One of the blogs I subscribe to is The Wine Economist by Mike Veseth. In his latest, he did a great piece on cork this week. It got me to thinking on several counts.
While the situation is improving cork taint continues to affect wine. What if one out 12 bottles is infected with it (probably less than that but who knows)? That bottle may come back to the retailer and then up the chain to the producer, and it might have been perfectly good. Like the way diners send back their dinners as not tasting right to get a free meal, usually after they have eaten a substantial amount of it.
On my recent trip to Spain and Portugal (yes, Portugal, cork capital of the world), more than one winemaker told me they would like to see corks go away. Why?
Let’s consider this: do you know the difference between a Vintage Port and a Late Bottled Vintage Port? If you said the Vintage Port is aged longer you would be wrong. It is only in barrel for 1-2 years. Where a good Tawny or Late Bottled Vintage, or Colheita (single vintage), will be aged for 10,20, 40, 50 years (I tasted a Graham’s 1972 Single Harvest Port at the winery and it was truly special), the Vintage Port is naturally aged in the bottle. Also, it more or less has to be drunk within 48 hours, whereas a Tawny or LBV could last up to two weeks.
What is the point? The point is other than the affectation, it could just as well have a screw cap known as a Stelvin closure. The Aussie’s and Kiwi’s used it first, but it took Randall Graham at Bonny Doon to dare to use them in the United States. It is now becoming acceptable to use the Stelvin for white wine but if its a red and you aren’t going to lay it down for five or ten years you want cork. But seriously, is there a difference?
Consider that capsule that encases the cork. Just how much air transfer to you think is going on? My guess is ZERO. However, over time the cork can shrink, get dry, and let air in. Why take the risk IF you know that the wine is released late.
Two examples: Chateau Belle-Vue, a Bordeaux style red from Lebanon. It is a beautiful wine. Guess what the current release is? 2007! In Portugal I bought a bottle of Douro table wine at Quinto do Infantado. Vintage, 2010! Then, in Priorat, Spain, three bottles of Clos de l’Obac, different varietals 2005 -2007. In Ibiza I bought a bottle of a local wine I liked with a 2002 vintage.
Get the picture? These wines don’t need aging, they can be drunk for any special occasion. So who needs a cork? Only someone who needs to show off their somme skills with a waiter’s corkscrew. One last point: how many of you have actually had an old vintage wine? You only have a few minutes to enjoy it and then it might taste like tea. Ah but the romance. You know the answer of what to do when the somme hands you the cork to sniff after he has, right? Throw it across the room!
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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
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