In order to compel him to give up Yenping and retreat to Chekiang, Chiang sent a division from Yushan in Kiangsi to advance into the border of Chekiang.

He chiefed on the bud like a pro, taking long deep hits and holding it within until he had inhaled as much of the weed smoke as he could.

Investors face a quandary. Cash offers a return of virtually zero in many developed countries; government-bond yields may have risen in recent weeks but they are still unattractive. Equities have suffered two big bear markets since 2000 and are wobbling again. It is hardly surprising that pension funds, insurers and endowments are searching for new sources of return.

Among his more notable and criticized decisions was declining to charge officials linked to allegations of state capture by the Guptas, an Indian business family with close ties to Mr. Zuma.