La Valencia Hotel

Cherished among locals and visitors alike, San Diego Historic Landmark and Preferred Hotels & Resorts member, La Valencia has embodied coastal California charm since it opened in 1926. Originally named Los Apartmentos de Sevilla, the hotel was designed in a Spanish Colonial Revival style – its pink façade inspired by the owners’ vacation to Waikiki Beach in the 1950s. Famed for its 11-story Spanish-tiled tower, Mediterranean-style architecture, and stunning Pacific Ocean and La Jolla Cove views, “The Pink Lady” has served as a glamorous getaway for Hollywood’s elite, hosting many notable guests over the decades, from Ginger Rogers to John Lennon. Nods to the hotel’s rich history are still evident across the property, including beautiful courtyards and an original tile medallion of the Pink Lady of La Valencia in its ocean-facing garden. Throw in Les Clefs d’Or Concierge Services and award-winning California coastal cuisine and it’s easy to see why this “grand dame” remains such an iconic place to stay in Southern California.

The Swimming Pool

La Valencia’s swimming pool is nothing short of breathtaking. Overlooking the La Jolla Shoreline and framed by palm trees and tropical plants, it’s the perfect place to while away an afternoon or entire day on one of the plush sun loungers, which are interspersed with side tables and wide sun umbrellas, enjoying food and beverage service (think ahi poke nachos, Mediterranean flatbread, and seared local bluefin tuna salad, plus Frosé All Day cocktails) from the poolside cabana bar. COOLA sun care products are available, and complimentary Wi-Fi can keep you connected if you need to WFP (‘Work From Pool’). There’s a private hot tub area, too, but much like the rest of the hotel, the entire terrace offers epic Pacific Ocean views. 

Seasonal Guest Experiences

There might be no prettier place to land on yoga mats and salute the sun than La Valencia’s ocean-view El Jardin where the hotel will be hosting an hour-long Vinyasa yoga class every Friday morning at 8:30 a.m. through September 30. Complimentary for hotel guests and $25 for a local drop-in rate, it’s led by Dr. Austin Shutler with mats, towels and bottled water all provided. Mark calendars for Breast Cancer Awareness Month programs in October, which include the hotel’s third annual Pink Tea Series and this year’s Poolside Movie, ‘Breakfast at Tiffany’s’ (October 12), with a portion of proceeds from both going to benefit Susan G. Komen San Diego.

New Chef, New Menus

La Valencia Hotel recently appointed executive chef Alex Pailles to redefine the dining experience across its three restaurants: the Mediterranean Room, Med Patio, and glamorous La Sala lobby bar. After a nearly decade-long tenure at The Marine Room, Pailles also brings a wealth of fine dining experience from his time at the Michelin-starred Xerta Restaurant in Barcelona to the fore. Drawing on his Mexican heritage, Pailles has created complex flavor journeys using hyper-local ingredients across dishes, including sweetwater prawns with aroz bomba and a tataki tuna crudo with cactus fruit aguachile, both of which can be found on the Mediterranean Room menu. Open daily for breakfast, lunch and dinner, with brunch served on weekends, score a table on The Med’s Ocean View Terrace for the prettiest dining backdrop in La Jolla. But for a post-yoga breakfast or early evening glass of Champagne swing by La Sala Lounge and nab a window seat for cinematic views.

The Whaling Bar

 La Valencia Hotel fixture since 1949, historic lounge the Whaling Bar reopened in February after a $1.5 million renovation led by the SDCM Restaurant Group (of Kettner Exchange in Little Italy and standout speakeasies Grass Skirt and Captain’s Quarters). A 20-foot mural and original centerpiece, ‘Whale’s Last Stand,’ by Wing Howard anchors the intimate space, whose Moroccan-style interior and intimate ambiance are reminiscent of a 1940s cocktail lounge. Open daily from 11am to 11:30pm, menus have been created with nods to the original Whaling Bar and feature ‘Martini Hour’ nightcap cocktails like The Whaler (composed with cognac, coffee liqueur and homemade ice cream) alongside lunch and dinner dishes conceived by executive chef Brian Redzikowski that span Osetra Caviar with buckwheat pancakes, a ‘dip’ lobster roll, and Caesar ‘Twinkie’ salad.

