This document discusses three arguments for why wine investment represents good value:
1. General wine indexes understate returns because investors only purchase high-quality vintages, whose quality can be determined in advance from vintage charts.
2. Comparisons using pre-tax returns overstate standard financial assets relative to wine, since wine returns are generally not taxed unlike returns from shares and bonds.
3. Wine investment allows portfolio risk to be reduced by expanding the efficient frontier, even if wine's return is lower than other assets but its inclusion reduces overall portfolio risk.
Benjamin Alderson manages deVere USA, Inc., as president and CEO, providing a global clientele with strategic investment guidance. As part of his work, Benjamin Alderson regularly studies shifts and trends in global investing.
1) Steve is the author's friend who buys investments after they have risen and sells them after they have dropped, acting as an indicator that those investments are a bad idea.
2) Many investors make poor decisions by chasing recent winners and abandoning investments as soon as they fall, hoping winners will continue winning when past performance does not predict future returns.
3) Even professionals like mutual fund managers fall prey to emotional reactions, buying high and selling low, which causes their funds to underperform simple index investing over time.
J. Alexander's Mispriced Spin-Off Exacerbated By Understated GuidanceLester Goh
- Shares of J. Alexander's restaurant company fell sharply after spinning off from its parent company Fidelity National, likely due to non-fundamental reasons rather than issues with the business itself. As a small part of Fidelity National, J. Alexander's was a stub position for many investors who sold it off after the spin-off. Additionally, the company has limited analyst coverage as a smaller entity. However, the document argues that J. Alexander's is well-positioned in the upscale dining industry, with strong sales momentum, prime locations comparable to industry leaders, and guidance that understates the business, suggesting its shares are undervalued.
Supercharge your Investments with Tax-Loss HarvestingWealthfront
Tax-loss harvesting, or "tax selling," is a technique used to lower your taxes while maintaining the expected risk and return profile of your portfolio. It harvests previously unrecognized investment losses to offset taxes due on your other gains and income. You can reinvest these tax savings to significantly grow the value of your portfolio.
Wealthfront has two different strategies available for Tax-Loss Harvesting on client portfolios:
1. Daily Tax-Loss Harvesting
2. The Tax-Optimized US Index Portfolio
Both of Wealthfront’s Tax-Loss Harvesting strategies run every day, selling underperforming assets and replacing them with similar but not identical ones as opportunities arise.
Learn more about Daily Tax-Loss Harvesting and Stock level Tax-Loss Harvesting with the Wealthfront Tax-Optimized US Index Portfolio here.
This document discusses capital structure and leverage. It defines capital structure as the composition of a company's long-term capital sources including loans, reserves, shares and bonds. The optimal capital structure maximizes firm value by balancing the use of debt and equity. Leverage refers to a company's use of fixed-cost funds, like debt, to increase returns to shareholders. Both financial leverage and operating leverage can magnify the impact of changes in revenues and earnings but also increase business risk.
Our $14.50 price target and Buy rating are reiterated. Learn more about our Sporting Goods Monitor equity research service at http://www.sportinggoodsmonitor.com/.
Benjamin Alderson manages deVere USA, Inc., as president and CEO, providing a global clientele with strategic investment guidance. As part of his work, Benjamin Alderson regularly studies shifts and trends in global investing.
1) Steve is the author's friend who buys investments after they have risen and sells them after they have dropped, acting as an indicator that those investments are a bad idea.
2) Many investors make poor decisions by chasing recent winners and abandoning investments as soon as they fall, hoping winners will continue winning when past performance does not predict future returns.
3) Even professionals like mutual fund managers fall prey to emotional reactions, buying high and selling low, which causes their funds to underperform simple index investing over time.
J. Alexander's Mispriced Spin-Off Exacerbated By Understated GuidanceLester Goh
- Shares of J. Alexander's restaurant company fell sharply after spinning off from its parent company Fidelity National, likely due to non-fundamental reasons rather than issues with the business itself. As a small part of Fidelity National, J. Alexander's was a stub position for many investors who sold it off after the spin-off. Additionally, the company has limited analyst coverage as a smaller entity. However, the document argues that J. Alexander's is well-positioned in the upscale dining industry, with strong sales momentum, prime locations comparable to industry leaders, and guidance that understates the business, suggesting its shares are undervalued.
Supercharge your Investments with Tax-Loss HarvestingWealthfront
Tax-loss harvesting, or "tax selling," is a technique used to lower your taxes while maintaining the expected risk and return profile of your portfolio. It harvests previously unrecognized investment losses to offset taxes due on your other gains and income. You can reinvest these tax savings to significantly grow the value of your portfolio.
