Brexit and Boris combination has meant that the pound has slid from around $1:35 in March to $1.21 today. In real terms, the old stocks are looking amazingly cheap, and it now seems to be a good time to buy.
Britain has long been the center of the wine trade, so there are plenty of great merchants to choose from: Farr, Bordeaux Index, and my favorite, L’Assemblage, Berry Bros etc. I have been buying a little lately and I thought it might be of interest…
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Mark’s ability to “make out like a bandit” is exactly the same as anyone whose assets are in dollars.
And obviously US buying of British assets helps the UK and actually strengthens the pound.
Not sure. I have done it in other countries, all they require is the receipt. Very rare that I have enough time to worry about it. And this bottle was gone.
If that’s a reference to Soros breaking the exchange rate mechanism, it’s an extremely bizarre one. Not only was Soros not British (he’s Hungarian-American), but there seems to be some kind of implication that there’s something tawdry to getting a good deal on wine similar to what Soros did being somehow tawdry. I’d have thought the mindless Soros bashing of the last few years would make people leery of statements like this, but I stand corrected.
The Soros comment probably belongs in politics given how he has become such a target of the right. Not getting what Soros did, but I can guarantee it had far more effect on the British economic than buying a few cases of wine.
Getting back to the weak pound, there are bargains especially in Champagne, if you look hard enough. Instead, I bought a case of Magdeleine 2000, and saved around around $120 just on exchange rate. I am checking out the Champagne, but as I am a net seller, I am not getting carried away.
I think if you are in the right position it could present a good buying opportunity. You have to factor in getting it back or being able to travel to drink in the UK.