Tempting Getaway Packages

When staying three nights or longer, save up to 30 percent off La Valencia’s historic suites with the How Suite It Is package. Located in the original Sevilla wing, the Sunset and Riviera Suites feature ocean-view king bedrooms and living rooms with a sleeper sofa, while the Pacific Suite boasts superb ocean views from its top floor perch on the private Cabrillo Wing along with a primary bedroom, separate living area, and powder room decked out with Art Deco décor. Although August might be National Dog Month, La Valencia’s Pampered Pooches package features everything your pup needs to feel at home year-round. Expect a plush dog bed and dog bowls placed in the room for your stay, welcome treats, plus a keepsake La Valencia monogram bandana and pink La Valencia tennis ball. A daily $25 daily credit for the dog menu, which features gourmet dishes like “steak & eggs” and “chicken & veggies,” and a nightly pet fee waived for up to two dogs, is also included. For more information, visit www.lavalencia.com.

One event to start: I’m in New York this week and I hope to see lots of you on Wednesday and Thursday at our Future of Asset Management North America event at etc.venues 360 Madison. We have a great line-up of speakers, including Salim Ramji, the new CEO of Vanguard, Neuberger Berman’s George Walker, and Franklin Templeton’s Jenny Johnson. Register here and use the code AMNL10 for a 10 per cent discount.

And one scoop: Sandra Robertson, who has run Oxford university’s £6.5bn endowment fund since it was founded almost two decades ago, is stepping back as chief investment officer of Oxford University Endowment Management and will be replaced by deputy-CIO Neamul Mohsin.

In today’s newsletter:

• Steve Cohen steps back from trading at hedge fund Point72

• BlackRock and Microsoft plan $30bn fund to invest in infrastructure

• Nuclear fuel prices surge as west rues shortage of conversion facilities

How Steven Cohen ran a hedge fund like a baseball team

Steve Cohen used to charter a yacht in the Mediterranean with friend and art dealer Larry Gagosian. But he never really switched off. 

“We’d be in the middle of a wonderful dinner in Italy and he’d have to race back to the boat to trade,” said Gagosian, recalling how the hedge fund billionaire would have screens installed below deck to create a de facto trading floor. 

“I said, Steve, I love you, and I love taking trips with you, but it’s not the most relaxing.” 

However, after an investment career spanning almost half a century, Cohen, 68, announced last week he was stepping back from trading at Point72, the hedge fund he set up a decade ago, to focus on running the firm. 

Point72 rose from the ashes of an insider trading scandal at its predecessor SAC Capital that cost $1.8bn to settle — the largest ever for insider trading — with Cohen subsequently barred for two years from managing external investors’ money. 

In this profile, Costas Mourselas and I explore one of the hedge fund industry’s great comeback stories, from the cut and thrust atmosphere at SAC, where the returns seemed to good to be true (they were) to the Point72 of today, a business employing 2,800 people and running over $35bn in assets. 

“Steve treated the business like a baseball team — if your shortstop is not performing then you trade him for someone else,” says one person who worked with him at SAC. “There’s no personal relationship, it’s just business.” 

Cohen is as known for his ownership of the New York Mets and his world-renowned art collection as he is for his trading prowess. The collection is worth more than $1bn and includes works by Pablo Picasso, Andy Warhol and Alberto Giacometti. What distinguishes Cohen as a collector, says Gagoisan, is that he “is just as interested in seeing a new artist as going after a trophy. That’s not always the case.”

For Gagosian, his friend’s shift from player to coach may mean their holidays can resume. “We stopped chartering boats together,” he said. “Maybe now we’ll do it again.”

Read our full story here. And don’t miss this 2006 New Yorker article on the “$40mn-elbow”, one of the more bonkers tales I’ve ever heard. Casino magnate Steve Wynn had agreed to sell Le Rêve,” Picasso’s 1932 portrait of his mistress, Marie-Thérèse Walter, to Cohen and had worked out a deal. But as Wynn was showing the painting to friends the night before the exchange, he accidentally put his elbow through it . . . 

