Sommelier Symposium: Is France Selling?
Buy Pinot Noir, Love the French, Ignore Equity Ebullience, Play Golf and, do Boat.
I was in the “Country” recently and watched an Ace warming up at the Craps table. Yes, Jeff Saut was a dashing figure at the “MinyanHattan” event. We had some dialogue wherein we confessed to both our Ignorance and Insights into Meta-markets. The primary topic was of course…all things French. Note in the chart of the CAC below, that European bourses have or had taken a more negative tilt than the glorious equity indices of the US. While they may yet bounce back, some technical damage has been done. Getting back to the French markets:
Mr. Saut and I concurred that there is no wine like French Burgundy. While I cannot name names here, we compared market notes. We did note that buyers can do well to pick up domestic Pinot Noirs on a relative value basis. In discussing my defensive stance on the markets, I admitted that my portfolio was in a barbell-like hedge: I am long both a huge generator and an ample wine cellar. This combination should serve me well when the downside occurs. Jeff, mon ami, as I came to call him as the bar refreshments loosened my limbic brain, invited my wife and I to his research compound in Florida. Naturally, I told him that would be impossible without my bringing along some rare Echezaux from the cellar and perhaps playing a round or (playing around?) on the local links. Unfortunately he was a scratch golfer (an itch I have yet to scratch). He has now adopted a more liquid avocation. Yes, I will boat with him. Meanwhile, take a rare gander at the sentiment picture as per my firm's proprietary metrics as noted below. To recap: Buy Pinot Noir, Love the French, Ignore Equity Ebullience, Play Golf and, do Boat.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.