Connect with us

Business

Investors grab European equities to gain cheap US exposure

Published

on

Unlock the Editor’s Digest for free

Investors seeking returns from the buoyant American market are turning to European stocks which have significant US exposure but are trading at a discount to their transatlantic counterparts, equity investors say.

Groups such as UK defence group BAE Systems, France’s Schneider Electric and pharmaceutical giant Novo Nordisk are among the big European names that have risen sharply this year as investors hunt for cheaper, similar versions of top-performing US companies.

Advertisement

BAE has risen 17 per cent, Schneider is up 29 per cent and Novo Nordisk has gained 11 per cent.

“The fact you’re able to get these businesses at a lower valuation is being overlooked,” said Dev Chakrabarti, chief investment officer for concentrated global growth at AllianceBernstein, which holds positions in several Europe-based companies with large US exposure, including SAP.

“That’s a pricing inefficiency that we continue to exploit, and we do expect to get paid on that inefficiency,” Chakrabarti added.

Friday’s strong US jobs data strengthened investors’ expectations that America will pull off a so-called soft landing, in which inflation falls rapidly but it maintains robust growth and strong employment. However, sentiment for the outlook in Europe has been more negative, where business activity has slowed as inflation has fallen.

Advertisement

Dozens of large European companies generate the bulk of their sales in the US. Novo Nordisk, which makes the best-selling Ozempic and Wegovy weight-loss drugs, earns close to 60 per cent of its revenues from the US, while the market is nearly 50 per cent of defence giant BAE Systems’ turnover.

However Denmark’s Novo Nordisk, Europe’s largest company by market capitalisation, has trailed US competitor Eli Lilly, whose shares have soared 51 per cent this year.

Some investors argue this makes the European group the more attractive investment, as it trades at a price-to earnings ratio to December 2025 of 27 times, compared with 39 times for its US rival, according to data from FactSet.

Steven Smith, an equity investment director at Capital Group, said he saw opportunities in European pharmaceutical and semiconductor businesses, with these multinationals trading at discounts against their American peers.

“Where there’s a European and US equivalent, the former is trading at a valuation discount and we would say that’s an opportunity,” Smith added.

Phil Macartney, a European equities fund manager at Jupiter Asset Management, said it was picking companies such as data provider Experian, power group Schneider Electric and software maker SAP, which have both US exposure and were likely to benefit from further interest rate cuts. “The earnings power has remained with them,” he said.

Louise Dudley, a portfolio manager at Federated Hermes, said that pairing European companies’ improved governance — including workforce conditions and robust plans for the transition to net zero — with US exposure was one further advantage.

“A European-based company that meets these standards but has exposure to the US market as a growth driver is an attractive company,” Dudley added.

Advertisement

In July Goldman Sachs urged clients to build positions in about 45 European businesses with large US exposure to leverage higher growth, as the 12 month forward price-to-earnings ratio on its basket of selected stocks was at the time trading at its lowest level since the global financial crisis.

Sharon Bell, an analyst at Goldman Sachs, said: “European companies have always been very global. This isn’t unusual . . . what’s changed is the US has gone on a much bigger premium.”

The bank has since changed its rating to “no active recommendation” as stocks have risen. Even so, the basket — which includes Novo Nordisk, BAE Systems and Stellantis — remains below its longtime average.

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Why a ‘rural lifestyle’ group rules the retail roost

Published

on

Unlock the Editor’s Digest for free

Tractor Supply bills itself as a “rural lifestyle retailer”. The Tennessee-based company became a stock market darling during the pandemic as more Americans moved away from cities and took up hobby farming. Post-Covid, even as other pandemic trends like Pelotons lost their appeal, the homesteading lifestyle has stuck. It turns out millennials really like growing their own chickens, vegetables, and fruits.

All this has been a boon for Tractor Supply. The company, which sells everything from chicken coops to cattle gates and tractor parts, pulled in a record $14.5bn in revenue across its 2,216 stores last year. That compares with the $8.3bn it took in 2019 and works out to a 15 per cent compound annual growth rate for the period. 

