Glory Days

I ended last night in conversation with a friend about modern business classics such as Den of Thieves, Liar's Parker, The Smartest Guys in the Room and A Random Walk. We were discussing the efficiency and inefficiency of financial markets. It got me thinking again about wine prices and my most recent "random walk" down the aisles of a wine store.

As I perused the selections available, a few bottles of Calera Pinot Noir, the single-vineyard stuff, caught my eye. $55 a bottle. If you have been into wine for a while, you'll remember the following. If you're new to wine, the story is as meaningful as ever.

Calera is an outstanding producer of California Pinot Noir. For a while in the mid-1990's, Calera was fairly cultish, tough to find, expensive vis-a-vis its peers at the time, but certainly of high quality. I dug out my notes on a seven-year old Calera from a wine dinner on February 3rd, 2001:

1994 Calera Pinot Noir, Selleck
Very good concentration of raspberries and cassis. Structured by nice, ripe tannins. Nice wine...etc, etc.

A fine showing by a seven-year old California Pinot Noir being that most are made in a more fashionable, drink-me-know fashion.

It was right around this time give or take a year or maybe a few months, that Josh Jensen of Calera came out with his now (in)famous newsletter of new releases wherein he explained that the he was rasing the price of Calera's single vineyard offering from $55 to $80 per bottle in order to keep his prices even with other top Pinot Noirs from California. Everyone in the wine business walked around with the same type of buzz that many of us had Tuesday morning as we saw months of growth in our 401(k)'s vanish (okay, perhaps I'm being a bit melodramatic, but you get the point). Not long thereafter, although quality has never waned, Calera dropped off the radar quite a bit.

So, during my recent "random walk" it was fitting that I saw Calera Selleck vineyard waiting for me on the shelf. After a period of time where Calera Pinot Noir was overpriced, the Calera stable has experienced a "market correction" and has returned to $55 dollars a bottle, right back where it was about seven years ago. I had visions of Jim Cramer in my head ("Buy!Buy!Buy!") and picked up a bottle to enjoy with a steak that evening. Admittedly, I enjoyed every last sip.

[Bruce Springsteen's Glory Days plays in the background. Fade.]

California Dreamin...

As the checkered flag dropped on yesterday's Auto Club 500, a 500-mile race in Fontana, California, I couldn't help but think to myslef that I wish I had made a weekend of it. I could've left Fonatana in the early evening following what was a pretty exciting race, caught some zzz's and been off early this morning to head down Route 15 to Temecula. Temecula is a great starting point for one's exploration of California's relatively unknown South Coast wineries, and one couldn't do better than beginning the morning at Temecula Hills Winery.

Admittedly, Temecula Hills winery is quite a bit larger than the micro-wineries we normally represent, but that doesn't mean there still isn't that homey feeling. The reason most wineries in the surrounding areas are on the larger side is part geography, part history. First of all, it is generally less mountanous here, and as a result there are less obtrusive geographical boundaries that naturally separate tracts of land. Secondly, this area is relatively new to commercial planting, and so a small number of (in my opinion very wise) investors were able to walk in and find the space to plant vineyards without restriction. This is not unlike what happened in the "lesser" AVA's located in the Central Coast in the 1960's.

Here's the difference. There are several ways to make the "rich, buttery" Chardonnays for which California wineries were long noted. The two most common are through full malo-lactic fermentation and the other is through the use of oak. If a winery employs both techniques without care, the result is an opulent, blowsy white that is more of a meal than a refreshment, and not entirely what I want.

This needs explanation. When Chardonnay grapes ferment - that is, turn their natural sugars into alcohol - that is called primary fermentation. The wine that results has a lot of green apple flavor and acidity, something known as malic acid. There another conversion that takes place, malo-lactic or secondary fermentation, that changes this more biting acidity into a creamier textured acidity, lactic acidity. (Think malic - milk, it is the same acid.) So there is a smoother mouthfeel. Winemakers allow malolactic fermentation to occur in varying degrees, some may choose no malolactic, full malolactic or somewhere in between. If the grapes are ultraripe, ultrasweet and high in alcohol (alcohol adds apparent sweetness to alcoholic beverages such as wine) then the wine becomes too "soft" in the mouth, very full, too creamy and overall not that friendly with most foods.

The same thing can happen with oak. Oak adds a certain vanilla, coconut flavor to the wine (in varying degrees depending on a lot of factors, a topic I hope to explore in the future). With the vanilla, coconut flavoring from oak and full malo-lactic fermentation and a lot of heat (and hence ripeness and alcohol), the wine becomes unbearably clumsy, weighty and sweet.

Luckily, one of our favorite stops in Temecula, where it is quite warm, is Temecula Hills Winery. Realizing that balance is always required in a wine (balance, as my regular readers already know, is what I most prize in a wine), Temecula Hills makes their Chardonnay sans oak, offering instead, pure, natural Chardonnay flavors and the essence of sunny Southern California. They opt for an unoaked Chardonnay, skipping the sweet oaky flavors that might throw the wine out of balance. The wine that results is fresh, flavorful juice that has a nice backbone.

Those of us on the east coast about now could probably use a bit of sunny, Southern California in a bottle. If you do, like I do, I recommend 2004 Temecula Hills Winery Unoaked Chardonnay without hesitation. Sunshine in a bottle - without the sunburn: Enjoy!