Pound eviscerated: buying opportunity in the UK

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Mark Golodetz
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Pound eviscerated: buying opportunity in the UK

#1 Post by Mark Golodetz » August 2nd, 2019, 4:30 am

Brexit and Boris combination has meant that the pound has slid from around $1:35 in March to $1.21 today. In real terms, the old stocks are looking amazingly cheap, and it now seems to be a good time to buy.

Britain has long been the center of the wine trade, so there are plenty of great merchants to choose from: Farr, Bordeaux Index, and my favorite, L’Assemblage, Berry Bros etc. I have been buying a little lately and I thought it might be of interest....

And yes, I am British....
Last edited by Mark Golodetz on August 7th, 2019, 2:02 pm, edited 1 time in total.
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Re: Pound eviscerated: buying opportunity in the UK

#2 Post by Dennis Borczon » August 2nd, 2019, 5:20 am

Might wait until october, sterling might probe the depths! $1.15 perhaps? Hard crash out might do all sorts of odd things...

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Re: Pound eviscerated: buying opportunity in the UK

#3 Post by YLee » August 2nd, 2019, 5:27 am

How much does a case of 750ml cost to the East coast? $400?
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Re: Pound eviscerated: buying opportunity in the UK

#4 Post by Zachary Ross » August 2nd, 2019, 5:33 am

I think it's more about the dollar soaring against all currencies than anything else.


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Re: Pound eviscerated: buying opportunity in the UK

#5 Post by Markus S » August 2nd, 2019, 5:43 am

Well, looks like you get to make out like a bandit, just like Soros. He was British too.
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Re: Pound eviscerated: buying opportunity in the UK

#6 Post by Dale Williams » August 2nd, 2019, 6:49 am

Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
????
Mark's ability to "make out like a bandit" is exactly the same as anyone whose assets are in dollars.
And obviously US buying of British assets helps the UK and actually strengthens the pound.

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Re: Pound eviscerated: buying opportunity in the UK

#7 Post by Gary York » August 2nd, 2019, 7:24 am

I was her last week. And didn't feel like a got some great deal.
IMG_9326.jpg
The bottle below about 142 and with VAT came to about 170. Should I consider myself lucky?
IMG_9393.jpg
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Re: Pound eviscerated: buying opportunity in the UK

#8 Post by Dale Williams » August 2nd, 2019, 7:40 am

Gary York wrote:
August 2nd, 2019, 7:24 am
g

The bottle below about 142 and with VAT came to about 170. Should I consider myself lucky?
Did you like it?
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Re: Pound eviscerated: buying opportunity in the UK

#9 Post by Gary York » August 2nd, 2019, 7:44 am

It was very good and a great match for the duck. Corkage was 45, so total was 205.
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Re: Pound eviscerated: buying opportunity in the UK

#10 Post by Ethan Abraham » August 2nd, 2019, 8:01 am

Do you have to present the bottle at the airport to get the vat back?

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Re: Pound eviscerated: buying opportunity in the UK

#11 Post by Gary York » August 2nd, 2019, 8:13 am

Not sure. I have done it in other countries, all they require is the receipt. Very rare that I have enough time to worry about it. And this bottle was gone.
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Re: Pound eviscerated: buying opportunity in the UK

#12 Post by Greg K » August 2nd, 2019, 8:25 am

Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
If that's a reference to Soros breaking the exchange rate mechanism, it's an extremely bizarre one. Not only was Soros not British (he's Hungarian-American), but there seems to be some kind of implication that there's something tawdry to getting a good deal on wine similar to what Soros did being somehow tawdry. I'd have thought the mindless Soros bashing of the last few years would make people leery of statements like this, but I stand corrected.
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Re: Pound eviscerated: buying opportunity in the UK

#13 Post by Dennis Borczon » August 2nd, 2019, 8:38 am

I might know if it was a good deal if I could read the label? Especially if you get the VAT refunded... [whistle.gif]

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Re: Pound eviscerated: buying opportunity in the UK

#14 Post by Gary York » August 2nd, 2019, 8:39 am

I think if you click on the picture it will enlarge.
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Re: Pound eviscerated: buying opportunity in the UK

#15 Post by Gary York » August 2nd, 2019, 8:41 am

Or you could read post #8.
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Re: Pound eviscerated: buying opportunity in the UK

#16 Post by Neal.Mollen » August 2nd, 2019, 8:42 am

Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
Um, Soros was born in Hungary and is a US citizen.
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Re: Pound eviscerated: buying opportunity in the UK

#17 Post by Gary York » August 2nd, 2019, 8:44 am

Better.
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Re: Pound eviscerated: buying opportunity in the UK

#18 Post by Mark Golodetz » August 2nd, 2019, 8:50 am

The Soros comment probably belongs in politics given how he has become such a target of the right. Not getting what Soros did, but I can guarantee it had far more effect on the British economic than buying a few cases of wine.


