POSTED: DEC 1, 2020
I really like wine. I mean I REALLY LIKE WINE. But during these anxiety-ridden times it has scared me a bit how much. I will drink then eat, then drink then eat, and if I am with friends it can get out of hand.
Some days I will say to myself – “no wine for you tonight Django” and not have a drop for a few days, but then once I have a glass – yikes, right back at it. Now you have to understand, this is not an alcoholic talking here. Some people have some serious medical problems and I have seen how bad it can get. This is not that. But it is still worrisome how one glass can lead to three. I am rarely incapacitated, never hung over and the magnitude of my consumption is three glasses. It just is a bit scary how easy it is to do that and how often the anxiety about the world and the future makes it happen these days. So I try to be disciplined but don’t beat my self up if it doesn’t always happen.
One thing I have been trying to do is to buy better wines and drink one glass of a really fine one instead of multiples of bad ones. I was sharing my thoughts on this with my buddy Jim, as he suffers from the same gaps in discipline and he related the story of his wine cellar.
When he was working in the investment industry, he was a fiduciary. For those who don’t know this stuff that’s someone who is entrusted with acting for others and protecting their interests. He managed money for big pension funds. As a born again Marxist he interpreted this as Nouveau Marxism and working for the greater good of the common man because all the investments income, other than a small management fee, was going to the pension funds and in turn to the workers relying on that income in their retirement. Ok. A bit of a stretch but I guess it got him through the night.
In managing investment funds for big pension funds he dealt with two groups. Clients – the pension funds he invested for (what he called upstream) and the people and opportunities pitched to him by the investment community to buy (what he called downstream). His time was divided equally to these upstream interests to keep his clients happy and his downstream activities to keep feeding the machine with good investments to achieve that happiness and with his partners managing his team to make that happen.
So as a fiduciary he could not accept any gifts from the downstream investment brokers or property developers he dealt with. The most that he could accept would be a nice dinner or something else that could be consumed like a nice bottle of wine. Every time his little (later to become medium and then huge) company would do a deal he would go to an expensive dinner or get a nice bottle of red wine, as these would be collector wines that would improve with age. The suggestion of course is that the investment he had made would stand the test of time as would the relationship with the company or individual they had transacted with. You know -shameless symbolism.
Jim likes red wine, but he likes Janice more, and during much of this time she was having issues with occasional migraines and she was not drinking much wine at all and certainly not the tannin filled reds. So the nice bottle he would receive would be lovingly placed in a very nice cool dark wine cellar for a future time when she might want to enjoy it with him. I guess this is one of the secrets to four decades of marriage.
Time would pass and the collection grew and going into the wine cellar with Jim was a trip down memory lane as he would talk about the person he dealt with, the transaction involved, the pension funds who participated, and how the investment fared over time. He must have consumed some of the wine as all of the stories were about positive returns if not exceptional returns.
As time went on the various bottles were aging along nicely until one day, not that long ago, Janice got it in her head to have nice glass of red wine having been migraine free for a few years. Jim was thrilled and went to the wine cellar to open one of the oldest, best “old world” wines, from the 1980’s. The way he tells it there were several trumpets, red carpets, decorations and endorphins involved as a celebration during the removal of the cork, and then some decanting and into two glasses and …. it was awful. Not only well past its peak, but not even consumable.
Clearly this was an anomaly, and a second bottle was opened – anomaly two… then anomaly three. At this point he was in the wine cellar frantically opening bottles with Janice looking on in disbelief. I think the guys with the trumpets and red carpet and decorations had gone home.
The anomaly was the norm. All the really vintage ones were bad. As they worked their way through to finally hitting a good one my buddy really started to get it. Like me, he is desperately trying to understand what life is about. Some things that you put off to enjoy another day you build up too much expectation for. Deferred gratification is good but in reasonable doses. Deferring too long just misses the mark. Some gratification is needed now.
He hated pouring all that wine down the drain but loved the learning in the experience.
P.S. and a tip of the hat to all our friends from Down Under: The old world (Italy and France) “big reds” – Amarone and Cabernet Sauvignons etc. were the ones that did not hold up but the New World Australian reds (shiraz in particular) were past their peak but very good.