Wealthfront has two different strategies available for Tax-Loss Harvesting on client portfolios:
1. Daily Tax-Loss Harvesting
2. The Tax-Optimized US Index Portfolio
Both of Wealthfront’s Tax-Loss Harvesting strategies run every day, selling underperforming assets and replacing them with similar but not identical ones as opportunities arise.
Learn more about Daily Tax-Loss Harvesting and Stock level Tax-Loss Harvesting with the Wealthfront Tax-Optimized US Index Portfolio here.
This document discusses capital structure and leverage. It defines capital structure as the composition of a company's long-term capital sources including loans, reserves, shares and bonds. The optimal capital structure maximizes firm value by balancing the use of debt and equity. Leverage refers to a company's use of fixed-cost funds, like debt, to increase returns to shareholders. Both financial leverage and operating leverage can magnify the impact of changes in revenues and earnings but also increase business risk.
Our $14.50 price target and Buy rating are reiterated. Learn more about our Sporting Goods Monitor equity research service at http://www.sportinggoodsmonitor.com/.
Corporate social responsibility (CSR) involves companies assessing their impact on society and evaluating their responsibilities. This document discusses CSR trends in India and worldwide. In India, CSR spending grew in 2016-2017, with companies funding programs in education, healthcare, and the environment. Large Indian companies like Tata Group, ITC, and Mahindra & Mahindra run extensive CSR programs in areas like education, livelihoods, healthcare, and the environment. Globally, leading companies like Microsoft, Google, Apple, and Disney incorporate CSR into their business strategies and see it as a source of revenue through improved reputation.
The document summarizes key aspects of the Industrial Disputes Act, 1947 in India. It was passed to promote peace in industry and good relations between employers and employees. The Act covers the whole of India and replaced the earlier Trade Disputes Act of 1929. It defines industrial disputes and establishes mechanisms for investigating and settling disputes between employers and workers over issues like employment, wages and working conditions. It also addresses issues like layoffs, retrenchment and collective bargaining.
The Industrial Disputes Act 1947 defines industrial disputes and outlines the objectives of promoting good relations between employers and employees. It establishes mechanisms for resolving disputes such as Works Committees, Conciliation Officers, Boards of Conciliation, Courts of Inquiry, Labour Courts, and Industrial Tribunals. The Act prohibits strikes and lock-outs during conciliation and arbitration and in public utility services. It provides relief to workers during lay-offs and retrenchment and promotes collective bargaining.
Industrial disputes arise due to various causes like wage demands, union rivalry, political interference, and unfair labor practices. There are many laws around labor but few employees and industries benefit. Disputes can be solved through collective bargaining between union representatives and management, establishing codes of discipline, grievance procedures, arbitration, conciliation, and adjudication if needed. Collective bargaining involves representatives negotiating on behalf of all employees over wages, benefits, and work rules.
The Industrial Disputes Act, 1947 governs industrial relations in India. It defines key terms like strikes, lock-outs, lay-offs, and retrenchment. The Act prohibits illegal strikes and lock-outs and outlines penalties for violations. It establishes authorities to deal with industrial disputes through conciliation, arbitration, and adjudication to promote harmonious relations in workplaces.
The document discusses the Industrial Dispute Act of 1947 in India, which aims to prevent and settle disputes between employers and employees. It establishes mechanisms like conciliation officers, boards, and labour courts to resolve industrial disputes. The act also covers topics like notices of change, references of disputes to resolution bodies, voluntary arbitration agreements, and procedures for conciliation and dispute resolution.
The document provides an overview of key definitions and concepts from the Industrial Disputes Act 1947 in India. It begins by giving context for the act, noting it replaced previous legislation and was passed to help settle industrial disputes. Several sections then define important terms related to industrial relations like "industrial dispute", "wages", "lay off", "lockout" and "retrenchment". Case laws are also referenced to further explain interpretations of these terms by courts. The objective is to help regulate labor-management relations and resolve conflicts in a peaceful manner.
The document summarizes key aspects of the Industrial Disputes Act 1947 in India. It defines industrial disputes, outlines the objectives to promote industrial harmony, and describes the types of industrial disputes that can arise. It also explains the authorities and mechanisms established for resolving industrial disputes, including prohibitions on strikes and lockouts, voluntary arbitration, and adjudication through labor courts, tribunals, and national tribunals.