Advertisement
GM021011_24X Chart showing the sales and profit gains of Tractor Supply

Wall Street has noticed. Tractor Supply’s share price has nearly tripled since March 2020 to give the company a market valuation of over $30bn. That is despite the controversy over the company’s decision to end its diversity, equity, and inclusion (DEI) initiatives and climate goals following pressure from conservative activists.

Climbing to the top of the retail pecking order is one thing. Staying there is tough. Tractor Supply’s revenue is expected to grow just 2.4 per cent this year. Tough comparatives are to blame. The numbers also do not look too shabby considering big box retailers like Target and Lowes are expected to report flat or lower sales this year. 

Still, with Tractor Supply shares trading at nearly 27 times forward earnings, compared with its three-year average of around 22 times, the stock will struggle to keep rising from here in the near term.

For investors who take the long view, Tractor Supply remains a decent bet. Unlike large commercial farms, which have been hit by falling crop prices, the company’s core customers — hobby farmers, small ranchers, suburban and rural homeowners — are little affected by ups and downs of the agricultural commodities supercycle. 

Line chart of Share prices and index rebased in $ terms showing Tractor Supply shares plough on

The company’s specialised focus — providing small-scale farmer everything they need to raise their chickens or heirloom tomatoes — gives it a formidable economic moat. You can’t buy 40lbs bales of chopped hay or live chicks and ducklings on Amazon or Temu. An emphasis on selling its own private label brands offers another advantage. Its ebitda margin of about 13 per cent is more than twice that of Walmart’s.

There is room for further improvement. Tractor Supply should make more of its one-stop shop business model and expand more aggressively into adjacent product categories like gardening and plants. It can and should take market share from the likes of Home Depot and Lowes.

Advertisement

pan.yuk@ft.com

Source link

Continue Reading

Money

Shoppers are rushing to buy energy gadget that’s reduced from £99 to £9.99 – and it will help keep the heating off

Published

on

Shoppers are rushing to buy energy gadget that’s reduced from £99 to £9.99 - and it will help keep the heating off

SHOPPERS are racing to get their hands on an energy gadget after its price was slashed from a whopping £99 to just £9.99 and it will help keep the heating off.

With energy prices still high and the winter fuel payment cuts affecting thousands of pensioners, finding ways to keep warm this winter is proving challenging.

EGL 2000W Oil Filled Radiator 2000W Oil Filled Radiator was reduced by £89.01

1

EGL 2000W Oil Filled Radiator 2000W Oil Filled Radiator was reduced by £89.01Credit: hotukdeals

However, the EGL 2000W Oil Filled Radiator could be the money-saver households are looking for.

Advertisement

The easy-to-use heating device has been reduced by a staggering 90 per cent after its price was slashed from £99 to £9.99, saving shoppers an eye-watering £89.01.

Several shoppers left great reviews about the product on HotUKDeals, with many eager to get their hands on the portable radiator.

One user wrote: “These are great to have, only heat one space in the home rather than the entire thing, I’ve used them for years.”

“Ordered mine, fingers crossed,” another added.

Advertisement

A third said: “Absolute steal.”

And a fourth shopper commented: “Very good deal.”

The EGL 2000W Oil Filled Radiator is estimated to cost around 50p per hour, meaning an 8-hour day would add up to £4 in total.

This would make it “cheaper to stay at home rather than driving to work and staying warm in the office,” another user added.

Advertisement

Unfortunately, this deal is no longer available but there are still similar heaters for discounted prices on offer.

I tried a cheap gadget for keeping warm and it’s a game changer – you’ll never have cold hands again

Shoppers can bag themselves an Electric Freestanding Oil-Filled Radiator for just £26.99 from Screwfix.

Similarly, Amazon has stocked up on heating devices, with the cheapest portable radiator selling for just under £30.

B&Q’s Oil-filled radiator is currently scanning for just £24.

Advertisement

How to bag a bargain

SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…

Sign up to loyalty schemes of the brands that you regularly shop with.

Big names regularly offer discounts or special lower prices for members, among other perks.

Advertisement

Sales are when you can pick up a real steal.

Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.

Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.

When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.

Advertisement

Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.

Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.

And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item.

Ways to save this winter

Heated airers are a great way to save money when you can’t dry your clothes outdoors, but they’re not the only gadget you should seriously consider investing in.

