Innholdsfortegnelse for October 2019 i Tatler Singapore

Since 2015, two of Germany’s most recognised luxury brands, Montblanc and BMW, have been in partnership, producing highly-coveted lifestyle products from leather creations to writing instruments. Five successful collaborations later, they have come together again to take the term “travelling in style” to greater heights with the all-new bespoke Montblanc x BMW Luggage Set, with only 15 available. Perfect for today’s multi-hyphenate jet-setter, the five-piece luggage set is a fine companion whether one is travelling for work or play. Comprising a guitar bag, surf bag, duffel bag, suit bag and leather hard-shell case, the five models spark the spirit of adventure while also offering an effective packing alternative should formal occasions arise. Handcrafted at Montblanc’s main leather facility in Florence, the luggage set is made from high-quality leather that is…

1 Stylish Foil “Crystal Jade Palace is very close to our hearts,” says Crystal Jade Group Singapore general manager Cynthia Yee, referring to the flagship restaurant that strengthened the presence of the brand 20 years ago. The outlet’s recent revamp is part of the group’s commitment to elevate culinary experiences, starting with design and interiors. Reminiscent of palatial Chinese buildings, the contemporary space comprises a main dining room, courtyard and tearoom; it is decked with an eye-catching chandelier and swathed in green and gold hues. Completing the look are artworks created by local artist Sam Auditeur. 2 Homegrown Talent Likewise, the menu has been given a well-deserved update, courtesy of group executive chef Martin Foo. A veteran in the industry, he has sharpened his skills at renowned establishments including Lei…

Brought together by their love for stunning jewellery and masterful timepieces, like-minded Singapore Tatler friends gathered for a closer look at some of the most exquisite pieces from Ion Orchard’s key watch and jewellery brands. Being surrounded by an abundance of sparkle all round was the perfect way to celebrate the start of the second edition of Jewels & Time Week. CHAUMET The multi-day celebration began with an intimate gathering at Chaumet. At its newly revamped boutique, a tiara wall was mounted especially for the event, much to the delight of attendees, who were spotted posing for pictures while trying on various crowns. A calligrapher was also present, with whom guests could request to have custom messages written on a sheet of paper alongside a special Chaumet love quote of…

While it was originally founded as a writing instrument maker in 1906, Montblanc has time and again proven its finesse in venturing outside its comfort zone. Over the years, the luxury maison has gradually expanded its offerings, introducing leather goods, timepieces and jewellery. And like the mountain in the Alps it is named after, it has surpassed all expectations and defined the peak of each segment. Montblanc’s leather goods business was arguably a secondary venture when it was first introduced in the 1920s but it immediately found synergy with the brand’s spirit of exploration—a theme it has honoured since its founders traversed the Atlantic to showcase its wares and craft. Since then, Montblanc has innovated on material and leather crafting techniques at its leather manufacture in the heart of Florence,…

Hollywood icon Elizabeth Taylor’s love for jewellery was well-documented—and it was no secret that she was particularly enamoured with Italian jeweller Bvlgari. Even her fifth husband, Richard Burton, famously quipped: “The only word Elizabeth knows in Italian is Bvlgari.” The Taylor-Burton union blossomed in 1962 when they filmed Cleopatra at the Cinecittà studios in Rome, also home to Bvlgari, and they would make visits to the brand’s Via Condotti flagship boutique together. Bvlgari’s love affair with cinema flourished during the golden years of Dolce Vita in the 1950s and ’60s. During that time, the American film industry had descended upon Cinecittà, dubbed “Hollywood on the Tiber” (in reference to the river that runs through the city), and started producing movies and big-budget epics from there. Films such as Roman Holiday…

DEEP IMPACT ELAINE KIM With its aura of old-world charm, it is easy to feel like you are time-travelling back to a slower way of life when you spend an afternoon ensconced in Raffles Singapore, as we did for this cover shoot. But, of course, the way we live has transformed immensely since this grande dame opened its doors 132 years ago, and parents trying to figure out the best way to prepare their children for the unknown future are acutely aware of the modern world’s ever-accelerating pace of change. Elaine Kim—mother to three boys aged eight, six and two—is no exception. In fact, the result of her preoccupation with improving early childhood education is just a stone’s throw away from our photo shoot location. Over at the nearby Funan…

