In this episode we talk about:
-First glass of wine at age 12: fell in love with wine there and then
-Put together his first wine club before he was 21
-Started collecting wine in his late 20’s and really began to think of it as an asset
-He was in the financial industry for 20 years
-Wine Asset Managers was formed in 2005 as an authorized in financial conduct
-They aren’t allowed to cold call customers for sales. Customers have to have proper understanding what they are investing in.
-Wine itself is not an authorized financial product
-The first product in 2006 was The Fine Wine Fund for UK, private investors
-Wine is not subject to capital gains tax
-September 2007: The Fine Wine investment Fund: For institutional investors
-The quantity of money invested by private investors is about the same as institutional investors, even though there are more private investors.
-Private investors own a portion of the total of wine in the fund
-Major differences between investing in the UK and Investing in the US
-London is the center point for secondary wine market trading.
-How wine gets from the vine to the secondary market
-UK was the second largest exporter of wine in the world
-The future of Bordeaux in the Asian markets
-Each year Chateau Lafite produces roughly 20,000 cases of wine
-En Primeur market has been horrendous the past 5 years.
-Why other investable wines are taking up more market share
-The resistance of people investing in fine wine
-The future of Wine Asset Managers
-Survived the 3.5 year slump in the Bordeaux market
-WAM has a minimum investment of 50,000
-What is your favorite wine and why?
-Chateau Margaux: beauty, finesse, elegance, and harmony
Learn more about Miles and Wine Asset Managers here!