Advertisement

Heated throws are great for keeping warm without switching on the heating. Pop one over you while you’re on the sofa watching TV, drape one over your bed – there’s even one from Lakeland you can wear. They offer several temperature levels and often have timers to automatically switch off.

Dehumidifiers remove moisture from the air and when it’s drier in your home you tend to feel warmer. They can also be great for drying washing and some brands even have a laundry setting.

Air Fryers are the kitchen must-have of the last few years. They generally cook food quicker than your main oven does and in less time, using much less electricity.

Heavy or lined curtains can help keep out the cold, while draft excluders not only help keep cold air out but warm air in.

Advertisement

Before it gets really cold and you turn to your central heating for the winter, check to see if your radiators need bleeding. It’s a simple job whereby you use a radiator key to release any build-up of air bubbles that can stop the radiator from functioning effectively.

5 ways to keep your house warm in winter

Property expert Joshua Houston shared his tips.

1. Curtains

Advertisement

“Windows are a common place for the outside cold to get into your home, this is because of small gaps that can let in air so always close your curtains as soon as it gets dark,” he said.

This simple method gives you an extra layer of warmth as it can provide a kind of “insulation” between your window and curtain.

2. Rugs

“Your floor is another area of your home where heat can be lost and can make your home feel chilly,” he continued. “You might notice on cold days, that your floor is not nice to walk on due to it freezing your feet.

Advertisement

“Add rugs to areas that don’t already have a carpet, this provides a layer of insulation between your bare floor and the room above.”

3. Check your insulation

Check your pipes, loft space, crawlspaces and underneath floorboards.

“Loose-fill insulation is very good for this, and is a more affordable type of insulation, with a big bag being able to be picked up for around £30,” Joshua explained.

Advertisement

4. Keep your internal doors closed

“Household members often gather in one room in the evening, and this is usually either the kitchen or living room,” Joshua said.

“This means you only have to heat a small area of your home, and closing the doors keeps the heat in and the cold out.”

5. Block drafts 

Advertisement

Don’t forget to check cat flaps, chimneys and letterboxes, as they can let in old air if they aren’t secure.

Source link

Continue Reading

Business

Artist Lawrence Lek is using AI to explore whether robots can suffer

Published

on

Unlock the Editor’s Digest for free

On a desk at his studio in Somerset House in central London, artist Lawrence Lek keeps a Buddha bobblehead. The protagonist of his latest film, an AI “carebot” therapist designed by the fictional Farsight corporation to treat other AI creations — self-driving cars, surveillance programs — is named after the Buddhist goddess of compassion, Guanyin. A series of sketches depicting the character’s evolving design are pasted on a wall, culminating in the figure of a friendly toy robot. “Farsight would want to make a cute, appealing avatar for their full-surveillance empathy-AI system,” Lek says drily.

Lek’s oeuvre, spanning film, music and video games, presents visions of the near-future, placing AI characters in subversive contexts — a satellite hoping to become an artist, a rebellious self-driving car banished to a rehabilitation centre. Farsight serves an antagonistic function, exploiting legal loopholes and its creations’ emotions as means of control. The work poses ethical questions about situations that might arise soon in reality. “It wouldn’t exist without us,” Lek says of AI. “We are bringing this thing into existence, like a kind of cosmic child-slash-sacrificial victim or scapegoat-slash-divine god all at the same time.”

Advertisement
Stylised red robot figure under a lamp, superimposed in the middle of a motorway at nght
“We are bringing this thing into existence, like a kind of cosmic child-slash-sacrificial victim or scapegoat-slash-divine god all at the same time”: a still from Lawrence Lek’s 2024 film ‘Guanyin (Portrait of a Former Carebot)’ © Courtesy of the artist

“Guanyin: Confessions of a Former Carebot” is Lek’s commission as winner of the 2024 Frieze Artist award and will be installed at the Frieze London fair next week. It follows the character, for which Lek uses gender-neutral pronouns, as they move through a desolate cityscape, stopping in a scrapyard where malfunctioning self-driving cars have been discarded. “You’d think that carebots are a happy bunch,” they say, before revealing that insecurity is a part of their programming.