Getting back to the weak pound, there are bargains especially in Champagne, if you look hard enough. Instead, I bought a case of Magdeleine 2000, and saved around around $120 just on exchange rate. I am checking out the Champagne, but as I am a net seller, I am not getting carried away.
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Re: Pound eviscerated: buying opportunity in the UK

#19 Post by Anton D » August 2nd, 2019, 9:17 am

Don’t be too hasty, it should dip to parity with the dollar by Christmas.
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Re: Pound eviscerated: buying opportunity in the UK

#20 Post by Gary York » August 2nd, 2019, 2:34 pm

I think if you are in the right position it could present a good buying opportunity. You have to factor in getting it back or being able to travel to drink in the UK.
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Re: Pound eviscerated: buying opportunity in the UK

#21 Post by Sh@n A » August 2nd, 2019, 3:06 pm

I have been waiting to PSA the GBP! I picked up a couple 2016s couldn't find at reasonable prices in US. Didn't buy the Mouton!
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Re: Pound eviscerated: buying opportunity in the UK

#22 Post by Howard Cooper » August 2nd, 2019, 3:12 pm

Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
Really. What is wrong with you. This is a WINE board. Mark points out a way to get wine a good prices, which people here do all the time. Instead of thanking him, you seem to want to trash him.
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Re: Pound eviscerated: buying opportunity in the UK

#23 Post by Ethan H » August 2nd, 2019, 3:12 pm

Some producers, especially from Burgundy, were distinctly cheaper in the UK to begin with, and now are looking even better. The other plus to buying in Britain is that you can buy in bond which means (i) you can defer paying VAT (and never pay it, if you get it shipped outside the EU ... not sure what will happen post-Brexit); (ii) storage costs tend to be quite reasonable (in the range of a pound per bottle per year; (iii) if you needed to sell the wine, selling wine that has never left bond is the next best thing provenance-wise to ex-chateau. (I don't sell my wine or buy with the intention to sell; but you never know.) Also, delivery costs in London/the UK tend to be pretty reasonable, so if you don't mind paying VAT you can take delivery of a case or two on your next London holiday/business trip, and fly it home in a styro shipper. Unless it's super-high-end stuff with a very high value, US customs typically will waive you through since the customs duties on wine by volume are pretty cheap.
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Re: Pound eviscerated: buying opportunity in the UK

#24 Post by Jayson Cohen » August 2nd, 2019, 3:18 pm

Dom 2008.

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Re: Pound eviscerated: buying opportunity in the UK

#25 Post by Doug Schulman » August 2nd, 2019, 3:25 pm

Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
This was bizarre, uncalled for, and out of place. That's just the start.
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Re: Pound eviscerated: buying opportunity in the UK

#26 Post by Eric Ifune » August 2nd, 2019, 3:54 pm

To collect VAT, you must transport the product outside the country (or EU if an EU country). Cannot drink it there. You also need the prerequisite paperwork filled out by the merchant.

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Re: Pound eviscerated: buying opportunity in the UK

#27 Post by Jason T » August 2nd, 2019, 4:30 pm

I get to play this game in real-time since my salary is pegged to USD but paid in GBP. The opportunities are getting better and better. Of course, if the economy doesn’t strengthen soon (and why would it?) I won’t have a job. But it will give me more time to enjoy all the wine I’m procuring, so there’s that.
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Re: Pound eviscerated: buying opportunity in the UK

#28 Post by D@vid Bu3ker » August 2nd, 2019, 4:38 pm

Doug Schulman wrote:
August 2nd, 2019, 3:25 pm
Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
This was bizarre, uncalled for, and out of place. That's just the start.
It was also somewhat predictable.
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Re: Pound eviscerated: buying opportunity in the UK

#29 Post by H Wallace Jr » August 2nd, 2019, 4:49 pm

On the flip side, due to this change and future uncertainty, our UK importer canceled their entire order this week. :(

I am sure this is effecting other US wineries, too.

Anyone itching for 2 pallets of Familiar Mourvèdre & Familiar Blanc? champagne.gif
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Re: Pound eviscerated: buying opportunity in the UK

#30 Post by D@vid Bu3ker » August 2nd, 2019, 5:00 pm

Damn. Sorry to hear that Hardy.
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Re: Pound eviscerated: buying opportunity in the UK

#31 Post by Nathan Smyth » August 2nd, 2019, 10:14 pm

This thread is absolutely hilarious.

