How to lose well? It is a question that has taxed humans since time immemorial, from the Ancients over 2,000 years ago to those involved in today’s unedifying brouhaha in Washington.
For most of the world’s history, contests for political power have tended to be a zero-sum game, frequently fatal for the loser. Victory for one protagonist has generally required the defeat of another. And while victories – whether on a football field, battlefield or by the ballot box – are synonymous with glory, defeats are mostly ignoble affairs.
The first-century Greek philosopher Plutarch tells us how steely Spartan mothers used to wave their sons off to battle with the ominous warning: “Come back with your shield, or on it,” meaning victory or death. Living as a loser wasn’t so much dishonourable as completely unthinkable.
Losing may be distasteful, in politics as in other walks of life, but it is an important force for stability. Acknowledging and coming to terms with loss enables an entire country, as well as the loser, to move on. It is difficult to have a stable transition when a losing candidate for office refuses to accept defeat.
A mural is painted in downtown Oakland, California, this week - not long after the US presidential election. AFP
US President Donald Trump does not have to look too far back to find a spirit-lifting example of how a one-term president, having been humiliatingly fired by the American public, grew greater in defeat. On January 20, 1993, President George HW Bush sat down in the White House to write a letter to Bill Clinton, the man who had just wiped the floor with him in the presidential election. It was a model of decency and grace.
“I wish you great happiness here,” Mr Bush wrote. “You will be our President when you read this note. I wish you well. I wish your family well. Your success now is our country’s success. I am rooting hard for you. Good luck — George.” Does anyone think Mr Trump will be able to write something similar to President-elect Biden?
On the other side of the Atlantic, British Prime Minister John Major was trounced by Tony Blair in the 1997 election. He knew his time was up and took it on the chin. “When the curtain falls, it’s time to leave the stage,” he said.
In the Middle East and North Africa, leaders have not always spotted the curtain falling in time. Both Saddam Hussein in Iraq and Muammar Gaddafi in Libya paid for this failure with their lives. Tunisian President Zine El Abidine Ben Ali got out in the nick of time. In Syria, President Bashar Al Assad remains in power but it is a blood-soaked, pyrrhic victory, achieved only through the immiseration and defeat of the entire country.
If war is politics by other means, as the Prussian General Carl von Clausewitz taught us, then 21st-century western politicians should be grateful that these days, politics is non-lethal war by other means. It wasn’t always this painless. In 1649, the English king Charles I, a ruler who revelled in the divine right of kings, was tried and executed by Parliament. Appalled by this revolutionary reversal of the natural order, his final speech on the scaffold was nevertheless a model of composure and grace in defeat.
Syrian President Bashar Al Assad remains in power even as his country has been left devastaed by almost a decade-long civil war. EPA
"I go from a corruptible to an incorruptible Crown; where no disturbance can be, no disturbance in the World," he said before the axe fell. Sic transit gloria mundi, the account of his execution ended. Thus passes worldly glory.
American politics may be a bruising business but at least it's not a matter of life and death. President Trump – he keeps the title for life, remember – can certainly take some solace from Thucydides. As the Greek historian wrote almost 2,500 years ago in his History of the Peloponnesian War: "In a democracy, someone who fails to get elected to office can always console himself with the thought that there was something not quite fair about it". Acceptance is a necessary first step towards this consolation.
In order to lose well, it is equally important to master one's ego and not be controlled by it. In the epic Roman poem Pharsalia, the poet Lucan explained the civil war between Julius Caesar and Pompey the Great from 49-45BC partly as an excess of unchecked male ego. Neither man could back down. "Caesar [could not] tolerate a superior, nor Pompey an equal." The republic paid dearly with the resulting chaos and instability. Suetonius made a similar point in his Life of Caesar, which is again relevant to Mr Trump's white-knuckled hold on power. Caesar, considering that "it would be more difficult to force him from first place to second than from second to last, resisted with all his power".
Novak Djokovic, left, defeated Roger Federer, right, in an epic Wimbledon final in 2019. Reuters
Losing and failure are hardly unique to political life. The business world also offers some enlightening lessons in how to deal with them. Failure here tends to be regarded as an indispensable step on the path to success. It famously took Thomas Edison 1,000 attempts to invent his prototype light bulb. Asked by a reporter how he felt about failing 1,000 times, Edison shot back: “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.” Over in Silicon Valley, failure and bankruptcy are rightly seen as essential components of the Darwinian life cycle for business, spurring innovation, rebuilding and success.
Losing really shouldn't be too difficult to deal with. It's part of everyday life and most of us are taught from an early age to get used to it. If we don't always lose gracefully, we know that we should. Before they step out onto the world's most famous tennis court, the greatest players on earth are reminded of the need to behave properly and rise to the occasion, whatever the result. Inscribed above the entrance to Wimbledon's Centre Court are words from Rudyard Kipling's poem If: "If you can meet with Triumph and Disaster, and treat those two imposters just the same…"
Losing really shouldn't be too difficult to deal with. It's part of everyday life and most of us are taught from an early age to get used to it
No one has done this better in recent years than perennial champion Roger Federer, who last year lost to Novak Djokovic in five sets in perhaps the greatest Wimbledon final of all time. Federer is a greater champion not just for his winning record but for his magnanimity in defeat. As the Novak Djokovic Foundation reminds us: “The feeling of losing and moving on are particular skills children need to develop in order to deal with negative experiences in life when they become older.”
Mr Trump’s favourite insult is to call someone a loser. “I hate to lose, and if anybody gets used to losing they are going to be a loser… I still hate to lose. And that will never change.” The simple truth is that Trump is now a loser. In the two months that remain of his one-term presidency, however, he still has time to salvage some good, for his own legacy, for the Republican Party and, more importantly, for the US. He now needs to learn the art of the fail.
The president once said: “Sometimes by losing a battle you find a new way to win the war.” To adapt a line from German officers to British paratroopers taken prisoner at the Battle of Arnhem in 1944: For you, Mr Trump, the war is over. It is time to accept it.
Justin Marozzi is the author of Islamic Empires: Fifteen Cities that Define a Civilization, published in paperback on 6 August.
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
UK’s AI plan
AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
£10bn AI growth zone in South Wales to create 5,000 jobs
£100m of government support for startups building AI hardware products
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
10 tips for entry-level job seekers
Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
UAE currency: the story behind the money in your pockets
