The 2008 vintage of Penfold's flagship red wine, Grange, was released today, after scoring a perfect 100 points from noted US wine magazine Wine Advocate. It's the first Grange to achieve the perfect score in 40 years.
Regularly regarded as Australia's greatest wine, Penfolds Grange has a very successful history stretching back to 1951. Bottles of the 1951 vintage are still held by collectors, with one selling at auction in 2004 for more than $50,000. The 1955 vintage has won more than 50 gold medals, with the 1971 vintage winning first place at the Wine Olympics in Paris. Later vintages have had as much success with the 1990 version named 'Red Wine of the Year' by respected Wine Spectator magazine, and the 1998 vintage scoring 99 points out of 100 from the same magazine.
Penfolds – owned by Treasury Wine Estates (ASX: TWE), has capitalised on Grange's popularity with the retail price set at a whopping $785 a bottle, 25% above the previous release. Interestingly, Australian retailers are offering the latest Grange at a big discount to the recommended retail price. Dan Murphy's – owned by Woolworths Limited (ASX: WOW) set the early running, offering a bottle for $669, but was soon undercut by US discount supermarket Costco, which has Grange on sale for $649.99 a bottle.
1st Choice Liquor – owned by Wesfarmers Limited (ASX: WES) subsidiary Coles, matched competitor Dan Murphy's price of $669, but the Dan Murphy's website has now matched Costco's price of $649.99 per bottle.
But buyers are warned that the latest Grange shouldn't be drunk for some time, with some wine critics suggesting you may well be disappointed. The full flavour is estimated to only come out after 15 to 20 years, at a minimum.
Foolish takeaway
Much like investing, Grange needs time to work its magic. Long term buy and hold strategies have been proven to outperform, allowing dividends and capital growth to compound over time.
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The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Motley Fool writer/analyst Mike King owns shares in Woolworths.
