I like wine. But I don’t know a lot about wine. My friend, Henry, knows a lot about wine. When picking a wine, I often refer and defer to Henry’s extensive knowledge of wine. I outsource many of my wine buying decisions to Henry. I adopt Henry’s knowledge of wine as my own.
I also like to golf when I can. I am an ok golfer, but could be better. My friend, John, is a great golfer. He reads all of the magazines and watches all of the instructional videos. When we golf together, John shares that knowledge with me. I can take John’s learning and make it mine. (Unfortunately, my increased knowledge doesn’t necessarily translate into lower golf scores.)
In a recent podcast by Michael Lewis called “Against the Rules”, (Season 2, Bonus episode), Michael Lewis interviews Malcolm Gladwell and Jacob Weisberg. At one point, Malcolm Gladwell refers to a concept akin to a “collective memory”, whereby he outsources things he needs to know to friends and family. He says that his approach is that we should appoint experts to our friendship circle and outsource things we need to know to them. Their knowledge and experience becomes ours. He suggests that in personal and professional life, we should let others do the things that they can do better than us.
The context of the discussion was the running of Pushkin Industries, which is a podcasting company formed by Gladwell and Weisberg. Gladwell is the “ideas” person, whereas Weisberg is more of the operations person. Gladwell relies on Weisberg to manage the financial and day-to-day aspects of the business. This allows Gladwell to do what he does best.
There is a great lesson in Gladwell’s brief comment. Personally and professionally, surround yourself with smart people whom you respect and trust and who have a broad range of strengths and interests. Listen to them. Free yourself to rely on their knowledge and experience. Your life will be better and easier for it. (Although you may not become a much better golfer.)
Thanks for reading.
I came across a blog recently, amustreadblog.com, written by Toronto sommelier Debbie Gordon. She has a lot of great insights about wine from Canada and around the world, and I enjoyed her profile of a man I’d never heard of – Anthony von Mandl – who heads up some of British Columbia’s leading wineries, including Mission Hill.
But before producing award-winning wines that have won honours around the world, Anthony gave the world a much humbler beverage that made him a fortune: Mike’s Hard Lemonade. I realized that there are a lot of different personalities in the wine world, and a lot of different paths to the top.
Then another blog entry caught my eye that reaffirmed the “different personalities” viewpoint – cannabis-infused wine.
Yes, a California winery, Rebel Coast, is marketing Marijuana Infused Sauvignon Blanc. California laws don’t allow alcohol and THC to mix, so the weed takes priority, with 16mg THC and 0.5% alcohol. As Gordon notes, “you may get high but you definitely won’t get drunk.”
I don’t know about you but as an Ontario resident, I’m still getting used to seeing bottles of beer in my local No Frills, let alone weed-infused wine. But as legalization of cannabis comes to Canada, we’re going to be seeing a lot of things that we’ve never seen before. Weed wine may be one of them.
So, what does it taste like? Gordon attended a tasting and gave this description.
“I think it’s fair to say the blend is aromatically unique from the Sauvignon Blanc I’m accustomed to. I smell citrus, hops and something else … Ragweed? It’s herbal. I tweet “grass” since I don’t want to offend. On the palate? I’m getting something akin to Mello Yello and aging asparagus. Also, higher acidity and rustic, savoury, herb-de-Provence flavours. “Notes of freshly picked pot,” the millennial to my right, knowingly adds.”
I don’t know about you, but I’ll likely be sticking to my inexpensive THC-free house wine.
Thank you for reading,
It turns out that investing in wine cellars as an estate planning tool is more complex than one would think. The estates of Brits, for instance, who expected that a wine cellar would be valued at its purchase price as opposed to its market value for the purposes of inheritance tax may be in for a surprise, based on the information in this article.
Enterprising Brits may have been hoping their estates would pay inheritance tax based on the purchase price of their wine cellars while the appreciation in the wine cellar would be passed on tax-free to the beneficiaries. Alas, this is apparently not the case in England: Her Majesty’s Revenue and Customs ("HMRC" as they call it over there) are aware that wine can appreciate, therefore wine is not a wasting asset valued at its purchase price, and the wine cellar must be valued at its open market value for inheritance tax purposes.
While wine cellars may not have favourable tax treatment, at least in England, it strikes me as the sort of asset that may pass outside of probate more often than not.
Thanks for reading,
Chris M. Graham – Click here for more information on Chris Graham.