This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk
Investment in Wine - Rasmus Bonde GreisRasmus Greis
This paper analyzes investing in fine wine from 1978 to 2014. It finds that wine returned an average of 10.67% nominally and 7.19% real annually, outperforming stocks and bonds over this period. A regression model shows wine prices were uncorrelated with traditional assets like stocks and bonds. Wine is thus a good portfolio diversifier. However, wine investment has costs and risks investors must consider, like storing and trading expenses. Overall, the study demonstrates fine wine has been a successful alternative investment due to strong returns and low correlation with other assets over the past 37 years.
This document summarizes the findings from attempting to become wine investors over the course of one week. Some key conclusions are:
1) Wine can be a good investment due to its scarcity, appreciation over time, and tax benefits. However, it also has risks like fraud, improper storage damaging wines, and future vintages affecting past values.
2) A buy and hold strategy focused on established wines that score highly based on pedigree, longevity, appreciation, liquidity, and critical acclaim has historically generated strong returns.
3) Diversification across regions and lesser known quality wines can provide exposure beyond just the most established Bordeaux wines and reduce risk compared to focusing only on a few brands.
Wine can be a stable and low-risk investment according to market studies. Simplicity is key to wine investment - buyers purchase wine at a lower price, wait for it to mature, and sell at a higher mature price. Wine investment relies on supply and demand and vintage years, with the greatest wines from the greatest vintages in high demand and increasing in value rapidly. Profiters International is a company that helps investors select wines based on quality, climate, quantity, and proper storage to realize gains from wine investment.
Luxe Fund Introduction to Champagne InvestmentsThe LUXE Fund
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critical reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, vintages, and critically acclaimed Champagnes to create a diversified portfolio for long-term growth.
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critic reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, outstanding vintages, and pristine bottles to create a diversified portfolio for long-term growth.
Pouring Wine to Your Investment Portfolio - Returns on a High!Vikas Sharan
Find the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/321-pouring-wine-to-your-investment-portfolio-returns-on-a-high
Fine Wine Investment Offers Portfolio Diversification | Aranca Articles and P...Aranca
Fine Wine investment offers portfolio diversification at higher returns and low correlation. Fine Wine provided higher returns compared to the traditional asset classes such as equity, bond, real estate, or commodity due to its limited production.
This private placement memorandum is offering shares in Snooth, an online wine retailer. Snooth operates a website and mobile apps that allow consumers to research and purchase wines from various retailers. It also provides tools for wine producers and retailers to market and sell inventory through its platform. The memorandum warns that investing carries high risks as the company requires more funding and its success is not guaranteed. It also notes that shares offered are illiquid and investors could lose their entire investment.
1. Investing is like winemaking in that both require careful decision making at the outset to achieve superior outcomes over the long term.
2. An investment manager's philosophy and process is akin to terroir in winemaking, with core principles including passionate individuals focused on clients, a robust and flexible process, and achieving long term client outcomes.
3. Patience and staying invested over the long term, like aging wine, allows investments to mature and often delivers stronger returns than emotional reactions to short term noise.
Join CMT Level 1, 2 & 3 Program Courses & become a professional Technical Analyst, CMT USA Best COACHING CLASSES. CMT Institute Live Classes by Expert Faculty. Exams are available in India. Best Career in Financial Market.
https://www.ptaindia.com/chartered-market-technician/
This document discusses how hedge funds can enhance traditional investment portfolios. It notes that while traditional investments aim for liquidity and outperforming benchmarks, alternative investments like hedge funds use flexibility to manage risk and avoid bubbles. The document shows that a portfolio including hedge funds achieved higher returns over 10 years than one with just traditional investments. Institutional investors increasingly allocate to hedge funds for their ability to produce returns in any market environment.
This chapter discusses accounting for intercorporate investments and consolidations. It covers short-term and long-term investments in debt and equity securities, as well as the market and equity methods for accounting for investments. The chapter also addresses preparing consolidated financial statements, accounting for minority interests, goodwill, and impairment of goodwill.
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009Livex
Liv-ex Director James Miles' presentation on “The history and development of the fine wine investment market”, given at the Hong Kong International Wine & Sprits Fair Trade Conference.
Corporate social responsibility (CSR) involves companies assessing their impact on society and evaluating their responsibilities. This document discusses CSR trends in India and worldwide. In India, CSR spending grew in 2016-2017, with companies funding programs in education, healthcare, and the environment. Large Indian companies like Tata Group, ITC, and Mahindra & Mahindra run extensive CSR programs in areas like education, livelihoods, healthcare, and the environment. Globally, leading companies like Microsoft, Google, Apple, and Disney incorporate CSR into their business strategies and see it as a source of revenue through improved reputation.
