Glitterati left wondering what Shanghai Tang has in store Shanghai Tang's party to mark the opening of its Mongolian Village pop-up store on top of the Central Pier 4 was an A-list party, and it showed, with the usual confusion over what to wear. There were those who showed up in their working clothes; then there was the construction worker look, and those who looked as if they had spent half the day preparing. Some women looked as if they had been wound into their dresses. The weather was wet and windy, which did not show the glitterati at their best, huddled under umbrellas. But the free-flowing champagne provided some fortification against the elements. The theme of the evening was Mongolia. There are now five Mongolian yurts, or tents, acting as Shanghai Tang's main Central outlet until the end of the year as a stop-gap until its new store opens in March. The exact location of the new store remains a mystery, since Shanghai Tang has said only that the new store will be twice the size of its previous store in Pedder Street and on four floors, and that it will be within a 350-metre arc to the east of its previous site. If anyone has any thoughts on this, do let us know. Duplicitous Donald Chief Executive Donald Tsang Yam-kuen, speaking at the John F. Kennedy Jnr Forum at Harvard University's John F. Kennedy School of Government this week, told his audience the time he had spent at the institution had been a great help. What can Tsang have learned, we wonder? How to get away with saying one thing and doing another? How to speak out of both sides of his mouth? Let's consider his government's environment policy - a case study in duplicity. It pays lip service to the importance of the environment and then systematically undermines the body that is charged with supervising Hong Kong's environmental issues. Seeing the light We read with interest a letter to the Daily Telegraph from a woman in the UK who visited Hong Kong. 'Sir - I was sorry to learn that Blackpool Illuminations are being turned off early to save money. The corporation should take an example from Hong Kong, whose lights blaze away summer and winter and are a major tourist attraction. They care not a fig about climate change, either.' Damned with more than faint praise. Give them peanuts People are still being unkind to bankers. The Guardian reports that the findings of the psychologist Daniel Kahneman, winner of a Nobel Prize in economics, are at odds with the highly self-regarding opinions held by many. According to his research, their apparent success is 'a cognitive illusion'. He studied the results of 25 wealth advisers for eight years and found that the consistency of their performance was zero. 'The results resembled what you would expect from a dice-rolling contest, not a game of skill.' Those who received the biggest bonuses had simply got lucky. His results show that traders and fund managers throughout Wall Street receive their massive remuneration for doing no better than would a chimpanzee flipping a coin. Unsurprisingly, they did not appreciate having this pointed out them. 'The illusion of skill ... is deeply ingrained in their culture.' Bonus schmonus Nassim Taleb, the author of The Black Swan, writing in The New York Times, says he has a solution for the problem of bankers who take risks that threaten the general public - eliminate bonuses. He argues that anyone who works for a company that, regardless of its financial health, would require a taxpayer-financed bailout if it failed should not get a bonus, ever. 'In fact, all pay at systemically important financial institutions - big banks, but also some insurance companies and even huge hedge funds - should be strictly regulated.' While the bonus system is often decried for its lack of fairness, Taleb says it provides an incentive to take risk. 'The asymmetric nature of the bonus (an incentive for success without a corresponding disincentive for failure) causes hidden risks to accumulate in the financial system and become a catalyst for disaster,' he says. 'Bonuses are particularly dangerous because they invite bankers to game the system by hiding the risks of rare and hard-to-predict but consequential blow-ups, which I have called 'black swan' events.' He compares this with military and homeland security personnel who we trust with our lives. Yet they don't get a bonus - maybe a promotion and honour for a job that's done well and shame if they fail. For bankers, it is the opposite: a bonus if they make short-term profits and a bailout if they go bust.' Give that man a bonus, maybe a chocolate rhinoceros.