Marketing is an investment, not a cost.

Despite streaming, despite the rise of tablets and smartphones - all the implications which in theory would make linear TV less important - live sporting events are extremely powerful. But it's not the event alone - it's also what's surrounding it.

In that - and that is my personal view - Singapore delivers the most value, as they think about Formula One as a complete entertainment event, on and off track.

One of the reasons why they are optimistic is that there is more competition. Red Bull has become more competitive, the races have become more attractive - and that is what fans want!

In the 19th century China dominated the manufacture of porcelain. Then European factories discovered a cheaper method of making pottery of equal quality, demolishing the Chinese industry the exact reverse of what is happening now. World economics have turned full circle.

If I were to be super critical, I would say Formula One is too tactical and not strategic enough. And that brings us back to the digital issue: you may have to invest in order to gain - sacrifice some short-term effects in order to make high returns in the future.

I was carrying Jackie Stewart's bag! Formula One was pretty much the same back then.