CONTENTS

‘I’ve never seen anything like it in my life, where a company is a football between two great powers.’ LORD BROWNE ON HUAWEI, p24

JULY/AUGUST 2020

THE AGENDA 14 PHILANTHROPY Mark Greer of the Charities Aid

7 THE SPEAR’S LEADERS

Ride the revolution

8 READERS’ LETTERS

Our readers’ views on life after Covid, yachting’s future and more

9 EDITOR’S LETTER

A valedictory message from Alec Marsh

10 DIARY

Dame Stephanie Shirley on her journey from Kindertransportee to the subject of a major film

12 THE HEDGEHOG

News from around the HNW universe, featuring a spat over superforecasting

13 MOMENTS IN MONEY

The story of the first gilt

Foundation on how to make our giving more effective

16 LIQUID LUNCH

Psychologist Steven Pinker on free market myths and why the pandemic won’t reshape society

18 MATTHEW GOODWIN

Previous crises can help us understand this one – but the pandemic is still a different beast

19 ANNAMARIA KOERLING

The crisis caught most investors out, but they still have a chance for redemption

20 ROBERT AMSTERDAM

HNWs and families cannot ignore the wake-up call of the protests over inequality

21 JASON COWLEY

A summer without a major sporting event does untold harm

10

16

14

THE ISSUES

24 THE SPEAR’S INTERVIEW

Former BP boss Lord Browne argues that we need to place our faith in engineers

28 IS THIS THE DEATH

OF DIVIDENDS? Alec Marsh examines how the pandemic has accelerated discussions about the increasing power of shareholders 32 SAVINGS FOR

A RAINY DAY It’s boom time for ‘Black Swan’ funds – but was it worth the wait? 34 SCHOOL OF SCANDAL

The world’s most expensive school is mired in a messy legal battle 40 HEALTHY COMPETITION

John Arlidge on Covid-inspired new health services for UHNWs

32