selling art. You might be lucky. You might not. And you’re much more likely not to. But when a lot of money is involved and high stakes are involved. For everybody. Really? 

Lilah Raptopoulos
Right. Right. 

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Jan Dalley
And so I think that’s . . . I would say that was the big, big difference. 

Lilah Raptopoulos
I’m curious how that’s changed over time, too. It feels like a lot of the art world has become much more commercialised. Like you were saying, collectors are making investments often when they’re buying art. Artists, it feels like they’re not just wacky minds the way they used to be. A lot of them are like very savvy, sometimes scrappy business people who are thinking a lot about how to increase the value of their work. And I imagine that’s changed in your lifetime. 

Jan Dalley
It has changed. Yeah, it’s changed quite a lot. And when I know when I interview older artists, for example, I interviewed Michael Craig-Martin recently. He is in his early 80s although you’ll never know to look at him. And he’s just about to have a huge retrospective at the Royal Academy and very rightly. But his success has come relatively late. I mean, his big-scale success and also his commercial success. Anyway, he was quite interesting and he said the same thing that I’ve heard from almost all artists of his generation, and a bit subsequently, that when they were young, they didn’t think about it. They, you know, they assumed they weren’t going to make any money. They probably assumed that they would spend their lives teaching. And actually, Michael did teach from my freshman years and was an inspirational, amazing teacher. But he also said, he was talking about his show, which is opening, I think, and the Royal Academy. He was bringing out of storage a lot of work that he made, like in the 1950s. And he said, I’m I’ve still got it all because nobody bought it. (Laughter)

Lilah Raptopoulos
Yeah. 

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Jan Dalley
And there was no bitterness. It was just kind of that was that was kind of how it was. Whereas I don’t think you’d ever find a younger artist kind of saying, yeah, well, nobody buys. It’s fine, you know, I’m still gonna keep doing it. I don’t think that’s the world. It’s not the same any more. 

Lilah Raptopoulos
Yeah. Yeah. I think of the art world as a place that you just know very deeply and a place that loves you. And I’m wondering if there’s anything else that you can tell us about it that we don’t get from reading reviews. Once you told me that the art fairs are sort of like your industry conferences and that sort of changed the way I think about them. I thought of them as these sort of glamorous events, but really, they’re just, you know, almost like the Oscars as a professional industry event or the, you know, fashion or Fashion Week as a professional industry event. These are just, you know, the conferences of these industries. They’re just more glamorous than being at a Marriott and, you know, New Orleans or something. Yeah. What else kind of would surprise people, do you think?

Jan Dalley
Well, I should say straightaway, it’s easy for you to say that the art world loves me. The art world doesn’t love me. The art world loves the power of the Financial Times to write about them. (Laughter)

Lilah Raptopoulos
Yeah. 

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Jan Dalley
It’s important not to think you’re indispensable. So they love my job title. 

Lilah Raptopoulos
Yeah. 

Jan Dalley
But I think what’s very important to realise about the art world and all of us involved in it is that it’s gruelling work. It’s hard. I mean, it’s not just wafting about. You see people sort of beautifully dressed, going to an opening or turning up at an art fair or something. But the work that’s gone on behind those scenes is just crazy. It’s hard grind. People are not paid very much. In fact, it’s a notoriously badly paid. The galleries in particular. And, of course, it’s vastly worse in this country than it was before Brexit. It’s become a total nightmare. And so I think what we all probably need to think about is the kind of devotion of the people who do this work, because whether it’s museums and galleries, whether it’s in the public sphere, whether it’s in education, whether it’s in the commercial sphere, even in the auction houses, the glamour is very superficial and there’s a lot of work that goes on. So people really do these jobs for the love of it. And it’s quite a strange thing to be somebody who’s earning really quite a modest salary and probably going home to some slightly crummy little apartment somewhere and, you know, wishing they could go out to dinner but can’t afford it this week. And then they’re spending their days talking to people who are buying works for tens of millions. It’s quite weird. 

Lilah Raptopoulos
Yes, it is.

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Jan Dalley
Really is quite weird.

Lilah Raptopoulos
Yeah. Do you have any advice for people who just enjoy art but can’t afford a very expensive piece of art? Just about how they experience the art world. You know how to not be intimidated by the flashings. My sister worked for some time in the Diamond District and she said about trying on jewellery once, she said, like, don’t let anyone rush you. And it doesn’t matter if you don’t buy anything. Just go in and act like you deserve to be there and it doesn’t matter. And I wonder if there’s something in there for, you know, walking through galleries to where, I don’t know, experiencing art. 