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Re: Pound eviscerated: buying opportunity in the UK

#32 Post by Arv R » August 2nd, 2019, 10:22 pm

Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
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Re: Pound eviscerated: buying opportunity in the UK

#33 Post by Nathan Smyth » August 2nd, 2019, 10:31 pm

Like a "Ukrainian" bot farm talking to itself.

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Re: Pound eviscerated: buying opportunity in the UK

#34 Post by bryan c » August 3rd, 2019, 2:04 am

Jayson Cohen wrote:
August 2nd, 2019, 3:18 pm
Dom 2008.
Actually just had a layover at LHR and picked up a btl at duty free. It was 114GBP...
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Re: Pound eviscerated: buying opportunity in the UK

#35 Post by Jayson Cohen » August 3rd, 2019, 6:22 am

bryan c wrote:
August 3rd, 2019, 2:04 am
Jayson Cohen wrote:
August 2nd, 2019, 3:18 pm
Dom 2008.
Actually just had a layover at LHR and picked up a btl at duty free. It was 114GBP...
Exactly. Same a few weeks ago.

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Re: Pound eviscerated: buying opportunity in the UK

#36 Post by Mark Golodetz » August 3rd, 2019, 6:51 am

Jayson Cohen wrote:
August 3rd, 2019, 6:22 am
bryan c wrote:
August 3rd, 2019, 2:04 am
Jayson Cohen wrote:
August 2nd, 2019, 3:18 pm
Dom 2008.
Actually just had a layover at LHR and picked up a btl at duty free. It was 114GBP...
Exactly. Same a few weeks ago.
Not surprising. It is not the actual cost that has changed, but the amount when translated into dollars.
The cost in dollars in March would have been $154 is now $138.
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Re: Pound eviscerated: buying opportunity in the UK

#37 Post by Jason T » August 3rd, 2019, 7:10 am

And duty free is almost never a deal, at least for wine. Case in point, 2008 Dom was 150 EUR at the Munich airport today. A laughable price for what is supposed to be “duty free”
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Re: Pound eviscerated: buying opportunity in the UK

#38 Post by Jayson Cohen » August 3rd, 2019, 7:25 am

Mark Golodetz wrote:
August 3rd, 2019, 6:51 am
Jayson Cohen wrote:
August 3rd, 2019, 6:22 am
bryan c wrote:
August 3rd, 2019, 2:04 am


Actually just had a layover at LHR and picked up a btl at duty free. It was 114GBP...
Exactly. Same a few weeks ago.
Not surprising. It is not the actual cost that has changed, but the amount when translated into dollars.
The cost in dollars in March would have been $154 is now $138.
Heathrow’s Duty Free vendor Dufry also offers another 5% off if you have their app.

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Re: Pound eviscerated: buying opportunity in the UK

#39 Post by Gus Siokis » August 3rd, 2019, 7:27 am

I am not sure Markus meant anything political....I think it’s a reference to when Soros shorted the Pound back in the early 80’s and made around $1B.
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Re: Pound eviscerated: buying opportunity in the UK

#40 Post by Markus S » August 3rd, 2019, 8:01 am

Howard Cooper wrote:
August 2nd, 2019, 3:12 pm
Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
Really. What is wrong with you. This is a WINE board. Mark points out a way to get wine a good prices, which people here do all the time. Instead of thanking him, you seem to want to trash him.
Thing is, how many people have the resources to be buying in Britain? I'm all for good wine prices, but I don't purchase in pallet quantities that Mark has said he does on occasion, and I don't think most of us here could do either.
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Re: Pound eviscerated: buying opportunity in the UK

#41 Post by D@vid Bu3ker » August 3rd, 2019, 8:13 am

So what.
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Re: Pound eviscerated: buying opportunity in the UK

#42 Post by Mark Golodetz » August 3rd, 2019, 8:44 am

Markus S wrote:
August 3rd, 2019, 8:01 am
Howard Cooper wrote:
August 2nd, 2019, 3:12 pm
Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
Really. What is wrong with you. This is a WINE board. Mark points out a way to get wine a good prices, which people here do all the time. Instead of thanking him, you seem to want to trash him.
Thing is, how many people have the resources to be buying in Britain? I'm all for good wine prices, but I don't purchase in pallet quantities that Mark has said he does on occasion, and I don't think most of us here could do either.
Again you are coming up with some really unfounded crap. When did I say that this only makes sense when you buy pallets? You can import from the U.K. by the case, and it will probably be cheaper.

