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By James FletcherAlbany Portfolio Management6th Jan 2010 Albany Portfolio Management (APM) was established early in 2009 to enable private individuals to invest in fine wine and operates in association with Albany Vintners, a highly renowned and long established wholesale fine wine merchant. APM has one simple objective; to add wealth to its customers. The premise for establishing APM was that a significant credit-crunch driven market fall in late 08 – in which the value of some wines fell by as much as 30% – created favourable market conditions and opportunities for investors. It was predicted that a market correction, fuelled by European and North American collectors & investors taking advantage of the value stock, would restore confidence in the all-important Chinese, Russian and Asian markets, and lead into positive market conditions. This prophecy was accurate and the market entered into a major bull run in the Spring which has yet to falter.The value of the index as of 31st December 2009 was 237.17, a rise of 0.9% on the previous month. The index was up 15.7% in 2009. Performance The chart below documents each of the twenty wines recommended by APM during the course of 2009. The ‘value now’ figure is the average price for the various wines as reported on Liv-ex at the time of composition. Liv-ex draws market feed information from dozens of leading merchants, brokers & auction houses. Kindly note that this figure is for general guidance only and dependant on the method of sale the realised sum could be significantly lower. The illiquid nature and ultra scarcity of some wines – notably Pétrus, Ausone American Vintage 62 Custom Telecaster Electric Guitar (Black) & Le Pin – means that trading and availability is both narrow and sporadic. Indeed, at the time of composition, the market was devoid of Le Pin 2000. Consequently, these wines have a tendency to appear inactive for periods of time followed by sudden and dramatic ‘steps’ in their yield curves. This would go some way toward justifying the disproportionate (and unsustainable, certainly) growth of Le Pin 04 and the relative inactivity of the two offerings from Pétrus. In general, APM commences promoting a specific wine as a consequence of a significant increase in interest and trading (particularly in the Far East), or perhaps as a reaction to a catalytic occurrence such as a re-grading. Through careful analysis and aggressive selection, significant growth may be experienced in the first month – often considerably higher than the market in general. We have therefore elected not to annualise the growth rate for wines recommended from November onwards as this would give an inflated and ultimately unrealistic impression. 2009 Selection Policy APM’s aim is to identify low risk, high capital appreciation opportunities. In consequence our portfolios are built generally from the top Châteaux of Bordeaux (currently 91%) and Burgundy (9%). We deal in well established, internationally renowned estates with a proven, demonstrable track record and ready secondary market. The wines will tend to fall into the following categories: 1. Bottled vintages approaching optimum drinking: As wines approach this important juncture in their lifespan they become more desirable leading to an increase in demand. They also display a helpful characteristic not seen in any other asset class; a perfect inverse supply curve. Each bottle drunk can never be replaced. 2. En Primeur (wine futures): This is where the wine is still in the barrel and generally at its cheapest price. Highest potential for gain but traditional volatility and higher risk necessitate caution. APM endeavor to keep En Primeur at around 20% in portfolios (currently 15% overall). 3. Undervalued wines from recent vintages: We carefully track buying patterns, demand and fluctuations in taste (particularly from China) for wines from recent vintages to identify undervalued opportunities. APM is risk averse when it comes to New World wines due to narrow exit markets and lack of clarity in pricing. To date APM has not promoted the wines of any New World estate. Market Summary The wine market is exiting 2009 in rude health. Trading remains strong with November’s traded volume on Liv-ex up some 27% compared to this time last year and 6 % up over the previous month. The year, though, has very much belonged to Lafite-Rothschild which as a result of being the darling of the Chinese buyer has blazed the trail. Lafite was by a head & shoulders the most traded wine in the world this year – representing an astonishing 23% of trades on Liv-ex – and its wines have increased in value on average 26.6%. Many offerings have realised over 40%. However, we leave the year on a rather broader base of trading. In October Liv-ex reported that Lafite had been usurped from the number one spot by stable mate and near neighbour Mouton-Rothschild. Indeed many Chinese buyers have been noted switching their
What Fender guitar is used on the episode of “Made” where a high school girl wants to be made into a rockstar?
I am doing some serious shopping for nice, high-quality electric guitar.I was wondering if any of you saw the episode of “made” on MTV where a high-school girl wants to be made into a rock star. Her coach gives her an electric guitar that looks like a Fender stratocastor. The color looks blue-ish. American Vintage 62 Custom Telecaster Electric Guitar (Black) I want to know what guitar you think–or know—that it is. Please help me! Here’s a link to a possible answer that can be confirmed:http://guitars.musiciansfriend.com/product/Fender-American-Vintage-57-Stratocaster-Electric-Guitar?sku=510048and maybe another:http://guitars.musiciansfriend.com/product/Fender-Vintage-Hot-Rod-62-Stratocaster-?sku=512142If you have any suggestions on a high-quality Fender (or other guitar) that plays well, is versatile, and is easy on the hands, than please supply them (a link would be very much appreciated.)Important: It’s the episode where a girl is made into a Battle of the bands singer.Here’s the link:http://www.mtv.com/ontv/dyn/made/episode/episode.jhtml?episodeId=98201Here’s a link to a picture of the guitar:http://www.mtv.com/photos/?fid=1504887&pid=1858672
I am doing some serious shopping for nice, high-quality electric guitar.I was wondering if any of you saw the episode of “made” on MTV where a high-school girl wants to be made into a rock star. Her coach gives her an electric guitar that looks like a Fender stratocastor. The color looks blue-ish. American Vintage 62 Custom Telecaster Electric Guitar (Black) I want to know what guitar you think–or know—that it is. Please help me! Here’s a link to a possible answer that can be confirmed:http://guitars.musiciansfriend.com/product/Fender-American-Vintage-57-Stratocaster-Electric-Guitar?sku=510048and maybe another:http://guitars.musiciansfriend.com/product/Fender-Vintage-Hot-Rod-62-Stratocaster-?sku=512142If you have any suggestions on a high-quality Fender (or other guitar) that plays well, is versatile, and is easy on the hands, than please supply them (a link would be very much appreciated.)Important: It’s the episode where a girl is made into a Battle of the bands singer.Here’s the link:http://www.mtv.com/ontv/dyn/made/episode/episode.jhtml?episodeId=98201Here’s a link to a picture of the guitar:http://www.mtv.com/photos/?fid=1504887&pid=1858672
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