Vol 3 No 10…don’t cry for me Argentina…

I had an unexpectedly nice surprise in many ways at a wine tasting of Domaine Bousquet wines from Argentina hosted by the Wine Republic in Excelsior, MN. Guiding us through the tasting were the owners, Labid Al Ameri and his wife Ann Bousquet, a charming couple who like Naji and Jill Boutros of Chateau Belle-Vue in Lebanon, are making a difference (see vol. 2, no 7), both had a Cinderella story, and both are doing good things for the people of their respective countries and making really good wines at the same time.

Both of these couples care deeply for the country and the people. They both hire as many local people as possible. In the Boutros’s case it is to keep and have people return to their small town in the hills beside Beirut. They ‘invested’ in peoples land rather than buy it outright and created two internet companies to keep people from leaving. Likewise the Bousquet-Al Ameri’s have hired local people rather than outsiders, such as winemakers, and in addition to being organic are a ‘fair trade’ company which in Argentina means effectively collective bargaining with their employees. There, a pool of funds is created and the employees form a board to determine how it should be allocated, removing that decision from the landowners. Makes sense to TB…if you want to improve the quality of life. Remember both of these families live in small towns and wish to spread the wealth around not have a huge wealth gap with their employees struggling to survive.

The story begins with Ann growing up in the Languedoc in the medieval walled town of Carcassonne. We had visited the Languedoc and Carcassonne in 1997, when the vast majority of the wines were substandard due to Co-ops and pricing the grapes based on weight alone, still, if you can’t change the wine you can change the way the food is prepared to create a pleasant combination (when we travel, wherever we are we drink the local wines and I have made the mistake of buying some and then when I got home they didn’t taste all that good causing me to wonder what I was thinking when I bought them). The Co-op just outside the small town of La Clape (seriously, and it is now a DOCG if you can believe that!), had what looked like a 1930’s gas pump which delivered the wine for one franc a litre! People came in with whatever jugs they had…even saw a Clorox bleach bottle – egad!

Ann came to the U.S. to study at St. Cloud State University and there she met Labid, who was originally from Iraq but grew up in Madrid. Then, in 1990, her father, whose family produced wine in France, went to Argentina with the intention of planting grapes near Mendoza. Just south in the small town of Tupungato he found what he wanted: 110 hectares (about 260 acres) at 4,000 feet elevation with the soils to provide the terroir, he found what he was searching for. There were no other vineyards in the area and everyone thought he was crazy (reminiscent of my friend Carles Pastrana of Clos de l’Obac in Priorat, Spain, also at a high elevation). Despite this he purchased the land in 1997 and planted grapevines in 2002 with the first harvest in 2005. By this time he had recruited Labid and Ann to run the winery…okkaayy…and he focused on the vines. Like the Rhone Rangers of Paso Robles he brought in canes in his suitcases, and planted them. Due to the elevation there was little concern for phylloxera and other pests and they immediately decided to get organic certified, a process that takes three years to insure no chemicals are used and the government checks every year. They also use no sulfites as a preservative which is a common cause of headaches in some people.

The grapes are hand-picked and handled carefully and their ‘big’ wines are stored in 500 litre French Oak foudres in their underground cellar. Their softer wines use a combination of 80% French and 20% American Oak, mostly neutral so as not to impart harsh tannins. Their white wines are fermented in stainless steel and include a chardonnay (which spends three months on lies), white blend, and sauvignon blanc. They also produce two sparkling wines, a lower priced blend of 75% chardonnay and 25% pinot noir using the Charmat process (in vats), and the premier one made in the traditional or methode Champenois manner (in the bottle).

As for still wines they make a 2016 Rosé of Malbec which is delicious and very much like similar Rhone wines. We also had a 2013 Reserve Malbec which was 85% Malbec and 15% cabernet sauvignon, that to me was better than any Malbec I have previously had primarily due to the blending. A 2014 Reserve Cabernet Sauvignon was elegant with soft tannins and wonderful fruit and spice flavors.

The remaining two wines were 2013 Gaia (not to be confused with the Piemontese wine maker Angelo Gaja whose daughter is now running the business…her name is Gaia, which is the Greek Goddess of Earth…I was pleased to see they weren’t going to have any trademark problems or be accused of trying to confuse buyers. This wine, the only one in a beautiful artist label bottle while the rest are in plain block letters was my favorite, which made Ann very happy as it is her baby.

We finished with a 2012 Ameri which is Labid’s favorite and I found to be incredibly rich for a Malbec blend. Made in French oak it has black pepper and soft tannins yet should serve well until 2022. It was the most expensive of the flight yet still under $35, which I think is a steal. The rest of the wines are in the $10-20 range which makes them great value. I bought the Gaia and the Reserve Cab at about the same price as the Ameri, which to me was the best deal but I would not hesitate to spring for the Ameri which should make Labid happy.

Lastly, although readers know of TB’s dislike for ratings (to put it mildly), you would be hard-pressed to find one of these values with less than a 90 and several in thee 92-95 range. While that means little to me, it says a lot to see that much consistency. As the saying goes…try it, you’ll like it!

Best,

TB

©2017 traderbillonwine.com

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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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