In 2015, Loro Piana launched its annual Cashmere of the Year Award. Herders throughout Inner Mongolia and other Chinese regions compete in this contest, submitting cashmere fibres to be judged on fineness, length and performance. The winners are invited to an award ceremony and receive a cash prize. Besides helping the brand to nurture strong relationships with herders, the submitted fibres are subjected to a detailed laboratory analysis that yields very useful data. Fibres from herders using the Loro Piana Method, for instance, have shown an impressive improvement in quality. The data also gives the brand a clear idea of the kind and quality of cashmere fibres available in different territories.…

THE ARTISTIC MINDS IVAN HENG, FOUNDING ARTISTIC DIRECTOR, AND GLEN GOEI, CO-ARTISTIC DIRECTOR When we met Ivan Heng (pictured left) and Glen Goei, Wild Rice had just wrapped up its Housewarming Season, with the restaging of Singaporean playwright Thomas Lim’s domestic drama, Supervision, in its new theatre. Even though there was still much work to be done with the theatre, before the Grand Opening Season kicked off last month with Stella Kon’s Emily of Emerald Hill, the duo’s excitement was palpable. “There was something unusual in the air, which none of us could articulate, but it had something to do with the theatre,” Goei enthused. “With a thrust stage, most of the action takes place centre stage so the audience feels like they are part of the action. And with…

It has been two years since chef André Chiang shocked the culinary world with news that he would be closing his eponymous two Michelin-starred restaurant in Singapore. But as surprising and even heartbreaking as it was for both his team and fans of Chiang’s uniquely progressive style of cuisine, it was a decision the revered chef and entrepreneur needed to make. “I’m happy right now, even happier than those days behind the kitchen of Restaurant André,” a noticeably relaxed Chiang tells us recently. His days are now filled with purposeful travels—to learn more about the world’s diverse food culture; mentor the chefs of the André Chiang Global (ACG) group who work for restaurants such as Porte 12 in Paris; and run several new concepts in China including The Bridge in…

Impact investing is a term coined by the Rockefeller Foundation in 2007 when there was an ongoing discussion about different means to use capital. It refers to the financial act where funds are directed to enterprises that generate social or environmental benefits, be it projects related to affordable housing, sustainable energy or eye-care clinics. According to the Global Impact Investing Network, there were some 1,340 organisations managing nearly US$502b in impact investing assets worldwide by the end of 2018. And this market is on the rise as more people recognise the power—both financial and social—of this form of investment. SUTL Group chairman and CEO Arthur Tay, who shares his investment tips with us on page 48, recognises the rationale behind this surge. “It can be a great opportunity for creating…

Jack Tan is an ultra-high net-worth individual, who has spent years building a successful empire. With his golden years approaching, the possibilities of a change of pace and even retirement are on his mind. So, of course, he wants to know how the value of his $10m asset can be increased without much risk as he would like to bequeath a substantial amount of his wealth to his children while still comfortably living out the rest of his life. Enter the Signature Indexed Universal Life policy. With the intention to leave $6m for his children, Jack can purchase the policy with a similar death payout amount. This way, with $2m as a single premium, his children will potentially have $6m upon his passing and he will increase his retirement fund…

What will tomorrow look like? At a time of unprecedented disruption—from our rapidly changing climate to an unpredictable business and political environment—painting a clear picture of the future is becoming harder to do. This is the backdrop in which we curated our annual legacy and anniversary issue. When it is our collective future at stake, as is the case with the climate crisis, what we leave behind is constructed not solely by grandiose gestures but by our everyday actions and advocacies. Explorer and environmental activist Sylvia Earle emphasised this when she spoke in Singapore as part of Rolex’s Perpetual Planet campaign, which raises awareness on sustainability and conservation (page 116). Another shining example of environmental stewardship is Eileen Rockefeller Growald, who together with her husband, Paul Growald, started the Growald…

Amid Singapore’s ultra-modern skyline, it is becoming increasingly difficult to find well-preserved examples of heritage buildings. That’s one reason why Capella Singapore, which is housed in two restored colonial bungalows, stands out among the sea of luxury hotels in the city. On October 11, the hotel marks its 10th anniversary with a meaningful celebration—a charity gala dinner in the estate’s Grand Ballroom. In light of its dedication to sustainability, all proceeds from the event will be donated to the World Wide Fund for Nature Singapore’s voluntary business initiative, Plastic Action. It aims to create a circular economy for plastics, with the ultimate goal of eliminating plastic pollution. Guests will be treated to a five-course menu by Capella culinary director David Senia, and chefs from across three establishments, including Capella Ubud,…