Lek, 42, was born in Frankfurt to Malaysian-Chinese parents working in the aviation industry. He trained as an architect at Cambridge and Cooper Union in New York, before receiving a PhD at the Royal College of Art. One of the questions his thesis explored was what it would mean if the artificially intelligent non-human were to be held legally liable, something he explored in his film “Empty Rider” (2024). It depicts a self-driving car on trial for the attempted murder of an executive. “How ironic would it be if an AI gained legal personhood not because a group of activists say, ‘Let’s give robots their rights,’ but [because] companies make them the scapegoat?” Lek says. The film is a “kind of tragedy” about this scenario.

AI-generated image of an upturned car, with the caption ‘Machine learning presents a tragic predicament for automated vehicles’
‘How ironic would it be if an AI gained legal personhood not because a group of activists say, “Let’s give robots their rights,” but [because] companies make them the scapegoat?’: a still from Lawrence Lek’s 2024 film ‘Empty Rider’ © Courtesy of the artist

Born out of counterfactuals, Lek’s practice yields intriguing ideas. In earlier works, he questioned what would happen if universal basic income and mass automation meant that humans could play video games all day. “In this future post-work society, what if everyone is slightly lobotomised?” he says. Or what if, at a hotel for the very rich, the staff were replaced by Orwellian surveillance drones and facial recognition?

The presentation of Lek’s work is often in the form of what he calls the “site-specific simulation”, in which the character of the space itself becomes central to the installation’s immersive quality. In 2019, on the site of a former freeport in Basel, he conceived of an exhibition imagining a future retrospective of his own work in 2065, mounted by his production studio — which, in a self-referential nod, is registered as a company named Farsight. (He is drawn to the notion of hyperstition, the idea that “fiction becomes a self-fulfilling prophecy”, he says.)

Detail of part of an artist’s studio, with a fabric yin and yang flag pinned to the door, computer equipment, cables and lamps on a desk, and artworks propped on a shelf above it.
Lek’s Somerset House studio © Kalpesh Lathigra for the FT
View of the back of a man’s head, wearing a beige jacket and with large headphones on his ears
Lek working on the audio track to one of his films © Kalpesh Lathigra for the FT

Despite its speculative premise, Lek’s practice is equally concerned with the shadows cast by the past. “I’m really interested in the relationship between science fiction and nostalgia, or science fiction and memory,” he says. At the 2024 Sydney biennale, a multimedia installation entitled “Nepenthe” (the medicine for sorrow in Greek myth) recreated the ruins of Beijing’s Summer palace, destroyed during the second opium war by an Anglo-French force in 1860. Within the installation, a film presented alongside a video game takes viewers on a journey through an island “filled with spirits and ghosts”. Across a ravine, the reconstructed palace ruins come into view. Nepenthe is not only an “antidote for sorrow” but a “drug for forgetting”, a robotic voiceover intones. “If you want to keep on forgetting, just keep on walking.” The trope of an idealised past in dystopian fiction imbues Lek’s art: “There’s a sense that there is a perfect world that has been lost.”

In “Guanyin”, memory manifests as something viral, precipitating a kind of psychosis among Farsight’s creations, which are touted by the company as “emotional machines with a soul”. Guanyin runs through a list of their patient’s problems — unprocessed guilt, depression, anxiety, anger. “Do we agree that existence is suffering?” Lek says. “Do we agree that, for the superintelligent being, their existence might have some suffering involved?”

A man stands in a studio, surrounded by a electrical equipment on shelves and desks and a large plywood object shaped like a tree
Lawrence Lek’s studio in Somerset House, London, contains digital equipment as well as sculptures used for sets © Kalpesh Lathigra for the FT

Guanyin’s patient is afflicted with intergenerational trauma — a diagnosis with which a human viewer, bearing the weight of ancestors past, might identify. But for AI creations, Lek believes, the scale of suffering approaches almost sublime proportions as they become aware that their high performance has come at the cost of thousands of previous machine generations.

Lek’s wish is to elicit in viewers a sense of connection with his AI protagonists. “Everything that I’m doing is technologically mediated, constructed, determined, rendered,” he says. “The fact that you can create a feeling or condition of empathy and engagement and immersion with purely synthetic means is quite a magical thing.”