Jan Dalley
Well, one thing that most people don’t realise, or if they realise it, they kind of can’t quite believe it, is that the commercial galleries in our big cities provide the most amazing free shows. Because the shows they put on are beautiful and they’re curated to museums standards, most of them. 

Lilah Raptopoulos
Yeah. 

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Jan Dalley
And you can go in for nothing. And you can spend an hour in there. As long as you’re quiet and respectful. I don’t think anybody’s gonna kick you out. They wouldn’t dare because there’s just always a chance. (Laughter)

Lilah Raptopoulos
Always a slim chance you can afford it. 

Jan Dalley
Yeah. There’s a slim chance. And the more you look like you can’t, maybe that’s more that you can. So do remember that if you go to a city, like, let’s say you’re a visitor to London. You’ll probably look up what’s on at Tate and what’s on at, you know, the V&A and sort of the National Gallery. And then you’ll probably find that the show you want to see is £24 for a ticket, and you have to book and it’s sold out on the day you want to go and all that. Well, take a look at the, you know, wander around Mayfair. And take a look at those free shows in the galleries. They’re beautiful. So that’s one thing, it’s a fantastic resource. Now, if you do want to acquire something, it’s a really lovely thing to do. The first thing is don’t think you’re going to resell it for money for a lot of money. You’re probably not even going to resell it for what you paid for it. But that’s also true if you buy a sofa. 

Lilah Raptopoulos
That’s true. 

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Jan Dalley
I have a friend who’s worked for a long time in galleries, and he says that he sometimes thinks that people should think about what they spend on a vacation. I mean, if you have more money, you spend more money on your vacations. And if you have less, you maybe, you know, have a very budget vacation or whatever. But you never think that’s a pointless thing to do because that’s money gone. And when you talk to people who have established collections, you quite often find that they say, well, of course, at the beginning I never had a car. Well, of course, at the beginning, I never you know, I never went on holiday because the money was for buying art. So, first of all, you should just think about what you actually do spend money on. And if you discover an artist you like, you need to talk to the gallerist, you need to research them, find out about them. You know, don’t be scared to ask lots and lots of questions. And if you really do want to buy something, don’t be scared to ask the gallerist if you can pay in instalments. I’m not kidding. This happens. 

Lilah Raptopoulos
Yeah. 

Jan Dalley
I mean, a lot of people have a buyout like that. 

Lilah Raptopoulos
Right. Interesting. So what you’re saying is like, if you have some expendable income but you’re not a millionaire, you still can collect art and you can buy original art. And yeah, that makes me want to invest in a piece of art.

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Jan, thank you so much for your time. I guess my last question is just, after this whole conversation, is there anything that any other sort of words of wisdom you may want to pass on to listeners who care about our coverage? 

Jan Dalley
I think it’s really just what we’ve been talking about. You know, keeping an open mind, experimenting, trying things out, not thinking that things will be impossible and just enjoy. Enjoy it. I mean, it just enriches your life so much. And that’s what it’s for. And that’s not something that I say lightly because I truly believe it goes very deep. 

Lilah Raptopoulos
Yeah. Jan, this is a real honour. Thank you. And please don’t be a stranger to the show. 

Jan Dalley
Won’t be. Thank you so much for having me. I really enjoyed it.

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Lilah Raptopoulos
Me too. Thank you.

[MUSIC PLAYING]

That’s the show. Thank you for listening to Life and Art from FT Weekend. As always, check out the show notes. We have links to some of my favourite pieces by Jan. Also links to places you can email the show and where you can find me on Instagram @LilahRap where I love chatting with you about culture. I’m Lilah Raptopoulos and here is our talented team. Katya Kumkova is our senior producer. Lulu Smyth is our producer. Our sound engineers are Breen Turner and Sam Giovinco with original music by Metaphor Music. Topher Forhecz is our executive producer and our global head of audio is Cheryl Brumley. Have a wonderful week and we’ll find each other again on Friday.

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Exploring Four Seasons Resort Tamarindo

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Photo courtesy of Four Seasons Hotels & Resorts

Hidden along the untouched shores of Mexico’s Costalegre, Four Seasons Resort Tamarindo is a world onto itself, where luxury coexists with nature’s most pristine wonders. While the Four Seasons brand is synonymous with opulence, Four Seasons Resort Tamarindo is more than just a luxury hotel; it’s a place where time slows down, and every moment is an experience that lingers long after you’ve returned home. A unique sanctuary where luxury and nature are seamlessly intertwined, the resort is surrounded by 3,000 acres of untouched tropical jungle and pristine beaches, creating experiences that invite guests to disconnect from the world and fully immerse into a landscape of extraordinary beauty. Whether you’re drawn to the allure of secluded luxury villas with breathtaking ocean views, extraordinary culinary delights celebrating Mexico’s rich heritage, or a journey into the natural world, Four Seasons Resort Tamarindo offers a transformative experience where each detail is thoughtfully designed to inspire and rejuvenate.