FRIEZE LONDON REGENT’S PARK, LONDON OCTOBER 3–6 The London edition of the international contemporary art fair brings together works by more than 1,000 artists represented by the world’s leading galleries, with new site-specific works vying for the Frieze Artist Award. Music and performance art features in Frieze Music and Live respectively, while Focus shines the spotlight on galleries that have been open for less than 16 years. frieze.com THE RENAISSANCE OF ETCHING METROPOLITAN MUSEUM OF ART, NEW YORK OCTOBER 23 TO JANUARY 20, 2020 This exhibition traces the first 70 years of the history of the etched print, including the technological advances that made the medium possible. Browse through more than 125 etchings by the European artists who pioneered the technique, displayed alongside drawings, printing plates, illustrated books and decorated…

Carol Shieh and Sammi Lim are best friends, but they could not be more different. Carol, who hails from Taiwan, is tall, soft-spoken, and a stay-at-home mother of three children, with the eldest already in university. Born and bred in Singapore, Sammi is petite, confident, and a seasoned real estate specialist in the acquisition of shophouse and strata commercial properties. Yet, the two have become close after meeting at numerous Singapore Tatler events, and thanks to their common love of British luxury label Burberry. “We’ve seen each other at several Burberry engagements before we were formally introduced at a Tatler event,” Carol tells us. “We became closer after attending a friend’s wedding in South Korea together.” The dynamics of their friendship is similar to that of blood sisters. Carol is…

BREITLING Navitimer Ref 806 1959 Re-Edition One of the most iconic watches ever released, the Navitimer secured Breitling’s place in history as a leader in aviation timekeeping. Launched in 1959, the original model became a mainstay for pilots in the 1960s because of its groundbreaking design, which incorporated a rotating slide-rule bezel that allowed navigators to make vital flight calculations from their wrist. Designed with painstaking attention to detail, an individually numbered, limited re-edition has been released this year, with the same stainless-steel case and all-black dial with tone-on-tone small seconds, 30-min and 12-hour chronograph counters. JAEGER-LECOULTRE Polaris Date Limited Edition Casual and sporty, the new Polaris Date Limited Edition, which comes with a Clous de Paris-patterned rubber strap that’s unique to this special model, takes inspiration from Jaeger-LeCoultre’s iconic…

“The easy way has never really been the Chopard way,” says Karl-Fritz Scheufele. The third-generation scion, who is the son of Chopard co-president, Karl-Friedrich Scheufele, and grandson of chairman Karl Scheufele, is the mastermind behind the brand’s newest watch, the Alpine Eagle. And it is no wonder that Karl-Fritz said that it wasn’t easy. The birth of the watch started with objection, followed by a clandestine undertaking to create a reinterpretation of Chopard’s first sports watch, the iconic St Moritz that is no longer in production. It was his father Karl-Friedrich who designed the St Moritz at the age of 22. Similarly, Karl-Fritz is 22 years old this year. The student at the Ecole Hôtelière de Lausanne, a hospitality management school in Switzerland, tells us how it began: “About five…

“Leaving a legacy is less important than being remembered for doing my best,” says Simone Ng. It may be a humble statement, but jewellery enthusiasts remember the creative director of homegrown jeweller Simone Jewels for delivering her very best with each new collection. This year, she ups the ante once again with the Bombshell collection. Inspired by the documentary, Bombshell: The Hedy Lamarr Story, Ng creates a range of bejewelled pieces that exude cinematic splendour and old-world glamour. The film chronicles the patent that the 1940s Hollywood star Hedy Lamarr filed for frequency-hopping technology in 1941, which eventually was the precursor to the wifi, GPS and Bluetooth technologies now used by billions around the world. “During the design process, I was filled with so much emotion. I was inspired by…

Letitia Phay and Jade Swee with Carmen Ow Photographed in their Singapore studio by Joel Lim; Words by Chong Seow Wei For the designers of Time Taken to Make a Dress, the creative process starts with getting to know their clients on a deeper level. “We want to create designs that tell a story,” explains Jade Swee, who is one half of the brand. “We also want to translate what we understand about our client’s personality and their brief to us into our designs.” Swee, who is formally trained in fashion design, grew up sewing and beading, thanks to her grandmothers, who are both tailors. Her partner in crime, Letitia Phay, is a biomedical science graduate who followed her dream of becoming a designer. One of their favourite muses is…