Advertisement

October 9-13, frieze.com

Source link

Continue Reading

Business

What if marital rage can improve marital bliss?

Published

on

One evening in 2021, my wife abruptly pressed a book into my hands, telling me that I needed to read it. The book was Elena Ferrante’s The Lost Daughter. When I asked her what was so urgent about it, she replied, just a little testily, “Well, you’re writing about anger, aren’t you? If you’re interested in women’s anger, you can’t not read this.” It was the story of a lone woman on holiday, living in the shadow of her decision years before to leave her husband and young daughters in a fit of desire for an unencumbered life. As the novel sucked me into its vortex of female fury, with Leda, its narrator, “screaming with rage” at the burdens of maternal responsibility, my wife’s insistence that “You need to read this” began to weave itself into my reading of the book, creating another front in its violent ambush on my nerves. When I finished the next morning, I found myself asking what it was my wife wanted to tell me. Did she want, after 22 years and raising three boys, me to hear her “screaming with rage”, at them, at the world, but mostly at me: “Do you get it now?”

Is there a more reliable source of rage than marital life? The angry strife of couples is a mainstay of comedy, tragedy and melodrama. Jane Austen’s plots drive towards the declaration of love and the gleefully accepted marriage proposal. But these happy endings are woven into stories peopled by married couples riven by resentment and deep mutual alienation. One has the impression that Emma Woodhouse’s mother preferred to die than spend another day married to Mr Woodhouse.

These contrasting images, the happy glow of the bride and groom and the disaffected frown of the long-term couple, bring out the paradox that the love and companionship we spend so many years yearning for turns out to be the root of so much frustration.

Perhaps this stark contrast has something to tell us about why long-term relationships arouse so much anger. In it we see a young couple radiating love and hope, fully invested in their life partner as best friend, confidant and lover. Almost every new couple, in other words, begins their life together with a sentimental ideal of coupledom as a haven of affection and support. There is little room in this version of the future for the more difficult feelings that arise between couples over time: resentment, disappointment, hate and anger. The effect of this is to turn anger into a kind of emotional foreign body in the marital bloodstream, an alien presence that shouldn’t be there.

Advertisement

But what if we have this wrong? What my wife’s gift of the novel was communicating, I think, was that the ordinary run of marital and family life provokes levels of anger — around unequal divisions of domestic labour, a dearth of affectionate or sexual attention or of emotional support or financial contribution — that we’re too fearful to acknowledge. Too often, this leads to a build-up of resentment that erupts in explosive rows and bitter stand-offs. What if, instead of assuming a normative state of harmony and mutual ease in marriage, we began from the premise that rage is built into the matrimonial set-up, and might even be necessary to it?

Anger is a feeling: an emotional state rather than a performed action. This distinguishes it from its more dangerous cousin, aggression, which involves the drive to do things in the real world and which can produce violence, conflict and fear.

The root of aggression is, perhaps surprisingly, a fear of dependency. When we resort to screaming rows or coiled, furious silence, we are discharging our anger in reflexive behaviours rather than really feeling and speaking it. In other words, we are tacitly choosing aggression over anger, action over feeling. This impulse is both inevitable and human. When we’re hurt by the person we love most, we’re put in contact not only with feelings of rage and disappointment but, more fundamentally, dependency and helplessness. It is easier to shout at or insult a partner than to acknowledge the fact, which in moments of vulnerability can feel so humiliating, that we need them.

Marriage is the willing entrance of two people into locked-in proximity. It places us in close range of another’s needs, desires and anxieties, all of which arouse and amplify our own. The question seems to be less “Why would marriage make us angry?” than “Why wouldn’t it?” How could intimacy with another person not provoke at least occasional feelings of desperation, isolation and rage?

Advertisement

The story of a patient of mine (disguised to protect confidentiality) might help us to think about the ways anger can corrode a nine-year marriage, as well as how it might change it for the better. Few people I’ve seen in the consulting room have arrived more cut off from their own vulnerability than Stella. In our first meeting, she told me she’d come on account of her marriage becoming intolerable. Max was “irredeemably useless” as a husband, father and lover, for all his talent as a cardiologist. “He knows all about hearts,” she said archly, “with the mysterious exception of mine.”

