Hello, welcome to the wine edition of our special swag series of Slate Money.

This is where I, Felix Hammond of Axios, go through various

asset classes, investables and collectibles that don't generate any kind of cash flow, but people

seemingly consider investments anyway. We've talked about art, we've talked about Bitcoin,

we've talked about luxury goods've talked about bitcoin we've talked about luxury goods

and today we have dan rosenheck from the economist how are you dan great thank you very much

and you are going to talk about the most liquid asset of all which. I mean, it's literally liquid.

It sure is.

And you're the very first person in the world to ever make that pun.

But we're going to talk a bit about the liquidity of the wine world.

We are going to talk about which wines are the most liquid, not in physical sense, but in terms of being able to sell them easily.

We're going to talk about which

wines count as investment grade, how much it will cost to buy such a wine, and whether the

vast improvement in wine quality over the past couple of decades has changed that calculus at

all. All of that coming up on Slate Money Swag. So Dan, I hear that people

value wine sellers. It's a thing that they are like insured for certain amounts and they're

worth lots of money and they're bought and sold. Is it actually true to call

wine an asset class? It's certainly an object that people value and that some people are willing

to exchange large amounts of currency for. So in that sense, yes, any belonging can be an asset.

In general, I think when you talk about asset classes, you're referring to the idea that they will, something belonging to an asset class, at least has a chance to gain value in real terms over time. And then you can then compare those profits or those returns to the performance of other asset classes.

And there are definitely people who try to make money by investing in wine,

hoping to sell it at a later point in time for more than they paid for it.

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