Vol 3 No 16 The Judgment of Paris Tasting Revisited: and what it means for ratings

Steven Spurrier, a British graduate of the London School of Economics moved to Paris in 1964 with 14 years of experience at Christopher and purchased a wine shop of the Rue Royale from an elderly woman. The shop, Les Caves de la Madeleine, became widely respected and he pioneered allowing clients to taste before buying. In 1973, he founded L’Academie  du Vin, the first wine school in France. As California wines were becoming talked about and quality was improving he decided to hold a tasting comparing both French and American Cabernets and Chardonnays to see if the American wines could hold up to the French Bordeaux’s and Burgundies.

The competition was held on May 24, 1976 and were it not for a slow news days might have gone unnoticed had it not been for George M. Tabor it might have gone unnoticed for a long time, which the French would have likely preferred. Tabor heard of the tasting comparing wines of the two countries at the Intercontinental Hotel and as it turned out was the only reporter to cover it.

While the story is a remarkable one, the movie, Bottle Shock had nothing to do with the tasting and everything to do with Hollywood’s perception of it. Tabor had even threatened to sue and probably should have as its inconsistencies, as with the later film Sideways, made both irrelevant, although the former increased demand both at home and abroad for California wines, and the latter, uplifted Pinot Noir (driving prices to the moon, Alice, the moon!), and decimating demand for Merlot (this despite the fact that there were some excellent Merlot’s but much of it was plonk). Suddenly Pinot was at eye level and Merlot relegated to the bottom shelf.

Some misconceptions about the tasting: first, Spurrier, a lover of French wines, never intended it to be a competition but merely to see if California wines were similar in quality to the French. In order to lessen the competition over which was better, no official rating scale was used, merely 20 points per wine to awarded as the tasters chose. All the tasters came with strong credentials and were French, except for Spurrier, and an American, Patirica Gallagher, who was with Spurrier’s l’Acadamie du Vin. Neither of their scores were counted but that is a moot point because as a rule they were never the best or the worst scores but at least impartiality was achieved.

One French judge, Odette Kahn, editor of La Revue of France was so embarrassed by how she ranked two of the California Cabs above three top Bordeaux that she demanded her scores be removed and called the tasting a charade… nevertheless her scores were published and computed in the results.

Here are the combined results of the wines highlighting best and worst of each country (Individual ratings for white wines were not provided in the book or in the article:

Stag’s Leap Wine Cellars ’73 Cab 1 16.5//10 16.5//10
Ridge Vineyards Monte Bello ’71 Cab 5 17//7 17//7
Heitz Martha’s Vineyard Cab ’70 7 17//2 15//7
Clos Du Val Winery ’72 Cab 8 14//2 14//2
Mayacamas ’71 Cab 9 14//3 14//3
Freemark Abbey ’69 Cab 10 15×2//5 15//5
Ch. Mouton-Rothschild ’70 2nd Gr Pauillac* 2 16×2//11 16//11
Ch. Montrose ’70 2nd growth St. Estèphe 3 17//11×2 17//11×2
Ch. Haut-Brion ’70 1st Gr Pessac-Graves 4 17×2//8 17×2//14
Ch. Leoville-Las Cases ’71 1er Growth St. Julien 6 14//8 12×4//8

 

Ch. Montelena -’73 Chard (Grgich) Napa 1
Chalone ’74 Chard Pinnicales 3
Spring Mtn ’73 Chard Napa 4
Freemark Abbey ’72 Chard Napa 6
Veedercrest ’72 Chard Napa 9
David Bruce ’73 Chard Santa Cruz 10
Meursault Charmes Roulot ’73 2
Beaune Clos de Mouches J. Drouhin ’73 5
Batard-Montrachet Ramonet-Prudhon 7
Puligny-Montrachet Les Pucelles Dom Leflaive ’72 8
 

Individual ratings for white wines were not provided  in the book or in the article

 

Source: https://en.wikipedia.org/wiki/Steven_Spurrier_(wine_merchant)

(Spurrier made every effort to keep the tasting unbiased by excusing himself and his employee Patricia Gallagher from the ranking but they would not have influenced the results as only  with one wine did they outscore the French and by only one position (1 vs 2), and in no case did they post the lowest.)

The French had complained that Bordeaux wines take longer to age than California and that is why the red wines from California are 1970 and the French, 1970, and excellent year and only one 1970 while the California wines were all 1970, also an excellent year. Oddly, subsequent tastings using the 20-point UC Davis scoring system, including the 30th Anniversary tasting in 2006, showed the California wines all improving in quality while the French either held but most deteriorated.

TB’s take: This is just one more example of why YOU, dear reader, are your own best wine taster. Imagine for a moment having one of those judges for dinner and trying to impress them with a wine that Parker or some other bloke gave a 90, and they didn’t like it! You just blew a lot of money and got embarrassed to boot. Why not serve a wine that YOU like and simply say “this is one of my favorite wines, I hope you enjoy it.” Hey, if they don’t like it they aren’t out any money…nor are you!

I will close with this:
“People spend too much time tasting wine; not enough time drinking it.” Andre Tschelistheff

Copyright© 2017 traderbillonwine.com

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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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