BlackRock and Microsoft plan $30bn fund to invest in AI infrastructure

Energy is emerging as one of the biggest barriers for companies looking to exploit the recent advances in artificial intelligence, writes Brooke Masters in New York. The biggest digital companies are already warning of severe capacity bottlenecks in coming years because AI computing power requires far more energy than previous technological innovations.

BlackRock announced last week that it is joining forces with Microsoft and MGX, the Abu Dhabi-backed investment company, to address that problem with one of the biggest investment vehicles ever raised on Wall Street. The three groups will serve as general partners on the Global AI Investment Partnership, which will invest in data centres and the energy infrastructure needed to support them.

The partnership seeks to raise up to $30bn in equity investments and leverage to support up to an additional $70bn in debt financing. Nvidia, the fast-growing chipmaker, will advise on AI factory design and integration.

The fund will be managed by Global Infrastructure Partners and marks its first big fund since the private infrastructure investment group agreed to be acquired by BlackRock for $12.5bn earlier this year. That deal is due to close next month. 

“The country and the world are going to need more capital investment to accelerate the development of the AI infrastructure needed,” Brad Smith, Microsoft’s president, told Brooke. “This kind of effort is an important step.” 

The fund marks the latest vehicle created by a large asset manager to meet the ever-growing demand for energy to power generative AI and cloud computing. Earlier this year Microsoft agreed to back $10bn in renewable electricity projects built by Canada’s Brookfield Asset Management. 

“Mobilising private capital to build AI infrastructure like data centres and power will unlock a multitrillion-dollar long-term investment opportunity,” says Larry Fink, BlackRock chief executive.

Nuclear fuel prices surge

The price of fuel for nuclear reactors has surged much faster than that of raw uranium since the start of 2022, in a sign of the bottlenecks that have built up in the west following Russia’s invasion of Ukraine, writes Harry Dempsey in London.

Enriched uranium has more than tripled in price to $176 per separative work unit — the standard measure of the effort required to separate isotopes of uranium — since the start of 2022, according to UxC, a data provider.

Demand for uranium has been driven by a revival in atomic power in recent years. However, Russia plays a significant role in the multi-stage process of turning mined uranium into the fuel for a nuclear reactor. This includes converting yellowcake — uranium concentrate — into uranium hexafluoride gas, enriching it to increase the concentration of the type of uranium used for fission, and then turning the enriched uranium into pellets that go into reactors.

Uranium hexafluoride has jumped fourfold in price to $68 per kilogramme in the same period, indicating that conversion is the biggest bottleneck in the nuclear fuel supply chain, analysts said. In contrast, uranium ore has only doubled in price.

“The conversion and enrichment prices are reflecting a much bigger supply squeeze due to the Russia-Ukraine war and other factors,” said Jonathan Hinze, chief executive of UxC.

“Uranium alone does not tell the whole story when it comes to price impacts in the nuclear fuel supply chain.”

Five unmissable stories this week

Steven Eisman, best known for betting on the collapse of the US housing market, has been put on indefinite leave of absence by his employer Neuberger Berman after saying he was “celebrating” the destruction of Gaza.

Billionaire hedge fund manager John Paulson has brushed aside Wall Street worries that Donald Trump’s plans to raise tariffs will harm the economy, calling for the US to “decouple” from China.

Vanguard gave investors in a handful of its funds the chance to vote their shares last year, part of a revolutionary push to give people a say in the governance of America’s largest companies. Almost half of investors opted to let Vanguard do it for them after all.

Private equity is doing badly — however you measure it, writes Lex. Undeterred, private equity firms are aggressively pushing to include language in loan documents to increase payouts on deals. 

The UK’s state-backed pension scheme Nest has agreed a tie-up with insurer Legal & General and Dutch pension fund manager PGGM to invest up to £1bn in build-to-rent properties.

And finally

The latest FT Magazine is a must-read Guide to the Business Lunch. It features our favourite business lunch restaurants in London, why lunchtime gossip is ripe for a comeback, and a review of Sweetings, the City’s last canteen. Plus I interviewed Jesus Adorno, the maître d’ at the legendary Le Caprice, on his memories from almost four decades of ego management, extreme discretion and Diana, Princess of Wales.

Good morning. Germany’s Social Democrats snatched a narrow regional election victory over the far-right Alternative for Germany yesterday, winning Chancellor Olaf Scholz an unexpected reprieve from calls that he allow someone else to lead the party into the next national election.