The document summarizes key aspects of the Industrial Disputes Act, 1947 in India. It was passed to promote peace in industry and good relations between employers and employees. The Act covers the whole of India and replaced the earlier Trade Disputes Act of 1929. It defines industrial disputes and establishes mechanisms for investigating and settling disputes between employers and workers over issues like employment, wages and working conditions. It also addresses issues like layoffs, retrenchment and collective bargaining.
The Industrial Disputes Act 1947 defines industrial disputes and outlines the objectives of promoting good relations between employers and employees. It establishes mechanisms for resolving disputes such as Works Committees, Conciliation Officers, Boards of Conciliation, Courts of Inquiry, Labour Courts, and Industrial Tribunals. The Act prohibits strikes and lock-outs during conciliation and arbitration and in public utility services. It provides relief to workers during lay-offs and retrenchment and promotes collective bargaining.
Industrial disputes arise due to various causes like wage demands, union rivalry, political interference, and unfair labor practices. There are many laws around labor but few employees and industries benefit. Disputes can be solved through collective bargaining between union representatives and management, establishing codes of discipline, grievance procedures, arbitration, conciliation, and adjudication if needed. Collective bargaining involves representatives negotiating on behalf of all employees over wages, benefits, and work rules.
The Industrial Disputes Act, 1947 governs industrial relations in India. It defines key terms like strikes, lock-outs, lay-offs, and retrenchment. The Act prohibits illegal strikes and lock-outs and outlines penalties for violations. It establishes authorities to deal with industrial disputes through conciliation, arbitration, and adjudication to promote harmonious relations in workplaces.
The document discusses the Industrial Dispute Act of 1947 in India, which aims to prevent and settle disputes between employers and employees. It establishes mechanisms like conciliation officers, boards, and labour courts to resolve industrial disputes. The act also covers topics like notices of change, references of disputes to resolution bodies, voluntary arbitration agreements, and procedures for conciliation and dispute resolution.
The document provides an overview of key definitions and concepts from the Industrial Disputes Act 1947 in India. It begins by giving context for the act, noting it replaced previous legislation and was passed to help settle industrial disputes. Several sections then define important terms related to industrial relations like "industrial dispute", "wages", "lay off", "lockout" and "retrenchment". Case laws are also referenced to further explain interpretations of these terms by courts. The objective is to help regulate labor-management relations and resolve conflicts in a peaceful manner.
The document summarizes key aspects of the Industrial Disputes Act 1947 in India. It defines industrial disputes, outlines the objectives to promote industrial harmony, and describes the types of industrial disputes that can arise. It also explains the authorities and mechanisms established for resolving industrial disputes, including prohibitions on strikes and lockouts, voluntary arbitration, and adjudication through labor courts, tribunals, and national tribunals.
This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk
Investment in Wine - Rasmus Bonde GreisRasmus Greis
This paper analyzes investing in fine wine from 1978 to 2014. It finds that wine returned an average of 10.67% nominally and 7.19% real annually, outperforming stocks and bonds over this period. A regression model shows wine prices were uncorrelated with traditional assets like stocks and bonds. Wine is thus a good portfolio diversifier. However, wine investment has costs and risks investors must consider, like storing and trading expenses. Overall, the study demonstrates fine wine has been a successful alternative investment due to strong returns and low correlation with other assets over the past 37 years.
This document summarizes the findings from attempting to become wine investors over the course of one week. Some key conclusions are:
1) Wine can be a good investment due to its scarcity, appreciation over time, and tax benefits. However, it also has risks like fraud, improper storage damaging wines, and future vintages affecting past values.
2) A buy and hold strategy focused on established wines that score highly based on pedigree, longevity, appreciation, liquidity, and critical acclaim has historically generated strong returns.
3) Diversification across regions and lesser known quality wines can provide exposure beyond just the most established Bordeaux wines and reduce risk compared to focusing only on a few brands.
Wine can be a stable and low-risk investment according to market studies. Simplicity is key to wine investment - buyers purchase wine at a lower price, wait for it to mature, and sell at a higher mature price. Wine investment relies on supply and demand and vintage years, with the greatest wines from the greatest vintages in high demand and increasing in value rapidly. Profiters International is a company that helps investors select wines based on quality, climate, quantity, and proper storage to realize gains from wine investment.
