The Capital Shell Game: Liquidity & Value

A principal tenet of shareholder wealth theory is that excess returns beyond those necessary to operate the business and fund capital expenditures should be returned to the shareholders who will most optimally reinvest. In a goods and ideas producing economy, this mechanism worked reasonably well. Shareholders would reinvest dividends and capital gains in companies that innovated and produced high quality products at competitive prices. This very much characterized the American economy from the end of WWII until late in the last century.  Continue »

Getting a bit sentimental/ philosophical about our love for wine

He Said: I've been thinking a lot lately about how very funny it is that I work in the wine industry.... She Said: This post, in all of it's poetic excess, has sat unanswered on my desktop for months. I don't often extoll the virtues of wine to such degree (at least not until I've consumed at least a bottle of the stuff in question, and by that time my writing skills are subpar - I could never have lasted as a beat poet).  Continue »

Movies are important! What happens when you add wine.

He Said: Most wine enthusiasts read or saw the tale of soggy and fragile Miles as he wended his way through California wine country with his philandering friend Jack in "Sideways."... She Said: While I'm all for drawing comparisons between wine and one's other interests, the movie/wine metaphor falls short for me.  Continue »