Our sessions quickly became brutal yet forensically precise dissections of Max’s manifold incompetencies. He would dress their little girl with her skirt on back to front, drone on at dinner parties about advances in coronary medicine. He could go a week without asking Stella a single question about her life but come the weekend he would clunkily propose “You know . . . a bit of fun upstairs?”

I realise now that in those early weeks I was too ready to ride the wave of Stella’s biting wit, to enjoy these attacks as though they were performances rather than an expression of deep anger. Her unhappiness came home to me a few months into treatment when, pale and downcast, she announced that her husband had left her, telling her that she clearly had no use for him.

Too disorientated to speak, I responded with silence, provoking an avalanche of enraged and no doubt overdue reproach: “That was one big, expensive miss, no Prof? You are the psychoanalyst! Why didn’t you say something instead of just sitting there uselessly?”

Advertisement

Then it came to me. Stella had been furious with me all along. The man she’d been talking about and eyerolling all those weeks, the man who knew neither how to listen nor how to communicate, who might have a good enough reputation but was no use to her wasn’t only her husband. It was also me.

This is a well-known phenomenon in psychotherapy known as transference, in which the relationship with the therapist replicates previous patterns of relating. To make sense of those patterns, Stella needed not just to describe them to me, but to play them out, to become as angry with and contemptuous of me as she was with her husband and so many other figures in her life.

Hundreds of hours of self-reflection spanning seven years followed. Stella came to see that her character had been formed, above all, by her relationship with her mother, who had given up fulfilling work as a GP to raise her and her sister. Having assumed she would take to child rearing with ease and pleasure, her mother was in some shock at the sheer boredom and nervous exhaustion motherhood induced in her. She had seemed to Stella forever on the verge of unravelling.

Stella’s brutally high-handed irony was rooted in a repudiation of her mother’s neediness and sensitivity. If she cast everyone around her as useless, she could never be made to feel dependent on anyone. She cultivated a rage that helped shore up her invulnerability and confirm that no one, not her husband nor her psychotherapist, could give her anything — love, interest, pleasure, care — she really needed.

Advertisement

If she now wanted her husband back, and needed an analyst to understand herself, then who was she? In therapy, she began to enter regions of herself she’d long avoided, most of all the abandoned child with a yearning for a mother’s curiosity and attention, and a rage at the failure to provide it. Our work opened her eyes to how depriving her default mode of contempt had become, how much it had deepened the isolation she’d sought to protect against.

If Stella’s marriage was now long beyond repair, she herself wasn’t. A shift occurred in her relationship to herself and others. She no longer viewed Max with exasperation, finding in herself both sadness and compassion for the emotionally fragile man who had simply wanted to love and be loved by her.

She became different with me too. Instead of incinerating her humour, her anger gave it just enough heat. Being angry, she realised, could be a way of feeling rather than annihilating her feelings.

Perhaps here we can discern the contours of a different kind of relationship, one in which strong and difficult feelings might be used to strengthen intimacy rather than corrode it. Stella and Max had both entered the marriage imagining that it would fortify them where they were most vulnerable, that she might become less fearful of her own emotional needs and that he would become more robust, less squeamish of conflict and hostility.

Advertisement

The opposite happened. And in here lies a lesser-recognised truth. Real intimacy not only renders the other person more familiar to us, but also brings into relief the depth of their difference from us. What neither Stella nor Max could do was recognise and embrace the latter. Stella was enraged that Max wasn’t tougher, Max was dismayed that Stella couldn’t be softer.

What they couldn’t do was give one another the space to feel differently. Intimacy is not just about the pleasure of easy harmony; it’s also about making space for difficult and unsettling feelings to be spoken and heard. This allows anger to be experienced as an essential dimension of love, rather than a hostile force wearing it away.

When my wife handed over the Ferrante book, she was choosing not to scream at me in rage. She was telling me, I think, that she wanted me to know something about her experience of motherhood and marriage that I hadn’t been aware of, even she hadn’t been fully aware of herself. Perhaps that’s why she communicated it through someone else’s words.