Luxe Fund Introduction to Champagne InvestmentsThe LUXE Fund
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critical reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, vintages, and critically acclaimed Champagnes to create a diversified portfolio for long-term growth.
Champagne can be a good investment due to increasing scarcity and demand driving up prices. Factors like vintage quality, producer reputation, and critic reviews affect Champagne values. Investing through a fund like LUXE provides advantages over individual investing including expertise in selection, lower costs, and handling logistics. LUXE focuses on top domains, outstanding vintages, and pristine bottles to create a diversified portfolio for long-term growth.
Pouring Wine to Your Investment Portfolio - Returns on a High!Vikas Sharan
Find the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/321-pouring-wine-to-your-investment-portfolio-returns-on-a-high
Fine Wine Investment Offers Portfolio Diversification | Aranca Articles and P...Aranca
Fine Wine investment offers portfolio diversification at higher returns and low correlation. Fine Wine provided higher returns compared to the traditional asset classes such as equity, bond, real estate, or commodity due to its limited production.
This private placement memorandum is offering shares in Snooth, an online wine retailer. Snooth operates a website and mobile apps that allow consumers to research and purchase wines from various retailers. It also provides tools for wine producers and retailers to market and sell inventory through its platform. The memorandum warns that investing carries high risks as the company requires more funding and its success is not guaranteed. It also notes that shares offered are illiquid and investors could lose their entire investment.
1. Investing is like winemaking in that both require careful decision making at the outset to achieve superior outcomes over the long term.
2. An investment manager's philosophy and process is akin to terroir in winemaking, with core principles including passionate individuals focused on clients, a robust and flexible process, and achieving long term client outcomes.
3. Patience and staying invested over the long term, like aging wine, allows investments to mature and often delivers stronger returns than emotional reactions to short term noise.
Join CMT Level 1, 2 & 3 Program Courses & become a professional Technical Analyst, CMT USA Best COACHING CLASSES. CMT Institute Live Classes by Expert Faculty. Exams are available in India. Best Career in Financial Market.
https://www.ptaindia.com/chartered-market-technician/
This document discusses how hedge funds can enhance traditional investment portfolios. It notes that while traditional investments aim for liquidity and outperforming benchmarks, alternative investments like hedge funds use flexibility to manage risk and avoid bubbles. The document shows that a portfolio including hedge funds achieved higher returns over 10 years than one with just traditional investments. Institutional investors increasingly allocate to hedge funds for their ability to produce returns in any market environment.
This chapter discusses accounting for intercorporate investments and consolidations. It covers short-term and long-term investments in debt and equity securities, as well as the market and equity methods for accounting for investments. The chapter also addresses preparing consolidated financial statements, accounting for minority interests, goodwill, and impairment of goodwill.
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009Livex
Liv-ex Director James Miles' presentation on “The history and development of the fine wine investment market”, given at the Hong Kong International Wine & Sprits Fair Trade Conference.
Investment performance reports can be confusing because they use different calculation methods that measure performance differently. Time-weighted returns measure average returns without regard for cash flows, allowing fair comparison of managers. Dollar-weighted returns are more influenced by timing of cash flows. In an example, a portfolio had steady gains for 4 years but a large inheritance and market loss in the 5th year, so dollar-weighted return was negative while time-weighted still showed gains due to each year having equal weight. Performance standards use time-weighted returns to provide accurate comparisons across investments.
On Wednesday, February 13th we were joined by Jon Kazarian, Director of Business Development at Windham Labs, for a conversation on Portfolio Construction and Evaluation.
Equity fund investors have historically earned lower returns than stock market indexes due to costs. Mutual funds charge management fees around 1.19% of assets annually on average as well as transaction costs of 1.44% from frequent trading. These costs total around 2.63% annually and help explain why fund investor returns have lagged the market by around 8 percentage points annually over 30 years. While some fund company practices like late trading and directed brokerage have been banned, high costs remain a major reason for the "missing return" of equity fund investors compared to market indexes.
The document provides an overview of mutual funds, including what they are, how net asset value is calculated, common types of mutual funds, expenses and fees associated with mutual funds, and factors to consider when purchasing and selling mutual funds. It discusses key mutual fund concepts such as returns, risks, performance, and strategies for mutual fund investment.
This document compares the career paths and financial outcomes of working as a winemaker for 50 years versus buying and operating a winery for 50 years and then selling it. The analysis found that the net present value of being a winemaker over 50 years would be $3,148,309, while the net present value of owning and operating a winery over 50 years would be $12,308,830. However, owning a winery also involves greater stress, responsibility, and risks that are difficult to quantify, such as the wine not selling or the business failing.