Today, we set out the stakes for Europe at the UN this week, and report on a decision by Brussels not to block oil drilling that endangers Greek marine life.

Crunch time

World leaders are descending on New York for the UN’s General Assembly this week for a session billed as particularly pivotal amid uncertainty over the future of support for Ukraine and global climate policy, writes Alice Hancock.

Context: Delegates from the UN’s 193 members are gathering against a backdrop of deepening conflicts in Gaza, Ukraine and Sudan, trade tensions, and increasing desperation over the state of the planet’s health.

Ahead of the gathering, UN secretary-general António Guterres warned that “global institutions and frameworks are today totally inadequate” to deal with the “complex and even existential challenges”, and said he hoped to rally leaders behind a “vision for the future”.

But the UN is not a decision-making body, and the gathering can only signal opinions on the global state of affairs through resolutions. Bilateral meetings and chatter in the corridors are often far more consequential.

For Ukraine, it could be a defining week for the future of global support, two and a half years after Russia’s full-scale invasion.

Ukrainian President Volodymyr Zelenskyy will address UNGA on Wednesday, before travelling to Washington DC to meet US President Joe Biden in a last-ditch attempt to persuade Biden to back a “victory plan” before his presidency ends in January.

“This is a historical mission,” Zelenskyy told reporters last week. Zelenskyy will also meet US presidential candidate Donald Trump. Russian President Vladimir Putin will not attend UNGA.

Today, the G7 and EU foreign ministers meet together with the bloc’s chief diplomat Josep Borrell to discuss Ukraine and the destruction of its energy sector from Russian strikes. Another hot topic: whether the EU will lift its restrictions on Ukraine using western weapons to hit Russian military targets.

In back rooms elsewhere, harried climate envoys will use the last major global event before the COP29 climate conference in Azerbaijan this November to prepare a deal. The hope is that countries can agree on a figure for long-term climate finance in Baku, and sustain momentum on the phaseout of fossil fuels.

But European officials are not optimistic.

A European diplomat said that the talks so far had been “horribly not promising with unfortunately outsize expectations from developing countries”.

Chart du jour: Consequences

The world has experienced its hottest three-month period to August on record, with extreme weather causing floods in Europe. Meanwhile, the EU’s chief climate scientist has warned the EU will miss its climate targets if it does not force farmers to pay for emissions.

Hands off

The European Commission will not pursue a complaint by environmental NGOs about Greece approving oil and gas projects near protected natural sites, endangering whales, dolphins and loggerhead turtles, writes Daria Mosolova.

Context: ClientEarth, WWF and Greenpeace filed a complaint with the commission in December last year, urging Brussels to take action against Greece for what they say are breaches of EU climate laws in favour of offshore drilling.

In an official reply seen by the Financial Times, the commission said it would not. As the guardian of the EU treaties, the commission can open infringement proceedings against member states breaching EU law. But it argued that in individual cases of transgressions, it was up to national authorities to act.

“The European Commission is the guardian and enforcer of EU laws yet their reply suggests an unwillingness to engage,” said ClientEarth lawyer Francesco Maletto.

“It is clear, in the present case, the national court is not safeguarding EU law, but rather endorsing a blatant disregard of its obligations,” he added with regard to a previous decision by a Greek court.

EU rules on offshore oil and gas drilling require national authorities to assess the environmental impact of such projects on marine life in protected areas, known as Natura 2000 sites, before approving them.

According to climate activists, Greece has over the years granted at least six oil and gas companies concessions for damaging activities in the Hellenic Trench, a recognised biodiversity reservoir.

Researchers at WWF Greece have also warned that offshore drilling could compromise some of the country’s best-known tourist destinations, including the islands of Corfu, Zakynthos and Crete.

The number of infringement cases opened by the commission has declined in recent years, raising concerns from environmentalists that a more hands-off approach could scupper the union’s long-term climate goals.

The commission did not respond to a request for comment.

What to watch today

1. EU and western partners hold sanctions co-ordination forum in Brussels.

2. EU agriculture and fisheries ministers meet.

Now read these

Marriott

This hotel– Asher Adams– was named after the first cartographers to depict railroad lines on their maps. It is the new luxury hotel, transforming the historic 1908 Union Pacific railroad passenger station into a 225-room Marriott Autograph Collection hotel.  