As for being the only one on these boards interested in buying from Britain, I have had several pms and e mails from people who would like to. Please stop the snide comments and unfounded assumptions, particularly as you seem to have no idea what the hell you are taking about.
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Re: Pound eviscerated: buying opportunity in the UK

#43 Post by Arv R » August 3rd, 2019, 8:58 am

Mark - do you think if Trump imposes tarriffs on French wine that will extend to French wine being reimported from the UK? I saw that the US is going after some Chinese steel producers who smuggled their metal into Mexico and then on to the US.
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Re: Pound eviscerated: buying opportunity in the UK

#44 Post by bryan c » August 3rd, 2019, 8:59 am

Mark Golodetz wrote:
August 3rd, 2019, 6:51 am
Jayson Cohen wrote:
August 3rd, 2019, 6:22 am
bryan c wrote:
August 3rd, 2019, 2:04 am


Actually just had a layover at LHR and picked up a btl at duty free. It was 114GBP...
Exactly. Same a few weeks ago.
Not surprising. It is not the actual cost that has changed, but the amount when translated into dollars.
The cost in dollars in March would have been $154 is now $138.
Yep, thanks for the tip! I wouldn't have bothered being on the lookout and doing the math. Usually I gloss over duty free.
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Re: Pound eviscerated: buying opportunity in the UK

#45 Post by Greg K » August 3rd, 2019, 9:30 am

Gus Siokis wrote:
August 3rd, 2019, 7:27 am
I am not sure Markus meant anything political....I think it’s a reference to when Soros shorted the Pound back in the early 80’s and made around $1B.
That’s obviously the reference, and the clear implication makes it political.
It’s also dumb - Soros is not British.
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Re: Pound eviscerated: buying opportunity in the UK

#46 Post by Mark Golodetz » August 3rd, 2019, 10:39 am

Arv R wrote:
August 3rd, 2019, 8:58 am
Mark - do you think if Trump imposes tarriffs on French wine that will extend to French wine being reimported from the UK? I saw that the US is going after some Chinese steel producers who smuggled their metal into Mexico and then on to the US.
God, I never even thought about this. Interesting, will get back to you after I talk to the shipper
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Re: Pound eviscerated: buying opportunity in the UK

#47 Post by Howard Cooper » August 3rd, 2019, 12:06 pm

Markus S wrote:
August 3rd, 2019, 8:01 am
Howard Cooper wrote:
August 2nd, 2019, 3:12 pm
Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
Really. What is wrong with you. This is a WINE board. Mark points out a way to get wine a good prices, which people here do all the time. Instead of thanking him, you seem to want to trash him.
Thing is, how many people have the resources to be buying in Britain? I'm all for good wine prices, but I don't purchase in pallet quantities that Mark has said he does on occasion, and I don't think most of us here could do either.
So, the post did not apply to you. Ignore it and go on. No reason to make an obnoxious post. All you are doing is acting like a jealous little person.
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Re: Pound eviscerated: buying opportunity in the UK

#48 Post by Sh@n A » August 3rd, 2019, 2:58 pm

Markus S wrote:
August 3rd, 2019, 8:01 am

Thing is, how many people have the resources to be buying in Britain? I'm all for good wine prices, but I don't purchase in pallet quantities that Mark has said he does on occasion, and I don't think most of us here could do either.
My offsite in NJ lets me buy by the bottle in UK and by case in Paris. It took research but its doable.
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Re: Pound eviscerated: buying opportunity in the UK

#49 Post by Gus Siokis » August 4th, 2019, 7:17 am

Greg K wrote:
August 3rd, 2019, 9:30 am
Gus Siokis wrote:
August 3rd, 2019, 7:27 am
I am not sure Markus meant anything political....I think it’s a reference to when Soros shorted the Pound back in the early 80’s and made around $1B.
That’s obviously the reference, and the clear implication makes it political.
It’s also dumb - Soros is not British.
Hey Greg....totally missed your earlier comment in the thread. Funny or really sad how many folks think he is British though....
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Re: Pound eviscerated: buying opportunity in the UK

#50 Post by Barry L i p t o n » August 4th, 2019, 8:10 am

Markus S wrote:
August 3rd, 2019, 8:01 am
Howard Cooper wrote:
August 2nd, 2019, 3:12 pm
Markus S wrote:
August 2nd, 2019, 5:43 am
Well, looks like you get to make out like a bandit, just like Soros. He was British too.
Really. What is wrong with you. This is a WINE board. Mark points out a way to get wine a good prices, which people here do all the time. Instead of thanking him, you seem to want to trash him.
Thing is, how many people have the resources to be buying in Britain? I'm all for good wine prices, but I don't purchase in pallet quantities that Mark has said he does on occasion, and I don't think most of us here could do either.
I bought 4 cases of 88 Krug from London once and split it with friends. Some people only took 3 bottles (we all wish we would have bought triple what we did, the price was sooo cheap)

So I would say most people have the resources, whether one is willing to make the effort is the question.

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