Loro Piana pioneered the use of baby cashmere, which is what the brand calls fibres collected from cashmere kid goats. Such fibres can only be gathered once in each kid’s lifetime, when it is around six months old, and the yield of usable fibre is about 30g per kid (much less than what an adult goat would yield). It took Loro Piana a decade to convince Chinese breeders to set aside baby cashmere fibres rather than mix them with fibres from adult goats, which is testament to the brand’s commitment to creating textiles of the highest quality.…

With rampant urbanisation, developments around the world continue unabated—just look at the number of cranes dotting the skyline. However, there has also been a significant shift from new-build, ground-up construction towards developments underpinned by the preservation of a historic past. Adaptive reuse, the practice of converting existing structures into properties designed for a variety of uses, not only helps in retaining the inherited legacy, but also allows owners and developers to play a role in environmental conservation—not to mention giving the property a competitive edge. Ask any architect and they will tell you that the greenest building is the one that has already been built. Here, we detail the transformation of five grand homes to luxury hotels that have deftly married old-world splendour with modern glamour, while keeping their celebrated…

Kelly Keak understands the need to be adaptable and quick-thinking as she guides her family business through the fast-paced beauty industry. “Some brands only see value in the creation of wants, focusing only on selling products,” says the managing director of MTM Skincare. “For us, we take the time to understand the personal needs of each of our customers. This way, we’re able to create products that meet these needs and help elevate our clients’ self-confidence through effective skincare solutions.” In order to effectively cater to her clients, a business owner needs to think on her feet and react fast. “You need to be agile and dynamic to thrive,” says Kelly. “In a way, these qualities are like that of a well-engineered sports car.” The Porsche 718 Boxster, for instance,…

Wine collecting has a few fundamental advantages over other types of collecting: one, regular depletion, which frees up space for further collecting; and two, the act of depleting is rather enjoyable (and a boon to your popularity). The challenge for nascent wine collectors is that collecting solo isn’t much fun and collector circles can be tricky to penetrate. Internationally, Asian wine collectors have gained notoriety for the decadence and sheer scale of their collections. Consequently, many were only willing to answer my questions anonymously. The scene is quite varied. Through wine associations such as the Hong Kong Wine Society—one of Asia’s oldest, founded in 1981—the Ordre des Coteaux de Champagne, Confrérie des Chevaliers du Tastevin and Knights of Alba, I’ve encountered collectors who could literally fill castles with bottles numbering…

The topic of sustainability was on everybody’s minds at the first-ever Gen.T Table in August. Held at Tangerine restaurant in Resorts World Sentosa, the Access event, held in collaboration with CNA Luxury, sought to bring together like-minded honourees from the Singapore Gen.T community to delve deeper into pertinent and pressing issues of our time. Moderated by CNA presenter, Glenda Chong, a panel discussion featuring Gen.T 2017 honourees Pocket Sun and Tan Szue Hann, and Tatler Tribe member Pat Law touched upon the myriad facets of sustainability—relating to business, environment, social responsibility, and more. “For a business to be sustainable, leaders need to look at what’s next for their company and what they need to do to get there before anyone else,” shared Law. Ultimately, the panel came to a consensus…

More than two-thirds of wealthy families expect a generational transfer in the next 10 to 15 years, but managing such transitions successfully can be challenging. This is especially true in Asia, where cultural issues often make it difficult or even taboo to discuss a handover to the next generation. Yet handing over the reins to the younger generation need not be messy. Here, we look at some basic principles that help ensure a smooth transfer. 1) START EARLY Given all the complex concerns involved in generational transfers, it is extremely important to start planning early. “Succession is a process and a journey all families go through, and not a one-off event,” says Edith Ang, executive director of the family advisory group for UBS Wealth Management in Asia-Pacific, who shares her…

