This is a bit random for a stock market publication but the extraordinary rise in wine prices does tell us something about the broader investment climate.
Prices of long-lived wines from important French chateaux are shooting higher. In some cases (and fine wine is typically sold by the case) prices have doubled or trebled from their initial sale prices and there is little sign that the boom is slowing down.
The wine market is rather like the market for stamps. Buy a set of stamps from the post office and they won’t change in value however long you hold them; on the contrary, as post office charges rise they won’t even cover the cost of sending a letter.
Old and rare
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