Isn’t it amazing how many bottles of “200-year-old” Chateau d’Yquem keep popping up? Julian LeCraw didn’t think so. Read more »

Much like being a first, second, or third year analyst on Wall Street, a lot of being a non-partner employee at a law firm is being shit on. Not respected. Treated like an idiot. That many of these attorneys have six-figure debt and are, in some cases, decades out of their early twenties makes the day to day treatment by their superiors all the more harsh. They can’t ease the pain with a visit to the Murray Hill Brother Jimmy’s; all the can do is go home and wonder “What kind of a life is this? Why do I put up with this,” cry, or some combination thereof. Some quit; others resign themselves to the way of life; a select few go out and get drunk on pinot grigio and decide, “I’m not some paper pusher. I’m an an esquire. I’m important. I know stuff. I’m gonna show them. I’m gonna show ALL of them [knocks over glass].” Read more »

From: redacted at UBS

Sent: Monday, July 15, 2013 3:07 PM

To: ML-IBD-Worldwide-All

Subject: Relationship inquiry: Francis Ford Coppola Read more »

Nobles Crus, a struggling wine fund listed in Luxembourg, has been forced by the grand duchy’s financial regulator to bar its investors from withdrawing their money and also can no longer sell its shares after running out of cash. The decision by the Commission de Surveillance du Secteur Financier (CSSF) to “temporarily suspend all redemptions and subscriptions” in Nobles Crus came late last month after Elite Advisers, the fund’s managers, admitted they did not have enough cash on hand to meet redemptions “involving considerable sums of money”. Revelations about the fund’s illiquidity follow some of Nobles Crus’ rivals as well as valuation specialists questioning the method by which Elite Advisers calculate the month-on-month increase in the prices of the fund’s bottles. It also coincides with a fall in Nobles Crus’s assets, which slid from €109m in September of last year to €91m at the close of March. The fund revealed the news about its failure to meet redemptions in a letter sent to investors at the start of June. The note implies that a reason behind the spate of redemptions the fund endured are European-wide regulatory changes which make it impossible for Ucits funds to invest in specialised investment funds such as Nobles Crus from the start of next year.[FT]

During the years of 2005-2009, I had the amazing experience of being a sommelier at Veritas Restaurant. At this time Veritas, arguably, had the best restaurant wine list in the US. I opened more great wines during those four years than I will probably ever open again in my career. One gentleman that opened more than half of those amazing wines was a hedge fund manager. He was a common fixture at the bar and had a deep love for old burgundy. He preferred large formats, which meant he would usually need help drinking the wine, a role I was happy to take on. He also loved Crif Dogs, which we would have delivered for him late in the evening. One night, over a few B.L.T. Dogs and a magnum of Domaine Leflaive Batard-Montrachet 1986, he starts eyeing the vertical of Henri Jayer. It was a producer he had had before, but only a few times. This was also the spring of 2007 and Mr. Jayer had passed away only a few months earlier. After a bit of discussion, he decides to go with Vosne Romnee Cros Parantoux 1985, a steal at $5,000. This was the first, and at this point in my life, the only time I’ve ever had this wine. To say the wine was magical would be an understatement, and Crif Dogs have never tasted the same… [Eater]

So you’re Cliff Asness, and you’re in Washington for dinner with a couple of buddies, one of whom happens to be Republican congressman Paul Ryan. Just you, some bros, a nice meal, a little chat about monetary policy and the debt ceiling negotiations.

And you’re feeling pretty good, maybe because you just saw the Atlas Shrugged movie for the fifth time and bought the special John Galt action figure, so you splurge on a couple of bottles of the best wine you can get your hands on. Unfortunately you’re in D.C., so you’re stuck with the Jayer-Gilles 2004 Échezeaux, not a slouch exactly but kind of unsubtle and maybe a bit too young to drink. (Burghound: 89-92, drink 2012+, “Strongly reduced, however the big, rich, generous and powerful full-bodied flavors are deep, well-muscled and extremely long, all wrapped in an impeccably well-balanced finish. This definitely has the best material of any wine in the range and if it can add more complexity over time, it could surprise to the upside as it is definitely impressive.”)

So NBD right? You’d think so. But then some possibly drunk lady, who turns out to be Rutgers business professor Susan Feinberg (she teaches a course called “Love and Money”), starts snooping on your table. She sees the label and consults the wine list, where she finds out that it runs $350 a bottle. And then she breaks out her Ph.D.-level math skills:
Read more »

Both the defense and prosecution would like to use the meal to make their cases. Read more »

“If [Ben Bernanke and other leading figures in the Federal Reserve] really told us what they are talking about after three glasses of wine late at night, the markets would wet their pants and it would be all over,” Mauldin said. [CNBC]