LEARN BEFORE YOU LEAP If we get caught up in the hype and chase after every investment that is lauded as the “next big thing” before understanding what they really are, we can end up being badly burnt. It pays to weigh the industry prospects, current market conditions and potential risks of each investment carefully before making the leap. THINK LONG-TERM Go into an investment with the goal of seeing long-term growth instead of short-term benefits, and ensure you have holding power before buying. This way, you’ll never feel forced to sell prematurely in times of financial emergencies or market downturns. CONSIDER MULTIPLE FACTORS Before a company decides to invest funds in a new venture, it must consider these three factors: growth, not just in terms of revenue but also…

You don’t get to 132 years old without accumulating some great stories, and that patina of history is exactly what makes Raffles Singapore special. The iconic tales that are part of this grande dame’s legacy range from the tiger that was discovered taking a nap in the Bar & Billiard Room in 1902, to Japanese soldiers walking in at the start of the Japanese Occupation in 1942 and finding guests dancing a last waltz in the ballroom. Lesser-known, but no less meaningful, are the vignettes of personal histories that guests associate with the hotel. Two of this month’s cover personalities, for example, have spent some very special moments of their lives at Raffles Singapore. When she was 16, Ginny Wiluan acted in a play at the now defunct Jubilee Hall.…

One might think that six events on the same topic may be a bit too much, but we knew that our Singapore Tatler friends have an insatiable appetite for all things horology and gemmology. The second edition of Jewels & Time Week featured a string of insightful events where connoisseurs learned more about covetable watches and stunning jewellery, as well as enjoyed the company of those who share the same passion for exquisite craftsmanship…

For someone so established in environmental conservation circles, American oceanographer and Rolex Testimonee Sylvia Earle is not a radical tree-hugger. Her approach to curbing ecological decline is one built on pragmatism. She is even candid about her own carbon footprint—she is constantly jetting off to different places around the world to identify “Hope Spots” under Mission Blue, the non-profit organisation she founded to protect the oceans. “I leave a big carbon footprint because of my travels,” she openly admitted during the Rolex Perpetual Planet Symposium, held at the National Gallery Singapore in August. “But I try to make every trip worthwhile and make the most out of them. If you travel for self-indulgence, you can take what you have seen and tell and spread the stories or bring a kid…

Innovation and fine craftsmanship have always been at the core of Montblanc’s vision for excellence. Originally known for its luxury writing instruments, the brand has since grown to incorporate timepieces in its portfolio, launching its first watch in 1997. In 2017, the Richemont Group estimated that women would constitute a sizeable quarter of the luxury watch market clientele. It’s no wonder the heat is on for high-end watch brands to strike a balance between complicated mechanisms and feminine designs. The Bohème line, Montblanc’s first women’s watch collection launched five years ago, is a great embodiment of a piece designed for the seismic shift towards a female-centric market. Since its introduction, the watches have been extremely well-received and the brand has capitalised on their popularity to release variations that appeal to…

In the sphere of jewellery, 20 years might not make a very long history. But for Dior Joaillerie, it is certainly a milestone worth celebrating, considering the fact that jewellery is not its core business to begin with. And fete it in grand style the French maison did. In June, it held a special presentation of its latest high jewellery collection in the spectacular Palazzo Labia in Venice, showcasing the pieces on models clad in dresses specifically designed for the event by Dior creative director, Maria Grazia Chiuri. That eventful evening also marked the success of the woman behind the spectacular growth of Dior Joaillerie over the past two decades. A design legend in her own right, Victoire de Castellane, the creative director of Dior’s jewellery division, fused her inimitable…

Weather is destiny—this adage rings particularly true when you are traversing the steppes and deserts of Mongolia. These vast landscapes look primordial, but their captivating beauty belies a harsh climate. Temperatures can soar beyond 40°C in the summer, and plunge to -50°C during long, hard winters. Rainfall tends to be modest and snowfall is light, except when there is a dzud—the local term for an intense, devastating blizzard. Mongolia’s centuries-old nomadic culture was shaped by these conditions. The lack of rain wasn’t conducive to farming. Instead, herders live in tune with nature, letting their animals graze in the cooler highlands during summer, then moving to low-lying areas in winter. This seasonal migration gives pastures time to regenerate, which is particularly important for those who own goats, voracious eaters who tend…

