Bordeaux: The Fallacy of Futures

A long time ago in a galaxy far, far away, it made “cents” to pay for wine up to two years in advance. Those were heady times, and the equation was simple. It was found in nearly every wine book I purchased back in the 1980s and early ’90s. It went something like this: “Buy two cases. Cellar one and sell the other after it’s appreciated in value. It’s like drinking for free.”