Located in The Gateway, a large, open-air retail, residential, and office complex in Salt Lake City, Utah, it is centered on the historic Union Pacific Depot now transformed into the new hotel Marriott Asher Adams on the west side of downtown Salt Lake City.  Asher Adams is just steps from the TRAX Light Rail and the Delta Center, the place where the Utah Jazz Basketball Team plays, and with quick access to Temple Square, the SLC International Airport, and surrounding amenities.

Paying homage to the building’s history, Marriott transformed the former Union Pacific Depot into a fresh new space, serving as the first luxury lifestyle hotel of its kind in Salt Lake City.  The hotel will feature three bars and signature restaurant, Rouser, which will be host to an upscale menu cooked with charcoal grilling techniques, paying tribute to the coal-powered train engines. 

THKS Architects and JNS Design further repurposed the historic boundaries of the old train station with a preservation-driven design. They preserved the train station’s French empire architecture as it brings the new hotel space into the 21st Century.  The sandstone building was originally architected in the French Second Empire style and included a terrazzo floor and stained-glass windows. What remains, among other architectural details, are two upper wall murals —one called Driving The Golden Spike by San Francisco artist John MacQuarrie in 1909, depicting the driving of the Golden Spike north of Salt Lake City at Promontory Summit, signifying the completion of the first transcontinental railroad in 1869. The other mural on the opposite side of the building is called Emigrants Entering Salt Lake Valley, by John MacQuarrie & August C. Wocker, completed in 1909. It shows the 1847 arrival of Mormon pioneers, traveling through Emigrant Canyon into what is now Salt Lake City. Both can be seen in the Asher Adam’s Grand Hall.  

The Asher Adam’s commitment to preserve architectural heritage while embracing the highest level of modern hospitality can also be felt from the original stained-glass windows to the grand lobby. Inspired by the connecting railways through Utah that brought a new cultural identity to the region, the property will continue by also being home to an array of contemporary artists, and further interior design details that add Salt Lake history to this contemporary building, which was once The Union Depot, or Union Pacific Depot building as it became known in 1921. It functioned as a railroad station well into the 1970s and for a short time was an Amtrak station as well. But now, it has been redesigned into a Marriott Autograph hotel, combining an historic past with a lively present. 

Also, Asher Adams’ culinary concepts bring new offerings to Salt Lake City. From the dishes to the décor, the building’s history will be apparent throughout the dining experience. Inspired by the coal-fueled train engines, the grill, oven, and rotisserie will be charcoal-inspired, to impart historic flavor throughout.  As further homage to train dining, the property’s culinary concepts are all designed to emulate the function of the dining car. Rouser is the signature restaurant, as mentioned above, is the fine-dining restaurant, and a homage to the dining car where train guests gather for an upscale meal. Counterpart is another dining experience, emulating the club car, designed for a quick meal or coffee. Finally, the bar car— focuses on the three on-property bars including Bar at Asher Adams & No.119. Whether guests are looking for a whiskey tasting or a charcoal-grilled seafood meal, the property’s culinary offerings will allow the past to inform the present in terms of culinary experience.

Finally, the location of Asher Adams is also important, as it appears to be close to many entertainment venues.  Situated across from The Delta Center, guests at Asher Adams will have access to entertainment from Utah Jazz games to Park City – forty minutes away– with the many Sundance Film Festival theaters. The guests will also be near the City Creek Center, and shopping at luxury stores from Nordstrom, Louis Vuitton to Tiffany & Co to Swarovski.  

As the Peter Allen song goes, “Everything Old Is New Again.”  It is certainly well-defined by this past informing the present Marriott Hotel space.

Marriott

The Grand Lobby

Guest suite

Rouser Fine Dining Restaurant, Marriott Asher Adams

This is an audio transcript of the FT News Briefing podcast episode: ‘Looming US port strikes threaten supply chain’

Kasia Broussalian
Good morning from the Financial Times. Today is Monday, September 23rd, and this is your FT News Briefing.