This document discusses the barriers that individual investors face in achieving strong investment returns, including lack of access to meaningful information, high costs, poor risk control, and emotional decision making. It promotes the services of Sandpiper Capital, an investment advisor, which aims to remove these barriers by providing research-driven investing, minimizing costs, controlling risks through diversification and rebalancing, and removing emotions from the investing process. Sandpiper clients are said to experience limited downside due to risk management and have outperformed the average investor over time.
Odia New Web Series at your fingerprint.mikedanoffice
Stay ahead of the curve with the latest in Odia entertainment! Our Odia new web series promise an exciting blend of fresh narratives, talented performances, and engaging plots. Immerse yourself in the evolving world of Odia storytelling with our curated selection of cutting-edge web content. for more visit: https://aaonxt.com/series
The Future of Independent Filmmaking Trends and Job OpportunitiesLetsFAME
The landscape of independent filmmaking is evolving at an unprecedented pace. Technological advancements, changing consumer preferences, and new distribution models are reshaping the industry, creating new opportunities and challenges for filmmakers and film industry jobs. This article explores the future of independent filmmaking, highlighting key trends and emerging job opportunities.
Sara Saffari: Turning Underweight into Fitness Success at 23get joys
Uncover the remarkable journey of Sara Saffari, whose transformation from underweight struggles to being recognized as a fitness icon at 23 underscores the importance of perseverance, discipline, and embracing a healthy lifestyle.
The Evolution of the Leonardo DiCaprio Haircut: A Journey Through Style and C...greendigital
Leonardo DiCaprio, a name synonymous with Hollywood stardom and acting excellence. has captivated audiences for decades with his talent and charisma. But, the Leonardo DiCaprio haircut is one aspect of his public persona that has garnered attention. From his early days as a teenage heartthrob to his current status as a seasoned actor and environmental activist. DiCaprio's hairstyles have evolved. reflecting both his personal growth and the changing trends in fashion. This article delves into the many phases of the Leonardo DiCaprio haircut. exploring its significance and impact on pop culture.
From Teacher to OnlyFans: Brianna Coppage's Story at 28get joys
At 28, Brianna Coppage left her teaching career to become an OnlyFans content creator. This bold move into digital entrepreneurship allowed her to harness her creativity and build a new identity. Brianna's experience highlights the intersection of technology and personal branding in today's economy.
Leonardo DiCaprio Super Bowl: Hollywood Meets America’s Favorite Gamegreendigital
Introduction
Leonardo DiCaprio is synonymous with Hollywood stardom and acclaimed performances. has a unique connection with one of America's most beloved sports events—the Super Bowl. The "Leonardo DiCaprio Super Bowl" phenomenon combines the worlds of cinema and sports. drawing attention from fans of both domains. This article delves into the multifaceted relationship between DiCaprio and the Super Bowl. exploring his appearances at the event, His involvement in Super Bowl advertisements. and his cultural impact that bridges the gap between these two massive entertainment industries.
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Leonardo DiCaprio: The Hollywood Icon
Early Life and Career Beginnings
Leonardo Wilhelm DiCaprio was born in Los Angeles, California, on November 11, 1974. His journey to stardom began at a young age with roles in television commercials and educational programs. DiCaprio's breakthrough came with his portrayal of Luke Brower in the sitcom "Growing Pains" and later as Tobias Wolff in "This Boy's Life" (1993). where he starred alongside Robert De Niro.
Rise to Stardom
DiCaprio's career skyrocketed with his performance in "What's Eating Gilbert Grape" (1993). earning him his first Academy Award nomination. He continued to gain acclaim with roles in "Romeo + Juliet" (1996) and "Titanic" (1997). the latter of which cemented his status as a global superstar. Over the years, DiCaprio has showcased his versatility in films like "The Aviator" (2004). "Start" (2010), and "The Revenant" (2015), for which he finally won an Academy Award for Best Actor.
Environmental Activism
Beyond his film career, DiCaprio is also renowned for his environmental activism. He established the Leonardo DiCaprio Foundation in 1998, focusing on global conservation efforts. His commitment to ecological issues often intersects with his public appearances. including those related to the Super Bowl.
The Super Bowl: An American Institution
History and Significance
The Super Bowl is the National Football League (NFL) championship game. is one of the most-watched sporting events in the world. First played in 1967, the Super Bowl has evolved into a cultural phenomenon. featuring high-profile halftime shows, memorable advertisements, and significant media coverage. The event attracts a diverse audience, from avid sports fans to casual viewers. making it a prime platform for celebrities to appear.
