Vol. 1 No. 10 …the wine in Spain isn’t mainly on the plain

Mea culpa…I am a week late with this post. A lot of things going on plus I had the allergy attack of the century and that was not conducive to writing – or tasting wine! Here goes…

There are six main wine regions in Spain. Only one, Jerez (Hereth), is in the south, nearly at the southernmost part of Europe. It is famous for sherry. While we didn’t visit the region, we were fortunate enough to be told of a wine festival (Feria de Vino), in Durango, which is between Bilbao and Donostria (Basque name for San Sebastian and the one the locals use). The owners of the beautiful hacienda we were staying at were kind enough to tell us about it so we drove the fifty or so miles hoping to taste some local wines. Wrong! Admission was 15€ and it gave us access to a dozen tables of food samples from jambon to Spanish cheeses. We were also given the best wine glass I have ever seen at this type of event and access to over 15 exhibitors and nearly 80 wines – some local – but others from all wine regions of Spain including Jerez. The program listed each exhibitors name and all the wines he had brought to sample plus the price per bottle in euros which simplified the choices. Most were in the 4-9 euro range (currently $4.40 to $9.90 thanks to the strong dollar, 1.1:1), while about 20% were priced over 20€.

First, there were several Cava’s, and no that is not like Asti Spumante. Cava originally came from the Penedès region near Barcelona (Barthelona), where the wine was so bad that in the 1870’s, Don José Raventós, owner of Bodega Codorníu went to France to see how Champagne was made – at that time, even their grapes weren’t the best but the wine was in high demand. He bought some equipment there and had it shipped home, and when he arrived announced to the owners that from now on all they were going to make was sparking wine, and it proved to be a wise choice. But Cava is not wannabe knock-off of Champagne, it is its own character. It is made in exactly the same manner (methóde champenois), and uses the same terms for dryness as in France, ranging from Brut Nature to Sweet. Freixenét is the only one brand allowed by the French to have ‘champagne’ on the label…it was grandfathered in before the French clamped down on the use of the name. Instead of a Rosé however, they call it Rosada. It is reminiscent of a Provencal Rosé, only sparkling, and now made in several areas of Spain. In La Rioja, I had both Brut and Rosada from such well-known names as CUNE (pronounced Cuné), Muga, and La Rioja Alta. I also had some from the French Basque country in both styles. They sell for 12-18€, and are better than most champagnes in that price range. Sadly, I have been unable to find the high quality ones here, only the major producers like Cordoníu and Freixenét.

I went to several tables and found what the Basque owners of our hacienda wanted us to try; Txocoli  (the name of the grape is Txocolina but they say: Choc-o-le since ‘tx’ in Basque is pronounced ‘ch’ – once you learn that reading signs is much easier). It has a slight fizz which they amplify by holding the bottle above their head and pouring it into a large tumbler on the side of the rim (the same way they pour their cidre (sidra). It is a refreshing and lower alcohol wine.

There were several worthy Brandies too. That is what brought me to Ximenéz-Spínola’s booth (‘xi’ is pronounced like José Jimenéz). A tall, well-dressed man, José Antonio Zarzana, was behind the booth and we began to talk while he made sure I had tasted all three of his sherries and two excellent brandies! As with every person I meet that is in the wine industry the ‘ice’ was quickly broken, and we became ‘buddies’. The label on their wine is absolutely beautiful: black and gold lettering on a white background – stunning!). I told him that the only ‘pedro ximenéz’ (the name of the grape which was brought to Spain by Roman soldiers who were responsible for spreading most of the grapes in Europe), I had seen in the U.S. was ‘PX’ and asked if that was theirs…wrong question! There are perhaps six good producers of pedro ximenéz, If it has that name on the bottle it means that the grapes were allowed to dry in the scorching sun for two to three weeks until it shrivels as the water is dehydrated. It is then very concentrated and aged for as long as twenty years before releasing it.

Sherries are made using the Solera method where barrels are stacked in rows and bottles are filled from the bottom row and replenished with the one from above until they reach the flavor that is desired from dry to sweet (Mansanilla to Pedro Ximenéz).

José is the viticultor (winemaker), and a descendent of one of the original family of producers in Jerez. They use ‘px’ grapes exclusively. When he took over as winemaker he introduced a new sherry in which he added some juice from the ‘px’ and created a very rich, semi-sweet sherry. We purchased a bottle of it (Exceptional Harvest), and consumed same in a couple of days. Yummy! We also bought a bottle of the Pedro Ximenéz, which I brought home and would have bought a Brandy if I could have brought that back too. These are expensive wines ranging from the ‘Old Harvest’ (20€), the ‘Exceptional Harvest’ (40€), and the PX at 45€….and worth every penny!

By the way, you don’t drink a glass of PX. It is so rich you drink less than an ounce. Despite the high price, in Spain they can be seen pouring it over ice cream. Later in the trip, at a terrific restaurant in Burgos (Restaurante Rincón de España). the owner, as a gift, poured each of us a glass from a just unopened bottle of 1996 PX. Nectar of the gods!

Next: a visit to La Rioja and a chance meeting with a bodega owner.

TB

©Copyright 2015 TBOW, all rights reserved.

