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Goldman Sachs economist Jim O’Neill has warned that it’s dangerous to even think about the words “safe haven” when considering investible asset classes.In other words, he thinks it’s a mistake to think that there’s anything out there that’ll never lose value.
Before I left, I had been sent an extremely interesting piece about Chinese wine consumption habits by our very own Yi Wang, who has a strong interest in these matters. His piece suggested that the Chinese love affair with Lafite was over, partly because of the steep price rise, but also because it is not so rare as a result of the number of dodgy Lafite imitators. Commodity bulls should think about this, if even Lafite is subject to a price response, then, as I keep saying, many commodities certainly are. Furthermore, for those same bulls, the interest in top Burgundy wines is strongly on the rise suggesting that there are always alternatives for everything.
Chateau Lafite-Rothschild is one of the world’s most expensive wine producers. It is one of five wines with France’s prestigious premier grand cru label.
You can download O’Neill’s whole note here.
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