Entertainment and Advertisements
The Super Bowl is not only about football but also about entertainment. The halftime show features performances by some of the biggest names in the music industry. while the commercials are often as anticipated as the game itself. Companies invest millions in Super Bowl ads. creating iconic and sometimes controversial commercials that capture public attention.
Leonardo DiCaprio's Super Bowl Appearances
A Celebrity Among the Fans
Leonardo DiCaprio's presence at the Super Bowl has noted several times. As a high-profile celebrity. DiCaprio attracts
1. AMERICAN ASSOCIATION
OF WINE ECONOMISTS
AUSTRALIAN FINE WINE: RETHINKING WINE INVESTMENT
Abstract
This article presents three arguments as to why the value of wine as an investment good
has typically been understated and argues that wine investment represents a good value
proposition. It is argued that general all vintage wine indexes understate the return the
typical investor receives; that comparisons using pre-tax returns overstate the value of
standard financial assets relative to wine; and that wine investment provides good value
in terms of allowing portfolio risk to be reduced.
1. INTRODUCTION
Broadly speaking, the return to wine literature suggests that wine investment is not a
profitable activity. See Fogarty (2006, p. 544-5) for a summary table outlining details of
the return to wine literature. The work presented in this article shows that the existing
literature has understated the potential value of wine investment.
It is argued here that the value of wine as an investment good has been understated for
the following reasons. Firstly, as the quality of any given vintage of wine is largely
known in advance, wine investors will not invest in poor quality vintages. This means a
wine price index based on the return to all vintages of wine understates the return
achieved by the typical wine investor.
As the asset return comparisons made in the literature are typically made using the return
to an all vintage wine index, these comparisons understate the return achieved by the
typical wine investor.
Secondly, in certain countries, the returns to wine are generally not taxed, while the
returns to standard financial assets are taxed.
As the comparisons of asset returns typically made in the literature are comparisons of
pre-tax returns, these comparisons understate the value of wine
investment.
Thirdly, the appropriate framework for assessing the value of wine as an investment class
is not a comparison of the risk-return profile of wine compared to other asset classes, but
rather an assessment of the role wine can play in expanding the Markowitz (1952)
Investment Efficient Frontier.
Even if the return to wine is lower than standard financial assets and the risk higher, if
including wine in an investment portfolio reduces portfolio risk, wine should be
considered a worthwhile investment class.
This paper proceeds as follows. Section two explores and comments on some of the
specific extra costs incurred by those investing in wine. Section three discusses in detail
2. the three reasons proposed for believing the existing literature has understated the
potential benefits to wine investment, and presents examples that illustrate the points
made.
2. SOME WINE SPECIFIC COSTS
Those considering wine investment face a number of costs that are peculiar to wine
investment. The most obvious of these costs are storage costs, but transaction costs when
trading wine are also slightly higher than the transaction costs involved when trading
standard financial assets:
Wine must be kept in a cool, humid, and preferably dark location where daily
temperature fluctuations are minimal. For those without a wine cellar, which is most
people, there are several options: have a purpose built cellar excavated; install one or
more climate and humidity controlled wine cabinets; or use and pay for commercial
storage at a purpose built wine storage facility.
The best wine brokerages will offer an inclusive storage cost investment, which negates
the main cost factor in relation to the overall investment package. Obviously these firms
are the ones to deal with rather than those that do not offer this, as clearly there is a
higher ROI.
Yet despite these extra costs, this paper argues that wine can still represent a good,
valuable addition to an investment portfolio. The reasons for this are explored in detail in
the next section.
3. THREE REASONS FOR RECONSIDERING THE VALUE OF WINE
INVESTMENT
Proposition One: Quality vintages can be identified in advance and people considering
wine investment hold only quality vintages.
Although work presented in relatively recent times has formalized the relationship
between weather and wine quality (Ashenfelter et al., 1995; Byron and Ashenfelter,
1995; De Vittorioand Ginsburgh, 1996) in a way that economics professionals can
understand, the basic weather conditions that lead to good wine have long been known by
viticulturalists. See for example Gladstone (1992) for historical, technical, and statistical
details on wine and climatic conditions.
Yet even those who have never picked up viticulture textbook or a wine economics paper
know wine quality varies between vintages. It is, for example, inconceivable that anyone
interested in wine investment would not be aware 2005 was a great vintage in Bordeaux,
just as it is equally impossible for someone to not know 1998 was a great vintage in
Australia’s Barossa Valley and Goonawarra region.