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traderbill

How did Trader Bill originate? It was conceived by me as a way of providing information summaries of global financial markets so that friends and associates could bring themselves up to speed on events and changing market conditions upon their arrival at work. In addition, it provides information on speakers and economic releases that day with consensus estimates and level of last release so that the reader is prepared to react, or knows how the market might react upon the release of information. Who is Trader Bill? Initially any reference to me was as ‘i’. This is to remove the aura of ego and to suggest that i am but a humble reporter, albeit with 35 years of investment experience. Investments are demanding of ego, however, or one would not feel that he was qualified to manage someone else’s money in the first instance. Therefore i needed an ‘alter-ego’. Like Winchell and Mahoney, Edgar Bergen and Charlie McCarthy and especially Trader Vic and Mai Tai’s! Why Trader Vic? Because he was a likeable man who delivered pleasure to his customers and knew exactly what their desires were. The reason for the alter ego became obvious once I introduced Trader Bill into my commentaries: people started asking what Trader Bill thought. They had never asked me what I thought before, but suddenly they wanted to know what TB thought! Now mind you they KNEW that I was Trader Bill but for some reason he became bigger than life. Maybe it was the small ‘I’? What does Trader Bill try to do?His goal is to educate from his years of experience. Consider that most of the traders and people managing investments weren’t even around in 1987 for the crash! Consider that Graham and Dodd, and even Warren Buffet are not relevant to them, too old hat. Their historical perceptions of markets and fundamentals (earnings, price/earnings ratios, bonds, debt service coverage) are irrelevant in this fast moving world. This is the NEW ECONOMY, or is it? How did your style originate?Years ago i found that i had a knack and talent for writing. In addition, i developed an ability to analyze market news about 15 years ago. It took the Crash of ‘87. Prior to that i was just listening to what others said about the economy. But bond yields had been soaring in ‘87 yet the stock market just kept hitting new highs. That was when i began to learn about markets. i have both a dry and witty sense of humor (some call it inane!). Therefore i attempt to make even the worst news somewhat amusing: whether it is the absurdity of an economic release, or the comments of a CEO. This is trading desk humor (or gallows humor). It isn’t politically correct but it does ease tension. Ironically, it is seeing the light at the end of the tunnel (in the Navy they say: it’s always darkest before it’s pitch black!), that allows you to be more objective in your analysis, as bad as a situation is there will still be a tomorrow! You will see that i practice three-dot journalism, a style made famous by San Francisco reporter Herb Caen, whom i idolized. At least to me it is effective. What is so special about your analysis?Frankly, i don’t know that it is special, but at least it beats “the market closed down today on profit taking.” What i do know is that most of what you read is spat out without considering whether or not it is rational, like the above statement. Is it right? Sometimes yes and sometimes no, and that is the key to what is different about my analysis: it is meant to make you think. Is Dan Rather right or is Trader Bill right? If it causes you to stop and think about it, regardless of whether you agree, i win! Because THAT is my goal…not to have you think i am a guru, got that? Bet you never heard that ANYWHERE before in my business! Instead they want you to think just how smart they are but remember in this business if you are right 60% of the time you ARE a genius! Another thing that is different is when i am wrong on an analysis i will tell you, not hope you forget what i said. So now you have the tools to do what the speculators and hedge funds do: challenge authority, and if you make money it is because YOU did it not me. i was just a tool, your flunky to do the grunt work and let you decide…course you could be wrong too but at least you looked at the big picture. But the goal is also to have fun! This shouldn’t be a business of hushed tones and grim faces. It is a living, breathing thing and nowhere else in the world do you have the odds as much in your favor as here. Just beware of the guy who wants to put his arm around you and tell you he is your friend. So there you have it. I hope you select me as one of your sources for market information. If you do I promise to work my best for your financial success. Trader Bill

4 thoughts on “Vol. 1 No. 10 …the wine in Spain isn’t mainly on the plain”

  1. Hi Bill, thanks for the info on Sherries, Next time we cross the border and go to the al Campo store in the Txingudi shopping mall; I’ll look for XP. I like an occasional Tio Pépé. In France you don’t find Sherry in the grocery, Porto, oui Xereth, non!
    The is a Spanish appertif sold here called “Manzanita” it is low in alcohol 40 proof and has the flavor of green apples. Is it available in the US?

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    1. I haven’t seen it Steve…you might have to search for the PX, due to price I am sure a lot of places don’t carry it. Look for the other one though, the ‘Old Harvest’ I believe which is very nice.

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      1. Hi Bill
        Mybe we’ll get lucky and find PX. al Campo is a Spanish subsidiary of the French chain les Halles d’Auchan. The al campo store is huge, the wine and liquor section is housed in a separate wing. I really like al Campo because they have very good prices on fresh/frozen fish and seafood, and Spanish specialities you don’t find here. There is a tiny sweet mollusk called a “seiche” it is cooked in it’s own ink and you fix it with garlic and make a rice casserole. al Campo also has great leather goods. Lots of French shop there; the prices are a good deal. The mall has a lot of excellent restaurants, a Basque codfish omlette (huevos con bacalo) is worth the trip

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