Here We Come A-Gifting

In the Holiday Spirit, we come bearing gifts, chosen in the knowledge that it's the thought that counts.

• For active portfolio managers, who keep forgetting that hyperactive turnover usually leads to underperformance, a relaxing mug of hot mulled cider.

• For indexers, who need a way to keep awake while their passive portfolios outperform most actively-managed funds, a Starbucks Gift Certificate.

• For hedge fund honchos, who know it's "positive returns or perish," a year's supply of 100-proof Alpha (take only as directed).

• For tax practitioners, the prospect of a new round of Tax Reform. (And you can bet that Congress, once again, will make a glorious mess of it.)

• For trust and wealth-management marketers, a new batch of HNW Hot Buttons. ready to be pushed.

To all, best wishes for a Christmas that is Merry, a Hannakuh that is Blessed, a Yule that is Wicked Cool!