The popular press does report on exceptional vintages, but more generally, those
interested in wine understand that quality varies between vintages, and because they
know quality varies each year, they use vintage charts to inform their wine purchasing
decisions.
3. For Australian wine there are vintage charts and wine ratings such as those of:
Langton’s – from renowned wine critic(s) Jeremy Oliver, author of the Australia Wine
Annual; and James Halliday, author of the Australian Wine Companion.
Investors undoubtedly also consult a vintage chart before making the decision to invest in
a particular vintage. The ratings provided by Australian critics are highly regarded.
The existence of vintage charts alone does not justify moving away from a general wine
price index to one based on select vintages. It is only reasonable to move to a select
vintage wine index because vintage chart information is published substantially in
advance of when the wine is available for sale. In this sense the equity market and the
wine market are fundamentally different.
When a company lists on the stock exchange there is much uncertainty about its future
profitability. Whether the management team has the skills to generate above average
results is largely unknown. When a wine first appears in the secondary market there is
very little uncertainty about whether the wine is above average, below average, or merely
average. The quality of the vintage is largely determined by the weather conditions
prevailing that year. As fine wine is sold some years after the grapes have been harvested,
the wine bottled, and the vintage charts published, the quality of any given vintage is
known prior to purchase. All but the most determinedly ignorant of wine investors will
not invest in bad vintages. As such, in the case of wine, the return to a general wine index
understates the return the average investor is likely to receive.
It is worth noting that there is no wine investment advice in published or on-line sources
that suggests holding an investment portfolio of all wine vintages. Wine investment
decisions and or recommendations, are always discussed with respect to each particular
vintage. This feature of the wine market appears not to be reflected in the return to wine
literature.
For shares and bonds, it is however appropriate to use, for comparison purposes, the
return to an appropriately defined broad market total return index. Ensuring above
average performance over the longer term, for most investors, is simply not possible.
Were it possible to consistently achieve above average returns, active fund managers
would consistently outperform the market. Yet as Sharpe (1991, p. 7) explains, the return
to the market is the weighted average of the return to the active and passive segments of
the market, and as the passive return equals the market return, the average return to an
actively managed fund must also equal the market return. Empirical work generally
supports the idea that the return to active fund management, once fees are taken into
consideration, is no better than the market return, and may be noticeably worse. (Frino
and Gallagher, 2001; Gallagher and Jarnecic, 2002).
Proposition Two: Investors are concerned with after-tax returns not pre-tax returns. In
general, the returns to wine are generally not taxed. Comparisons made using pre-tax
returns will therefore understate the attractiveness of wine to potential investors.
4. If someone is deemed to be trading wine as an on-going dedicated business
activity, the income derived from capital gains on the sale of wine are treated as income
and are taxable. For most people the capital gains from the sale of wine will fall under the
collectables exemption to capital gains tax, and so profits on the sale of wine are not
taxed.
This is not the case for the return to shares and bonds. Dividend payments generally
attract franking credits that, depending on the marginal tax rate faced by the investor,
offset part or all of the individual’s tax liability.
Capital gains on share holdings are, however, subject to capital gains tax. There are no
tax concessions associated with holding bonds, although actual tax rates will vary
according to the proportion of the returns that are capital gains and the proportion that
represent an income stream.
Although investors are primarily concerned with after-tax returns, discussions on
investment returns generally take place in terms of pre-tax returns. That the tax
circumstances of individuals vary markedly is the likely reason discussion focuses
primarily on pre-tax returns.
Yet, tax affects the return to each asset class differently.
With respect to standard financial assets, taxation substantially reduces the return
received by the investor. In comparison the return to wine is generally not taxed. As such,
it is important comparisons of the risk-return profile of wine, compared to standard
financial assets, be made using after-tax returns. Comparisons made using pre-tax returns
systematically understate the value of wine investment.
CONCLUSION
Ever since Krasker (1979) first posed the question of whether wine should be saved or
savoured, the main theme of the return to wine literature has been to say wine should be
savoured and not saved. This paper has argued that the true value of wine as an
investment good has generally been understated because: (i) quality vintages can be
identified in advance and investors hold only quality vintages; (ii) wine investment
generally enjoys a special tax status in these countries; and (iii) including wine in an
investment portfolio allows portfolio risk to be reduced. Wine should always be
savoured, but those who choose to both save and savour wine may be making a wise
decision afterall.