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Photo courtesy of Four Seasons Hotels & Resorts

At Four Seasons Resort Tamarindo, the luxurious accommodations are more than just a place to rest — they are private sanctuaries that seamlessly blend indoor and outdoor living. Whether you choose a suite, beach house, or spacious villa, you can expect unparalleled comfort, privacy, and extraordinary views like none other. The scene is set to the sound of waves crashing against the shore, while you step out onto your private terrace, and dip into your personal infinity pool with ever-changing vistas of the Pacific Ocean and lush hillsides serving as your backdrop. These accommodations are perfect for those who crave seclusion and serenity, but they’re also ideal for families and groups. Generously proportioned layouts are equipped with every modern amenity, ensuring that your stay is as comfortable as it is luxurious. A selection of villas and beach houses offer direct beach access, allowing you to feel the sand between your toes within moments. Each space is meticulously designed with floor-to-ceiling windows that frame the stunning ocean panoramas, creating a unique and harmonious connection with the natural surroundings.

Photo courtesy of Four Seasons Hotels & Resorts

The dining experiences at Four Seasons Resort Tamarindo are a celebration of Mexico’s vibrant culinary heritage, with each restaurant offering a unique and memorable journey for the senses. At Coyul, the focus is on farm-to-table cuisine, where Chef Elena Reygadas’ globally inspired dishes are crafted from fresh, local ingredients sourced from the resort’s own Rancho Ortega. The flavors are rich, authentic, and deeply connected to the land. Sal, perched on a cliff with panoramic ocean views, serves up the freshest seafood, where each meal is a tribute to the bounty of the Pacific. For a more relaxed vibe, Nacho offers a playful take on traditional Mexican street food, reimagined with a gourmet twist — including a taco tasting menu that gives foodies the chance to taste a surprisingly diverse range of regional tacos and libations from various parts of Mexico. Every restaurant at Four Seasons Resort Tamarindo is not just a place to dine but a venue for experiencing the soul of Mexican culture through its food. In addition to its restaurants, the resort offers a variety of private dining experiences that cater to every mood and occasion. Whether you’re enjoying a family barbecue at Majahua Beach, a romantic dinner at Nueve — the picturesque 9th hole of the resort’s ocean front golf course, or a picnic at Playa Dorada, every bespoke culinary experience is curated to perfection, and designed to be memorable.

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Photo courtesy of Four Seasons Hotels & Resorts

Foodies will appreciate the epicurean workshops led by Culinary Director Nicolas Piatti. These immersive experiences are not just about cooking; they’re about storytelling. Each workshop takes you deep into the heart of Mexican cuisine, exploring recipes passed down through generations and showcasing the unique produce grown at Rancho Ortega, the resort’s low-impact farm. Here, you’ll discover the soulful expressions of Mexico’s culinary traditions — including learning about organic corn from the Yucatán Peninsula and the harvesting of local sea salts. It’s an intimate and educational journey that connects you not only to the mission of the resort but also to the land and its people.

Photo courtesy of Four Seasons Hotels & Resorts

The fostering of a healthy mind, body, and spirit is central to the Four Seasons Resort Tamarindo experience. Your wellness journey begins the moment you set foot in the resort’s state-of-the-art gym and full-service luxury spa. Here is where you can engage in rigorous activities such as personalized pilates training, or simply unwind with a luxurious spa treatment. The spa, an architectural marvel and haven of relaxation, offers therapies that draw from ancient Mexican healing traditions, using natural ingredients sourced locally. Each treatment is designed to rejuvenate your body and soul, leaving you feeling renewed and balanced. Nature is part of the wellness journey, and one of the most extraordinary aspects of Four Seasons Resort Tamarindo is its deep connection to its natural surroundings. The resort offers guided hikes through its verdant jungle environs, led by resident biologists and researchers who are dedicated to preserving this unique ecosystem. As you walk through the lush foliage, you’ll experience the sights, sounds, and scents of the tropical forests, gaining a deeper understanding of the work being done to protect this precious environment. It’s a full sensory experience that leaves you feeling more connected to not only the natural world but also to yourself. 

