Foreword Why is the wine industry so interesting? It is a business that is unique and has a mystique all its own. Many people have a personal relationship to the industry —primarily as wine drinkers. Behind the labels, the wine trade is full of fascinat- ing characters and companies. The global wine industry differs from other industries in several respects. First, the wine business is more vertically integrated than virtually any other. With the possible exception of farmer’s markets, no other industry grows its own raw material (winery-owned vineyards grow grapes), produces the product, and sells to the consumer as wineries do. The bottom line is that wineries must master many skills to be successful. Wine also is a lifestyle choice for many producers. Fortunes made elsewhere are often invested in Napa, Bordeaux, or Tuscany. This flow of funds floods the industry with excess capital, leading to an oversupply of
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