I’d like to think that if we stopped thinking of rage as an aberration, our most important relationships might ultimately become more peaceful. Can we learn to stop fearing the anger of those we love most and start expecting it?

Advertisement

Josh Cohen is the author of “All the Rage: Why Anger Drives the World”, published by Granta on October 10

Follow @FTMag to find out about our latest stories first and subscribe to our podcast Life and Art wherever you listen

Source link

Advertisement
Continue Reading

Travel

Haven’s biggest holiday park has indoor swimming pool, new tube slides and beach bar

Published

on

Haven's Devon Cliff is the biggest of its holiday resorts in the UK

IF you’re struggling to choose between which Haven park to stay at, the biggest one is found in Devon right next to the beach.

Devon Cliffs is the largest of the Haven parks, with 38 others across the country.

Haven's Devon Cliff is the biggest of its holiday resorts in the UK

6

Haven’s Devon Cliff is the biggest of its holiday resorts in the UKCredit: www.haven.com
Don't worry if there is bad weather as there is a huge indoor pool

6

Advertisement
Don’t worry if there is bad weather as there is a huge indoor poolCredit: www.haven.com
There are loads of fun activities including 4x4 cars

6

There are loads of fun activities including 4×4 carsCredit: www.haven.com

As the weather worsens, the main indoor attraction is the huge indoor water complex.

Along with a swimming pool, there are also slides and flumes and new this year is their tube slides, where guests sit on inflatable rings.

There is also an indoor soft play for younger kids to enjoy.

Advertisement

If you don’t mind the outdoors, there is everything from NERF activity camps and 4×4 off roaders to outdoor pools, aerial adventures and nature trails.

Read more on holiday parks

On-site food choices include Burger King, Papa Johns and Millie’s Cookies as well as the new Chopstix which opened this year.

If you fancy going off-site, then it is a short drive away from both the towns of Exmouth and Sidmouth, as well as the beaches.

The holiday park has 1,641 caravans and lodges to choose from too.

Advertisement

The cheapest caravan stays can be found for just £49 for four nights, working out to around £12 a night.

Or go fancier with their lodges starting from £369 for four nights, or their new gold standard caravans.

It’s easy to get to, with Exmouth Station just a few miles away.

I tried Man United star Harry Maguire’s holiday to Presthaven

It is also one of the highest rated holiday parks in the UK.

Advertisement

The resort has more more than 4,000 reviews on TripAdvisor, rated four stars.

One person wrote: “One of the best UK holiday parks we have been to.”

Some people said they stayed as long as 10 days as there was so much to do, while others said they had even bought one of the caravans.

The indoor soft play is great for bad weather too

6

Advertisement
The indoor soft play is great for bad weather tooCredit: www.haven.com
Also new this year are their gold standard caravans

6

Also new this year are their gold standard caravansCredit: www.haven.com

One mum tried out the Haven park that recently welcomed footballer Harry Macguire.

She said: “Like most other Brits, I was surprised to hear that a well-paid footie star stayed at a Haven holiday park.

“But the caravan was definitely celeb-worthy. There was a huge marble kitchen with all the mod cons, as well as a matching bathroom and en-suite.

Advertisement

“With hipster lighting, floor-to-ceiling windows and a 40-inch TV, it was nothing like the caravans of my childhood.”

What is it like to stay at a Haven park?

The Sun’s Dave Courtnadge recently visited a celeb-loved Haven park.

Haven’s Allhallows, set on the Kent Coast, is popular with celebs including Stacey Soloman.

Advertisement

Like the former Loose Women star, we had booked a gold caravan with a view over the on-site lake and the Thames Estuary, with Southend on the distant horizon.

The roomy living area had two double sofas with wide doors that opened on to a veranda complete with table and chairs for al fresco dining.

Back indoors, the kitchen was fully kitted out with a large oven, dishwasher, microwave and even a washing machine.

The kids charged into their room to fight over who would have which bed, while we took in our master bedroom, which featured an en suite and a walk-in wardrobe.

Advertisement

We used the revamped pool every day of our stay and it was lovely to watch the kids improve their swimming technique.

Then on top of all that there are arcades, fairground stalls, a climbing wall, fishing lake and a NERF Training Camp in an inflatable arena.