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Photo courtesy of Four Seasons Hotels & Resorts

In a world that often feels disconnected, Four Seasons Tamarindo is more than just a luxury resort; it’s a sanctuary that offers a rare opportunity to slow down, reconnect with nature, and rediscover the luxury of simplicity. As a guest, you’re invited to be a part of this process, forming a deep connection to the environment and, in turn, rediscovering your own sense of balance. It’s an experience that inspires and energizes, leaving you with a profound sense of peace and a renewed appreciation for the beauty of this special corner of the world.

For more information please visit fourseasons.com/tamarindo

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Business

FT view on Israel pager attack was blinkered

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A diplomatic agreement between Israel and Lebanon is preferable to outright war, but the FT missed the mark in its editorial, which criticised Israel for attacking thousands of Hizbollah members while they “went about their daily business” (“Israel’s reckless pager attack on Hizbollah”, FT View, September 19)

Hizbollah, a multi-faceted entity in Lebanese society, is a designated terrorist organisation under US and EU law. Its charter states its purpose as the “obliteration” of Israel, and the group’s “daily business” consists of indiscriminately targeting Israeli civilians, including 12 children killed in a strike on a football field in July, and the firing of thousands of rockets on Israeli towns since Hamas’s October 7 attack.

Israel, for its part, targeted elements supporting Hizbollah’s military wing, which is actively engaged in hostilities against Israel on a daily basis. An analysis of Israel’s actions should include this context.

Daniel Silverberg
Senior Adjunct Fellow, Center for New American Security, Washington, DC, US

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Europe’s capital markets must make it easier to issue equity

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The EU’s competitiveness has been the talk of the continent (“Draghi hopes to save Europe from itself”, Opinion, September 18).

Former and current prime ministers, business leaders and heads of the EU’s largest investment funds, among other prominent voices, are lamenting what has been termed a “competitive crisis”.

EU leaders are right to focus on this issue. Europe is falling behind.

As leaders look for real solutions to these real challenges, they should take a page from the book of those running US capital markets and get rid of the EU’s antiquated shareholder rights equity issuance rules.

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The US method of raising equity capital through open offerings is faster and more efficient, and it ultimately better serves shareholders.

Conversely, the EU’s stringent shareholder rights rules, while designed to protect investors, often impede companies’ timely access to capital.

As chief executive of a fund manager I know that in today’s fast-paced global economy cost, speed and access to capital is critical.

Rights offerings often succeed not because of the companies’ attractiveness — for example, a perception that they are strong and well managed — but because of wide discounts offered that are consequently coercive to shareholders who didn’t want to absorb dilution.

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That’s anathema to a competitive market. The prevalence of deeply discounted, defensive rights issues is one of the reasons why European markets have lagged behind the US, in our view.

By modernising these rules, the EU could create a more dynamic and responsive market environment. Simplifying the equity issuance process would make it easier for European companies to compete on the global stage, attracting more investment into the region through the improved access to and cost of capital. Investors are more likely to put their money into markets where companies can act swiftly and decisively.

Moreover, reforming these regulations would send a strong signal that the EU is committed to fostering a competitive and innovation-friendly economy via vibrant capital markets. This could help reverse the current trend of European companies being overshadowed by their American and Asian counterparts.

Joseph Harvey
Chief Executive, Cohen & Steers, New York, NY, US

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Travel

Algarve Mansion Transformed Into Beach-side Bela Vista Hotel

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Columbia Hillen

Every tile tells a story.

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Or at least that’s the situation at the 5-star Bela Vista Hotel & Spa in Portimão on Portugal’s Algarve coast.

Century-old hand-painted tiles adorn the walls of this 38-room hotel, none more so than on the ornate wooden staircase leading up to the bedrooms. Here, a series of intricately designed tiles illustrate one of Portugal’s most respected books, The Lusiads, an epic poem written by Luis Vaz de Camoes about Portugal’s ‘golden age’ of discovery.

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Elsewhere, an aptly-named ‘tile room’ depicts the arrival in Brazil by 16th century explorer, Vasco da Gama, while religious scenes such as the Last Supper are illustrated in other rooms.

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The intricate tile work throughout the hotel is the legacy of the original owners of this 1908 building, once a stately family home. Only in 1934 was it transformed into a hotel, now expanded to 38 rooms, 10 in the main building, 21 in what are termed  ‘garden rooms’ and seven in the ‘blue house,’ both on the same grounds. 

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Beautiful tile work is not the only impressive artistic feature of Bela Vista. Ceilings are carved from Brazilwood, a rare variety now protected. There is also a vintage piano in the main lobby dating from 1855.

