By Joe Halwax, CAIA, CIMA
Managing Director, Institutional Investment Services
and Myles Smith
Investment Analyst
December 18, 2023
At the end of every year, it seems, we say the past 12 months flew by. You often hear people ask, “Where did the time go?” Warren Buffett has a great comment about time: “It’s the only thing you can’t buy. I mean, I can buy anything I want, basically, but I can’t buy time. I better be careful with it. There’s no way I will be able to buy more time.”
Your perception of time changes as you get older. Consider how a child and a grandparent think about Christmas. For children, waiting 12 months for Christmas to come again seems like forever—and not just because they want presents. When you’re young, one year is a big portion of your life. But to the grandparent, the 12 months likely went by quickly. Often, a grandparent’s life doesn’t look much different now than it did a year ago, “so, in that case, they’re looking back on fewer events,” University of Michigan psychology Cindy Lustig was quoted as saying in a HuffPost story. “When you’re looking back, the less rich your representation is, the more it’s going to seem like the time went by quickly.”
This is a not too subtle suggestion to enjoy the holidays. Surround yourself with people you love. Make the best use of this time!
Recently we reached out to several Wespath colleagues with the same set of five questions to learn how they make the most of the holidays and to find out about some of their new, exciting experiences in 2023. We hope you enjoy learning more about the people behind the Wespath funds—and maybe get inspired to try something new in the process. Most importantly, we wish you a memorable, joyous holiday season!
Johara Farhadieh, Deputy Chief Investment Officer – “My family has two cherished traditions. The day before Thanksgiving is a special occasion as my husband, his brothers and their partners gather for a delightful late lunch at Joe’s in downtown Chicago. No children are allowed. The bustling streets of Chicago are adorned with holiday decorations, and the spirit of the season is in the air. It’s a time when we enjoy good food, share many laughs and relish the camaraderie that binds us together.
“The second tradition unfolds during our holiday meal. As we gather around the table, each family member takes a moment to express gratitude for the blessings and experiences of the past year. This tradition serves as a powerful connector for our family, especially considering that we are now scattered across the country. This tradition allows us to share in each other’s joys, challenges and milestones. This year, my husband and I are especially grateful for the newest addition to our family, sweet baby Yara. These traditions not only anchor us in the holiday spirit but also serve as a reminder of the love and bonds that endure, even though we are miles away from each other.”
Joe Halwax, Managing Director, Institutional Investment Services – “As my girls became teens, taking the annual Christmas card picture became a struggle filled with eye rolls and herding our family’s cats. However, it brings me true joy to line up the pictures over the last 18 years and show them side by side to the rest of the family. It is so enjoyable to relive all the memories.”
Frank Holsteen, Managing Director, Investment Management – “My favorite holiday tradition is listening to the soundtrack from “A Charlie Brown Christmas” by the fire and working together with the family on a crossword puzzle.”
Eileen Kane, Chief Financial and Strategy Officer – “We get together with my entire family—my mom, my seven brothers and sisters, their spouses and all their children—on Christmas Eve. We always play some pretty obnoxious, yet very fun, games. Years ago, I remember laughing at my mom trying to shake her jingle bells in a Minute To Win It Christmas game. More recently, some of the older kids have created Jeopardy-style online games about pop culture and current events.”
Karen Manczko, Director, Institutional Relationships – “A cherished holiday tradition revolves around a ritual of selecting a new nutcracker to display on our mantel each year. This tradition involves my two daughters, the spirited Hannah (13 years old) and the whimsical Molly (11), choosing the perfect nutcracker to join our ever-growing collection.
“This year, serendipity played its part as the day we embarked on our nutcracker quest happened to be Molly’s birthday. In a special twist, we let Molly pick this year’s nutcracker on her own. To our pleasant surprise, Molly chose the Scandinavian skier nutcracker. Her selection deviates from the established nutcracker theme adorning our mantel, but we embraced it!”
Jake Barnett, Managing Director, Sustainable Investment Strategies – “A guilty pleasure of mine is reading about cons and scams, so while recently browsing books in a thrift store I was compelled to pick up “The Con Queen of Hollywood.” What I originally thought would be a typical tawdry con story turned into a surprisingly dark and compelling psychological profile of a deeply disturbed and preternaturally talented con artist.”
Connie Christian, Manager, Fixed Income – “For nonfiction, “Outlive: The Science and Art of Longevity” by Peter Attia, and for fiction, “Demon Copperhead” by Barbara Kingsolver.”
Frank – “I enjoyed a book titled “The Voice of Knowledge” that was written by Don Miguel Ruiz, the author of “The Four Agreements.” I enjoy books that provide perspective on the human experience.”