[MUSIC PLAYING]

Germany’s centre left squeaked out a win yesterday and businesses are bracing for a major strike across US ports next week. Plus, one of the fastest growing AI companies wants to bump Google up its advertising perch. I’m Kasia Broussalian, and here’s the news you need to start your day.

[MUSIC PLAYING]

Germany’s Social Democrats were breathing a huge sigh of relief on Sunday night. In Brandenburg state elections, the party won a very narrow lead over its biggest rival, the far-right Alternative for Deutschland. This win is a big deal because Brandenburg is a social democratic stronghold. The party has ruled the state for more than 30 years. It’s also where German Chancellor Olaf Scholz lives, and Scholz is having a tough time these days. His approval ratings are rock bottom. Some Social Democrats have even privately said that he should step aside rather than run for a second term as chancellor. That way, someone more popular could step in for elections next year. But yesterday’s results might just be enough to silence some of his critics — at least for now.

[MUSIC PLAYING]

Workers at dozens of ports on the east coast of the US could be going on strike next week. Negotiations between the ports and the union representing the longshoremen have completely stalled. And if workers walk off the job, the effect could be devastating for supply chains. I’m joined now by the FT’s Taylor Nicole Rogers to talk about what a strike might mean for the US economy. Hey, Taylor.

Taylor Nicole Rogers
Hi. It’s so great to be back.

Kasia Broussalian
Great to have you. So what are the main sticking points when it comes to negotiations?

Taylor Nicole Rogers
This is all coming down to two big things. One, of course, is pay. And the other big thing is automation. There are not a lot of automated tools on the east coast and gulf coast ports compared to the west coast ports. And the union really wants to keep it that way. Of course, the port operators would like to do something different. And that is where negotiations broke down over the summer. And that’s the big reason why they haven’t gone back to the table since.

Kasia Broussalian
So these workers, they essentially don’t want robots taking over their jobs?

Taylor Nicole Rogers
Basically, yes.

Kasia Broussalian
And how close are we to a strike?

Taylor Nicole Rogers
The port operators in the union last met in June, and there’s been some talk about coming back to the table. But pretty much things are at a complete standstill. And US President Joe Biden said last week that he would not intercede if the workers decide to strike. So that really brought the level of fear of the business community to a fever pitch this past week. So unless something major changes, the dockworkers will be walking out on October 1st. And that means that every US port from Maine to Texas would shut down. And together those ports account for the overwhelming majority of all of the cargo that comes into and out of the United States.

Kasia Broussalian
Wow. And now, obviously, a work stoppage at the level that you’re describing here, it can’t go unnoticed. So just how disruptive could these strikes get?

Taylor Nicole Rogers
Well, a lot of retailers and manufacturers actually saw this coming. So they worked really hard to bring in a lot of the things that we need for Christmas earlier in the year. So Christmas will not be ruined. But what could happen is that businesses will have to start paying more to ship their cargo. And that will push prices up. And, you know, I was talking to some economists earlier and they were saying that supply chain issues were one of the big, big causes of the inflation that we’ve been dealing with over the past couple of years. And the fact that the supply chain has really been freed up has really helped bring inflation down. And so they’re worried that if shipping prices keep going up because people are freaking out about a strike or because there actually is a strike, consumer prices will go back up.

Kasia Broussalian
Taylor Nicole Rogers is a labour correspondent for the FT. Thanks, Taylor.

Taylor Nicole Rogers
Thanks, Kasia.

[MUSIC PLAYING]

Kasia Broussalian
US chipmaker Qualcomm has reached out to its competitor, Intel, about a possible takeover. Now, no formal offer has actually been made, but it would be the biggest tech deal in history. Intel’s problems are no secret in Silicon Valley. In August, the company lost $30bn in market value after a disastrous earnings report. And it also announced painful job cuts — 15,000 workers. So the possibility of a buyout isn’t exactly out of the question, but there are a lot of hurdles. For starters, regulators would likely make a big fuss over antitrust concerns. Any deal would have to be pitched as a bid to strengthen the US in its chip race with China. And secondly, it’s not even clear how Qualcomm could pay for a full takeover. So a deal is definitely not a sure bet at this time.

[MUSIC PLAYING]

All right, Cristina. So I have the app Perplexity up right in front of me. What do you think I should ask it?