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Bela Vista, as the name suggests, occupies an envious position overlooking the ocean and Praia da Rocha (Beach of the Rocks). In many ways, the hotel is reminiscent of the 1950s Amalfi coast, a white ‘ivory tower’ like structure insulated from the busy hubbub of the streets just beyond its sturdy iron-wrought gates and with an interior design bright with colors, a vivid blue and white on chairs and cupboards and sunny yellow bedspreads.

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Our room, 102, was refreshingly decorated in hues of blue, yellow and white with tiles featuring a floral motif covering part of the walls. It also featured a wood-floored balcony with whicker armchairs overlooking the long stretch of beach. 

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Even the bathroom, with tub and shower and l’Occitane and Guerlain toiletries, granted clear views over the beach and ocean. A floor-to ceiling linen curtain kept the room dark at night. Two armchairs and a coffee table, a bench and chair and a wall TV were among room furnishings.

Chef Joao Oliveira. Photo by Columbia Hillen

Dining highlight of a stay at this hotel is its Michelin star restaurant, Vista.

Guests are granted a short pre-dinner tour of the basement kitchen where they meet executive chef Joao Oliveira from Porto and his team of seven chefs, as well as a visit to the wine cellar. 

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The kitchen renovated five years ago has a special chef’s table for two for unique dining experiences.

Beside the kitchen is a wine cellar with, according to sommelier, Tiago Samarro, 800 different vintages, most from Portugal but also from countries such as Spain, New Zealand and Italy, all kept under constant room temperature. The oldest wine is a mid-1960s vintage.

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A ‘tactile’ menu, including grains of sand affixed to it, is provided to guests, created by local artist, Inês Barracha, followed by a jigsaw-like miniature map of three Algarvian regions indicating from which products for the restaurant’s 11-course pescatarian tasting menu are sourced.

Our dinner began with a veritable explosion of taste, a marble-size, lime-green ball filled with a liquid blend of horseradish, ginger and apple that simply blasted flavour throughout my mouth.

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Innovative dishes that followed included violet shrimp (camarao listado), a thin sheet of rice flour with the shell of a shrimp imprinted on it.

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Another was a tomato dish comprising marinated cherry tomatoes from Quinta Das Castelhanas, a local farm, three tomato gels flavored with yuzu, camomile and Moroccan lemon combined with garlic flowers and capuchinha (aquatic leaves) and a sprinkling of ‘tomato water,’ all sprayed with camomile-infused vinegar.

A langoustine from Sagres slightly roasted and decorated with flowers of pickled cauliflower and an emulsion of white grape was also among the culinary offerings.

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Our dinner also included turbot and anchovies and delicious sourdough bread with olive oil from the hotel owners’ grove, Daniel Proença de Carvalho (DPC).

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Even the butter on the menu is far from standard fare – being a blend of goat, cow and sheep milk, according to Neuza, our gastronomic guide for the evening.

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A second restaurant is the Bistro. In season, it is outside on a poolside patio facing the beach and sea; offseason, in the elegant ambience of the bar area with a mosaic floor and what can best be described as three-dimensional wall paintings – some featuring parakeets perched on keys in a cage; others, a system of mirrors that seemed quite nautical on a background of broken coconut shells. 

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A furnishing highlight is the ceiling of Brazilwood beams, deftly painted in a leaf and grape filigree.

Here we enjoyed Portuguese cod fish cakes, fresh cheese, mushrooms and thyme ravioli with celery broth and extra virgin olive oil; langoustine and scallops carpaccio with champagne and Ossetra caviar designed as a rosette reminiscent of a cactus flower like the ones on the hills nearby, formed by thin petals of langoustine and scallops, layered, with a pistil of caviar and surrounded by a smooth, champaign and butter sauce. 

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A gym, and outdoor swimming pool surrounded by tall swaying palm trees and a spa offer leisure opportunities.

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Business

Reason pension insurers are on to a good thing

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Banker all-nighters create productivity paradox

John Plender is right to draw attention to the growing preference of defined benefit scheme trustees and the schemes’ employer sponsors to insure their pension obligations (“The lucrative pension fund transfer trend needs urgent scrutiny”, Opinion, September 17). However, the primary reason for this trend has, perhaps, been overlooked.

Beneficiaries of a defined benefit pension rely on the strength of their former employer’s corporate covenant being sufficient to meet, in all circumstances, the “promise to pay” implicit in a DB pension.

Conversely, following a transfer to an insurer, this promise is underpinned by the solvency capital requirement and the Financial Services Compensation Scheme. In other words, a “promise” becomes a closely-regulated commitment. Hence the market’s rapid growth now that this protection is evidently affordable.

Mark Wood
Chairman, PensionBee, London SE1, UK

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