Myles Smith, Investment Analyst – “I had the opportunity to go to a local conference put on by one of our international equity managers, Baillie Gifford. A Baillie Gifford employee mentioned that in their process of evaluating companies, they ask a company’s leadership, “What are you reading?” This question has not only inspired me to read more frequently, but also to ask friends and colleagues what they’ve read recently.
“A book I found fascinating this year was “Chip War” by Chris Miller. It’s a great historical account of microchip technology—how chip manufacturing began; how it’s become a critical part of everything we depend on, including cars, phones and markets; and how the world’s largest countries are prioritizing this innovative tech in today’s world.”
Mark Warren, Manager, Public Equities – “I recommend “Factfulness: Ten Reasons We’re Wrong About the World – and Why Things Are Better Than You Think” by Hans Rosling. It has allowed me to back up my claims to my two teenage children that the world has improved over the decades in many ways. For example, in the past 20 years, the proportion of the world population living in extreme poverty has almost halved.”
Evan Witkowski, Manager, Institutional Relationships – “Morgan Housel’s latest book “Same as Ever.” He teaches us that risk is what we do not account for and uses examples that align with history—which is a love of mine. One of his chapters is based on a true story of how he grew up ski racing and lost two close friends on his ski team.”
Jake – “I am big fan of the “The Journal.” podcast. I find it does a great job of covering complex subjects concisely and with interesting commentary, and the roughly 15- to 20-minute-long episodes are perfect for the walk from the train to the Wespath offices.”
Joe – “I love independent journalists and investors on Substack. If you’re new to Substack, just go to the website and check out the most popular writers.”
Frank – “My favorite subscription is probably Dr. David Kelly’s “Guide to the Markets” webcast hosted by the team at J.P. Morgan. Kelly is an economist who speaks in terms we can all understand.”
Eileen – “I think I really only have two subscriptions and I am pretty reliant on them both every single day: The Wall Street Journal and Apple Music. One gets my mind going and the other helps to calm or energize me.”
Karen – “My favorite subscription has been HelloFresh, which is a service that delivers meal kits to you weekly. I love cooking, but with my busy work schedule—and I was wrapping up graduate school earlier this year—it can be difficult to cook a well-balanced meal for my family. This takes the meal planning out of it for busy families like mine. Two of my family’s favorite meals have been the shepherd’s pie and rigatoni with Bolognese sauce and zucchini.”
Evan – “Men’s Health magazine. It reminds me to not only go to the gym, but to have fun at the gym. It helped inspire me to do my first half-marathon earlier this year.”
Jake – “I enjoy writing poetry and had only shared it with close family and friends, but some of them encouraged me to share it more broadly. This year was the first time I tried reading some pieces in front of strangers at an open mic. As someone who did improv in the past and who presents to large audiences at conferences and other forums on Wespath’s sustainable investment work routinely, I was surprised by how nervous I was addressing a dozen people in a library basement. However, it turned out to be a rich and fun experience.”
Connie – “In the ‘try’ category, I “competed” in a couple of shorter length triathlons this past summer. I finished, which was great, but no bragging rights as far as placement.”
Joe – “I found a paddleboard at the Steep & Cheap outlet store and spent a lot of time on Lake Michigan with no mobile phone. I learned that paddleboarding is also one of the only things that will get a 16-year-old out of bed before dawn. Here’s a picture my daughter took of the sunrise.”
Myles – “I reluctantly signed up for a salsa dancing class, not because I wanted to go, but because my roommate kept pestering me about it. In a high school teacher/semi-professional dancer’s living room, three of my friends, a dozen strangers and I learned the basics of salsa dancing. It was a fun experience, but also a good reminder that my coordination needs a lot of improvement. Left foot, right foot, left foot, right foot. It really shouldn’t be that hard!”
Mark – “Brazilian jiu-jitsu. I’ve taken some beginner classes and really enjoy the martial art. I love the strategy involved in the sport.”
Jake – “The one event that jumps out is that I got married this year, so I would say my biggest gratitude is the love, support, and joy I have found—and that I continue to enjoy—with my wife Whittney.”
Connie – “I am always so grateful for my big family. They are my collective rock. I’m also grateful to be back at Wespath working with smart, kind, fun people!” (Connie first worked at Wespath from 2016 to 2019 and returned in June 2023.)
Joe – “In November 2022, my father-in-law, with whom I was very close, and my beloved cat Moose both died. I keep memories of both on my desk to remind me that life is precious, life is unpredictable, be grateful for what you have, and spend the time you have with family and friends.”
Eileen – “I have so much to be grateful for: my family, my team, my co-workers. The church has been going through so much divisive debate and separation. It would be easy to get down and get worried about all the pain being inflicted on so many; yet our organization seems to be in such a great spot with a unified vision, a highly motivated workforce and a phenomenal client base that keeps pushing us to do better to serve them.”
Evan – “The time that we get with those closest to us. Time is short and it’s taught me to embrace being present.”
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