- Bargaineering - http://www.bargaineering.com/articles -

Roundup: Fake Fancy Wine is Still Fancy

Posted By Jim On 05/25/2012 @ 12:05 pm In Personal Finance | No Comments

You’ve probably heard of the study [3] where, in a blind taste test, most people can’t tell the difference between cheap and expensive wine. In fact, and this is a well know psychological idea, people trick themselves into believing more expensive wines taste better simply because it’s more expensive. I know this is true for me. My palate isn’t as fine tuned and I don’t drink enough wine to be able to tell the difference. I can tell the difference between a $4 bottle and a $12 bottle but I suspect I’d have trouble between a $12 and a $100. I don’t drink a lot of wine and I don’t drink any $100 bottles! (if you’d like to buy me a bottle of wine so we can test this theory, I’m happy to oblige)

But this isn’t a “you’re a fool for buying expensive wine” story, it’s more exciting. It’s about fake wine and Rudy Kurniawan [4]. It’s a fantastic post-mortem about how someone got hooked into a small part of the wine world and tricked them into believing his story. Ahh the perils of the 1% and wine collecting. I thought the story was fascinating.

Here are a few more fascinating stories:

  • My friend Adam Baker of Man Vs Debt is part of a group filming a documentary about complacency in life, title I’m Fine, Thanks [5]. They’re on Kickstarter now trying to raise the funds to complete the project. Please take a look, I think the documentary is compelling. (I don’t know if disclosure is necessary but I’m an early backer of the project)
  • I was included in a Time Moneyland slideshow about 10 Ways to Improve Your Financial Health [6] put together by Martha C. White. My advice? Emergency funds – boring but essential.
  • Linsey at Wise Bread shares 10 Awesome Money Making Hobbies [7]. Blogging was #4!
  • If you’re a sports aficionado, you have to appreciate the craziness of how the Staples Center hosted SIX playoff games in four days. Here’s a time lapse video of the transformations [8] (and games).
  • Mark Cuban doesn’t mince words and I enjoy reading his take on things, this time it looks at the Facebook IPO [9]. I can’t say I disagree with any of his points (especially the ones that go beyond Facebook).

Have a great weekend!

Article printed from Bargaineering: http://www.bargaineering.com/articles

URL to article: http://www.bargaineering.com/articles/roundup-fancy-wine-fancy-fancys-sake.html

URLs in this post:

[1] Tweet: http://twitter.com/share

[2] Email: mailto:?subject=http://www.bargaineering.com/articles/roundup-fancy-wine-fancy-fancys-sake.html

[3] study: http://www.guardian.co.uk/science/2011/apr/14/expensive-wine-cheap-plonk-taste

[4] fake wine and Rudy Kurniawan: http://nymag.com/print/?/news/features/rudy-kurniawan-wine-fraud-2012-5/

[5] I’m Fine, Thanks: http://www.kickstarter.com/projects/cranktank/im-fine-thanks

[6] 10 Ways to Improve Your Financial Health: http://moneyland.time.com/2012/05/24/10-ways-to-improve-your-financial-health-even-if-you-only-do-one/#a-personal-finance-buffet

[7] 10 Awesome Money Making Hobbies: http://www.wisebread.com/10-awesome-money-making-hobbies

[8] time lapse video of the transformations: http://www.youtube.com/watch?v=v4rZjGNYxuo&feature=player_embedded

[9] looks at the Facebook IPO: http://blogmaverick.com/2012/05/23/facebook-ipo-post-mortem-killer-but-not-for-the-reasons-you-think/

Thank you for reading!