With the financial services industry still reeling from the credit crunch, some money managers might be expecting little more than a lump of coal this year. Pensions & Investments contacted money managers, consultants and others over the past few weeks to find out their one financial wish for this year's holiday season.
Diane Garnick, New York-based investment strategist for Invesco Ltd., said she's wishing for a little compassion for those hit hardest by the market turmoil. My holiday wish, quite specifically, is that people recognize how difficult it can be to be unemployed in this type of environment, she said. Recognizing that the economic crisis is going to go well beyond Wall Street, what I hope happens more than anything else is that people spend a moment of each day reaching out to the recently unemployed and the homeless folks that will undoubtedly be all throughout their small-town communities.
Ms. Garnick said she regularly passes out hand warmers to the homeless in her own community.
Although our informal holiday survey requested only one holiday request, we received a number from the elves in the workshop of Theodore R. Aronson, managing partner of Aronson + Johnson + Oritz LP, Philadelphia. The simple requests were a job; pardon from the president; newspaper dated Dec. 31, 2008; short-term capital gain; FDIC prepaid card; and mattress with pockets for cash on the sides. The e-mail wish list was followed up later with requests for truffle-sniffing pigs, Alan Greenspan's home phone number and discovering that they are the long-lost son of billionaire hedge fund manager John Paulson, president of Paulson & Co., New York.
David Wray, president of the Profit Sharing/401k Council of America, Chicago, kept it short and sweet with the one thing everyone in the industry is hoping for this year: Rising financial markets. Timothy Inklebarger