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How to invest in Bordeaux hops
There are two important moments for the hops in Bordeaux, France: the first is the time and price of the hops, and the second is the score of Robert Parker, the God of wine.
Bordeaux's hops trade has a history of hundreds of years. Since it takes about three years for high-quality wine to be harvested, brewed in barrels, bottled and then transported to retail stores, many famous wineries will sell futures when brewed in barrels, which is commonly known as "hops". Take the grapes harvested in 2010 as an example. From March to may 2011, wine tasters and wine merchants can make a preliminary taste, and then pay for hops. They can receive wine in 2013. Of course, after purchasing hops, the buyer can resell the right of hops to others before picking up the goods, in addition to waiting for the wine to be received in two years.
When selling hops, buyers may not have the opportunity to taste the newly brewed wine, and even after tasting, they may not have the experience to make judgments, so the score of famous wine critics is the best reference.


Among the world's wine critics, Parker's score is the most important. He is the founder of the wine advocate magazine and founded the RP wine scoring system. The scoring range is 50 to 100 points: color and appearance account for 5 points, aroma for 15 points, flavor and finish for 20 points, overall quality or potential for 10 points, and then add 50 points. Wine with an overall score of less than 70 is considered "unqualified". 70-79 points are ordinary, 80-89 points are good, and more than 90 points are excellent, which can sell at a better price. Some retail stores will hang "rp90" stickers as the best propaganda words. If the full score of 100 points can be reached, the wine price will be greatly appreciated. For example, the price of a Bordeaux winery with a vintage of 100 points will be more than twice that of 95 points.
For the score of hops, Parker will make a preliminary evaluation first, and then confirm it after brewing. Take the 2010 Bordeaux wine as an example. Parker just released the confirmed score on March 1, 2013. The wine he gave full marks brought great surprise to the market.
The original tentative Full Score wine includes three first-class wineries, Lafite, Latour and Haut Brion, plus nine wineries, including Petrus, Ausone, La mission Haut Brion, Chateau l'eglise clinet, Beausejour and Pontet canet. Results in the confirmation on March 1, only five retained 100 points, including Latu and Obiang of the first-class winery, plus Bertus, Bosse and Ponte CaNaY. As for the familiar Raffi, BaoHen only got 98 points. Parker also added five new full marks, including Pope Clement, Cheva l Blanc, Le Pin, etc.
Seeing this score, I believe the people who feel the most unhappy are those who bought 2010 Lafite hops. At that time, Lafite was expected to get 100 points, with an average of 200000 Hong Kong dollars (about 160000 yuan) per box, but it might not be worth buying wine with only 98 points at this price.
Therefore, my strategy of investing in hops is to buy first-line wineries in ordinary years, but to invest in second-line wineries in particularly good years. This is the same as stock investment. It is not necessary to buy stocks with "100 points", because the price of these stocks may be pushed to a new high by good performance expectations, and there may not be room for rise. On the contrary, the price of second and third tier "good" stocks is relatively cheap, and the rising potential is more considerable.
In the "good years" of Bordeaux in 2009 and 2010, I didn't buy the flowers of first-class wineries, but bought secondary wineries such as Pichon Lalande, Pichon Baron, Lynch bages, etc. at present, the increase recorded by them is higher than that of first-class wineries.
In the "ordinary year" of 2011, I bought Raffi and Latu's hops at a reasonable price. For example, each box of Lafite is only 5500 pounds, and lato, which launched hops in the last year, is only 4800 pounds, which should be a good investment. Because for first-class wineries, they will only choose the best grapes to make wine. They would rather have a decline in output than maintain quality.
As for Bordeaux wine in 2012, it may not be a very good year, because Europe experienced frost at the beginning of the year, the spring was dry and the rain was not enough, and the summer was very humid, causing mold to appear on the grapes. It is estimated that the price of hops in 2012 will not be too high.
Although the origin of hops is in France, the most traded place of Bordeaux hops in the world is in Britain. The hops purchased by the author in recent years are mainly through berry Bros. & Rudd (BBR), which was founded in 1698 and has a history of more than 300 years. It has a branch in Hong Kong. It can directly handle the matters of hops for me, and attach the analysis report; When wine is bottled, it can be transported to designated places or sold through their platforms as long as the price of more than 100 yuan per box is paid. For domestic friends, you can buy hops with credit card through their website; It's OK to buy and sell through familiar wine merchants, but the handling fee may be slightly higher.
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