Division is a recurring theme in history, and so it has been for Malaysia. For the six decades since the country won independence, the ruling Barisan Nasional coalition maintained its grip on power through racial campaigning that favoured the dominant party of the coalition, the United Malays National Organisation (UMNO). In 2015, news broke that the personal bank accounts of the then-prime minister, Najib Razak, had received suspicious deposits of RM2.6b (more than US$620m). A year later, the Wall Street Journal ran an exposé on the state-owned 1Malaysia Development Berhad (1MDB) fund, exposing suspicious financial transactions and uncovering evidence of money laundering, fraud and theft on a grand scale. A lawsuit filed by the US Department of Justice alleged that at least US$3.5b had been stolen from 1MDB. Najib denied…

Imagine a restaurant where you can enjoy exquisite dishes that showcase the full breadth of Japanese cuisine, prepared by not just one superstar chef, but several of the country’s best. Transport this restaurant tens of thousands feet into the sky, add all the comforts and amenities of a first or business class seat on a stellar airline, and you have Japan Airlines’ BEDD concept, whose title combines the word “bed” with an extra D for “dining with delicious food in dreamlike comfort”, and dubbed “the most luxurious restaurant in the world”. In order to craft an elevated culinary programme above and beyond your usual first and business class offerings, Japan Airlines has collaborated with chefs who helm some of the best fine dining restaurants in the country. From proposing new…

Hyundai is building an impressive portfolio of businesses to help it steer successfully into the future. Technology is playing a major part in this transformation as it seeks to build the smartest, safest and most sustainable cars on the market. The South Korean carmaker has been actively launching its own initiatives, investing in start-ups and partnering with technology innovators. Its intention to be a leader in the tech space was particularly clear when it announced plans this year to set up a new research and development operation in California’s Silicon Valley, the home of tech giants such as Apple and Google. This Artificial Intelligence Research (AIR) Center will focus entirely on the development of artificial intelligence (AI) technology—Hyundai’s first overseas operation to do so—and will complement the marque’s AIR Lab…

1 IRELAND Ireland is a land of contrasts. It’s both rural and urban, with a foot in the past as well as in the present. It has one of the youngest, best educated and most digitally savvy people in the world, who live in a country that’s profoundly connected to its land and heritage. When I visit, I always start out in Dublin—a modern city that embraces the future wholeheartedly—then spend a few days in the countryside. For the first-timer, I suggest going west or to a place like Roundstone or Dingle. It’s here where you’ll appreciate why the Irish diaspora always yearn for their home, no matter how many generations removed they are. 2 BRUTALIST ARCHITECTURE I particularly like the Brutalist architecture of pioneers like Eero Saarinen and Alvar…

Scarcity is everything. “That’s where the stratospheric prices come from, and you see that throughout all markets we deal with, whether that’s Chinese artwork, contemporary painting, jewellery, watches and everything we sell. Rarity is always a leading factor in price,” says Robert Sleigh, managing director of operations at Sotheby’s Hong Kong. It has certainly proved to be the case when it comes to wine and whisky. At a Sotheby’s auction late last year, a bottle of Domaine de la Romanée-Conti hit a hammer price of US$558,000, setting a world record not just for a 750ml bottle of Burgundy, but for any bottle of wine at auction, too. Similarly, a single bottle of The Macallan 60-Year-Old single malt whisky set a world auction record after selling for £1.2m at Christie’s in…

Wealth does not happen overnight. It takes years of hard work, sharp business acumen and a whole lot of grit. In the face of an unpredictable future, more needs to be done to protect your wealth for generations to come. What’s certain: adopting pro-active measures such as smart investing and picking the best asset management schemes are now more important than ever before. Legacy planning strategies are also another means of wealth protection favoured by ultra-high net-worth individuals (UHNWIs) and their families. At its core, legacy planning is about the distribution of wealth among selected beneficiaries via a well-devised arrangement. After all, what is the point of all your accomplishments if your family cannot enjoy the fruits of your labour? However, it should be about more than just the allocation…

After a good year for investments in 2017, last year was ugly. And, while the portfolios of the ultra-rich do not change significantly from year to year, what we have seen in 2018 is a growing bias towards cash and a continuation of the long-running trend away from bonds due to low interest rates. It is too early to say what kinds of returns ultra-high net worth individuals (UHNWIs) generated overall in 2018, but some public investment funds with similar allocations have earned low single-digit returns. The US$350b California Public Employees’ Retirement System, for example, generated 3.3 per cent on its investments, according to initial estimates—far below its 10-year average return of around 8 per cent. Of course, investment decisions are not typically based on short-term outlooks and can be…