Cristina Criddle
Maybe you should ask if Perplexity is going to take over Google in the search ads business.

Kasia Broussalian
All right. Perplexity is an AI powered search engine that, let’s be honest, you’ve probably never heard of.

Perplexity audio clip
Perplexity AI is gaining traction as a potential alternative to Google due to its ad-free and precise search capabilities, but it is not currently positioned to overtake Google in the ad search business.

Kasia Broussalian
All right. It’s hedging a little bit. But the San Francisco start-up has big ambitions. So, Cristina, there’s actually something interesting going on here. I’m just looking at my answer. And then there’s this list of sort of related questions that follows just below. And that’s something that I’ve actually never seen before in a search engine.

Cristina Criddle
Yeah. These are called follow-up questions. Perplexity uses them as additional prompts. Things that you might want to find out that are related to your question. And this is where Perplexity wants to put ads in.

Kasia Broussalian
And Perplexity is attracting a lot of attention. Here to tell us about just how much of a threat it is to Google is the FT’s Cristina Criddle. Hey, Cristina.

Cristina Criddle
Hi.

Kasia Broussalian
So how is Perplexity trying to shake up the digital ad market?

Cristina Criddle
Well, Perplexity is trying to introduce advertising into its search AI product. We have a lot of AI products and search engines out there, but not many of them have ads in them yet. So I think Perplexity wants to redesign what the search ads business looks like. It’s a very different format. And they want to really challenge what Google has created on the traditional Google search. So the way that Perplexity wants to do it is to have these ads feature in the follow-up questions.

So, for example, if I wanted to promote a sparkling water brand, one of the questions I could ask is: Is sparkling water better than still water? And it would have a logo next to it of a suitable brand. It would generate just as the AI would normally respond. But the difference here is that the brand gets to sign off on the answer to make sure that it’s safe, that it doesn’t say anything that doesn’t align with its brand values. And they also pay for it, obviously.

Kasia Broussalian
Are brands showing any interest in partnering with Perplexity on this?

Cristina Criddle
Perplexity has been trying to target quite premium brands. Its user base is from quite high-GDP countries. And some of the brands that they’re in discussions with are people like Nike and Marriott. But as far as I know, no deals have been officially made yet.

Kasia Broussalian
And, you know, the goal here is for Perplexity to eventually take a pretty big bite out of Google. But Google kind of holds the keys to the kingdom when it comes to the digital ad space. So what sort of weaknesses does Perplexity see here?

Cristina Criddle
Since ChatGPT came out, there’s obviously been a huge amount of hype and excitement for generative AI, and that’s the type of AI that you see in perplexity and that you see in AI search engines. A few companies have launched AI search. Microsoft has done this with Bing, and they’ve started trying to monetise it a little bit. Google has launched AI search now, but they’ve not monetised it yet either, and they also won’t release figures on how widely it’s used. I think as the incumbent it has the most to lose here, and it’s trying to tread very carefully. A start-up like complexity can be more flexible, more nimble and make those business decisions a bit faster. But when Google does decide to jump, I think that’s really when we have to sit up and take notice.

Kasia Broussalian
Yeah. So then in the end, do you think that Perplexity can break through and challenge Google in the digital ad space?

Cristina Criddle
It’s still unclear. Perplexity does have quite a strong user base and it is growing very quickly, but so far we’ve yet to see it really take over. We’ve yet to see it really monetise either. By and large, Google is the biggest player in the search business. Its search business has grown 14 per cent in the last three months to June compared to the same period the year before. And the consumer behaviour of going to AI for search is still very nascent and we don’t know if that’s going to take off yet. But upstarts like Perplexity, they’ve still got a lot to prove.

Kasia Broussalian
Cristina Criddle writes about technology for the FT. Thanks, Cristina.

Cristina Criddle
Thank you.

[MUSIC PLAYING]

Kasia Broussalian
You can read more on all of these stories for free when you click the links in our shownotes. This has been your daily FT News Briefing. Make sure you check back tomorrow for the latest business news.

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. 

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? 

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. 

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.

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.

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.

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. 

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. 

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? 

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? 

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. 

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? 

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. 

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. 

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. 

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.

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. 

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. 

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.

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.

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.