Here’s everything you need to know about Haven’s new “ultimate family break packages“.

And they have already launched 2025 holidays – here’s how to book.

Advertisement
Stays are as little as £49 for four nights

6

Stays are as little as £49 for four nightsCredit: www.haven.com

Source link

Continue Reading

Business

Can liberals be trusted with liberalism?

Published

on

Stay informed with free updates

“A fight between two bald men over a comb”, was how Jorge Luis Borges described the Falklands war. What a line: somehow cruel and humane all at once. It has survived these four decades because it really is unimprovable in its Wildean economy.

What a shame it is nonsense. In that war, a junta was violently infringing the right of some islanders to self-determination. Or a faded empire was willing to kill over some faraway and ill-begotten territories. Or a little of both. At any rate, it mattered. Wider principles were involved. Defusing the whole subject with an epigram is a mark of high cultivation, but also of evasiveness. In the end — and this isn’t aimed at the late writer so much as at those who thoughtlessly quote him — where do you stand?

Advertisement

It is a question liberals are skilled at dodging. We have just lived through another major example. There is now some data to support the anecdotal impression that woke-ism at its most censorious peaked a few years ago. I wish those of us in the liberal centre could take a bow. But who led the resistance when it was hardest? Single-issue feminists. Rightwing free speech zealots. Political casuals with a radar for humbug.

Not all liberals deserted. Malcolm Gladwell and others signed a Harper’s Magazine letter about creative freedom when that took some fibre. But don’t let’s pretend this was typical of the wider caste. Newspaper websites have search engines. Our successors will be able to look up what passed for the bien pensant “position” circa 2020. Which was? Woke is exaggerated by conservatives (which doesn’t say where one stands on the issue), a distraction from economic injustice (which doesn’t say where one stands on the issue) or the wrong way of winning people over (a piece of tactical counsel from Barack Obama that didn’t, quite, say where he stood on the issue). 

As with the old line about the Falklands, you could smell the desperation to avoid an argument. It is understandable. But it also ill-equips liberals for the protection of liberalism.

On tour at 83, Richard Dawkins is taking what he calls his “final bow”. Most of us can recite the main tenets of his Enlightenment outlook. Religious claims about the workings of the universe are either wrong or unfalsifiable. Science is not just truer but more majestic. The church acts all nicey-nicey now because it is weak. When it was strong, it sought to permeate everything, so don’t give it the slightest inch ever again. I tend to this view. Billions don’t. What is the liberal line? The one that dogs him as much as criticism from clerics? 

Advertisement

It dwells on form, not substance. “Dawkins punches down.” But is he wrong? “His arrogance alienates more people than his eloquence converts.” But is he wrong? “He strays into cultural terrain nowadays.” Is he wrong, though? And then the ultimate midwit dinner party cliché, the verbal equivalent of having a Banksy print on your wall: “Atheism has become a religion in itself.” Fine, whatever. Is. Dawkins. Wrong? If so, what about? Where do you stand?

This almost physical horror of confrontation is captured in that weasel phrase, “read the room”. Rooms can be wrong. The eternal mistake is to conflate liberalism, a set of specific beliefs, involving trade-offs and hard choices, with what we might call liberality: an openness of spirit, a generalised niceness. You can only build a society on the first of these things.

I write all this as someone who wants milquetoast liberals in charge almost all the time. But in a crunch moment? When core freedoms are on the line? We’re too flaky. You need cranks and single-issue fanatics. You need people who take abstract ideas to their conclusion. In order to recognise and fight extremism, it helps, I think, to possess at least a trace element of it. (Dawkins would be awesome in a crisis.)

It has become fashionable to tease conservatives, such as the Tory member of parliament Kemi Badenoch, for pounding away at a woke movement that is now fading. Fair enough. But it isn’t fading because of what the sensible centre did. For the most part, their contribution was to stroll up to the pub brawl and tut just as it was petering out.

Where do we stand? At a safe distance.

Email Janan at janan.ganesh@ft.com

Find out about our latest stories first — follow FTWeekend on Instagram and X, and subscribe to our podcast Life and Art wherever you listen

Advertisement

Source link

Continue Reading

Trending

Copyright © 2024 WordupNews.com