Posts Filed Under wine news
Recently, the Drinks Business reported that, according to Vin-X’s head of procurement Martin Pruszynski, “fine wine investment has been the best overall performer when total growth across major asset classes since 1988.”
No no no no no no NO.
It seems that almost every year I write this retort. My view on this has not changed one iota in the last twelve months, despite Martin Pruszynski’s assessment that fine wine prices have outpaced the Dow Jones and S&P 500. The Vin-X findings are, in my opinion, closer to smoke-and-mirrors than to anything substantial.
Bear in mind that I am NOT an investment expert, and therefore I am NOT offering any true investment advice here. But I did semi-retire (in terms of being able to switch career gears) at the age of 40, so make your own assessment of how well I manage money, and the value of my opining on the subject. And my opining in a nutshell is that “investing” in fine wine (in terms of hoping it will accrue in value, and that you will actually be able to realize that gain) is basically a a really, really poor way to utilize your money…
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If you read Lettie Teague’s recent WSJ column entry, titled How Millennials Are Changing Wine, you will find some interesting data suggesting that Millennials are not, in fact, changing wine nearly as much as many of us think that they are.
First, you’ll have to wade through polemics such as the opening quote from New York sommelier Jason Jacobeit, who decries his generation’s focus on feeling connected to a brand when it comes to purchasing wine: “A lot of mediocre wine is being sold on the basis of a story.”
I’ve got news for you, Jason: “a lot” is too subjective a term (a lot of money to me, for example, isn’t a lot of money to Bill Gates), and “mediocre” even more so, but based on what we know from real wine sales numbers, a lot of wine that we might generously call “so-so” or “mind-numbingly-boring” is sold to every generation of wine drinkers, in volumes that far eclipse what we might collectively think of as higher quality – or at least more interesting – vino.
Back to Teague’s WSJ piece: I’d also advise you to skip the latter section of the article, in which Lettie recounts a tasting with a “mini-focus group” of millennial wine drinkers. Given that this group consisted of “two men and two women ranging in age from 25 to 32,” it’s laughably dangerous from a statistical standpoint to draw any conclusions whatsoever on millennial wine drinking habits from the results of their conversation.
The real meat of the WSJ article lies in the sneak peek that it gives to an August Wine Opinions study of 2,634 wine drinkers, spanning in age groups from Millennial to Gen X to Baby Boomer. Through that study’s results, we get some fascinating insights into how U.S. wine drinkers actually approach buying their wine…
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131,000 acres burned (and counting).
A little over 5 percent contained.
The Valley and Butte wildfires in California are wrecking havoc on thousands of lives, and are taking a serious toll on Lake County wine country in particular.
You can help out by visiting LoveLakeCounty.org, a list of donation centers of all stripes and types, which are focused on assisting those impacted by the wildfires. It’s a great and easily-navigated aggregation of what items are most needed, and where.
The list is compiled on a volunteer basis, and as of the time of this writing, not all of the donation centers on the list have been vested. As always, proceed generously, but with caution (I figured that you folks are smart enough to navigate the small risk there).
If you love California wine, please consider donating in whatever way that you can.