WEBVTT - Fine Wine from Around the World

0:00:00.080 --> 0:00:03.360
<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

0:00:03.440 --> 0:00:05.800
<v Speaker 1>Tim Stenebeck on Bloomberg Radio.

0:00:06.120 --> 0:00:08.960
<v Speaker 2>So we had thirsty Thursday, now we have Friay soon

0:00:09.000 --> 0:00:11.560
<v Speaker 2>wrapping up the week.

0:00:11.320 --> 0:00:13.560
<v Speaker 1>To help us do So that's just shake it out me.

0:00:13.680 --> 0:00:14.040
<v Speaker 1>Thank you.

0:00:14.080 --> 0:00:17.759
<v Speaker 2>Sarah Livesey here to help us and stopping via Bloomberg

0:00:17.800 --> 0:00:21.000
<v Speaker 2>Interactive Broker Studio is the founder of Pangaea Estates. Travis

0:00:21.000 --> 0:00:24.120
<v Speaker 2>Baithwaite Braithwait he is here in our studios like I

0:00:24.160 --> 0:00:25.520
<v Speaker 2>was drinking already, Sorry about that.

0:00:26.400 --> 0:00:28.520
<v Speaker 1>Travis, Welcome, Welcome, Nice to have you here.

0:00:28.760 --> 0:00:29.760
<v Speaker 3>Thanks, thanks for having me.

0:00:30.000 --> 0:00:31.920
<v Speaker 2>You know, I am thinking you would be a great

0:00:31.920 --> 0:00:36.440
<v Speaker 2>diplomat because concerning this wine that you guys have created.

0:00:36.479 --> 0:00:39.959
<v Speaker 2>You brought together wineries right in the US, France, Spain.

0:00:39.840 --> 0:00:41.160
<v Speaker 1>South Africa, and Argentina.

0:00:41.320 --> 0:00:42.000
<v Speaker 3>Yep, that's it.

0:00:42.120 --> 0:00:43.879
<v Speaker 1>Tell us how you did this and why you did it.

0:00:44.280 --> 0:00:47.279
<v Speaker 3>So curiosity actually got the best of me. I'd been

0:00:47.280 --> 0:00:49.559
<v Speaker 3>working in the wine industry for quite some time, and

0:00:49.880 --> 0:00:52.640
<v Speaker 3>I sort of thought to myself, you know, globalization had

0:00:52.720 --> 0:00:55.520
<v Speaker 3>hit many industries around the world, and the wine industry

0:00:55.560 --> 0:00:57.080
<v Speaker 3>had kind of still been a little bit stuck in

0:00:57.120 --> 0:01:00.480
<v Speaker 3>its traditions. And its original theories and ideas, and it

0:01:00.520 --> 0:01:02.280
<v Speaker 3>was an industry that I saw could do with a

0:01:02.280 --> 0:01:06.440
<v Speaker 3>bit of a shakeup. And I thought to myself, what

0:01:06.440 --> 0:01:08.760
<v Speaker 3>would a wine taste like in a blend, like a

0:01:08.760 --> 0:01:11.880
<v Speaker 3>border style blend. If every variety in the world was

0:01:11.920 --> 0:01:14.560
<v Speaker 3>grown in the location the terra with a grape could

0:01:14.640 --> 0:01:17.920
<v Speaker 3>ripen its best in essence, giving you the best expression

0:01:17.920 --> 0:01:20.440
<v Speaker 3>of that variety, what would that wine taste like. No

0:01:20.440 --> 0:01:22.320
<v Speaker 3>one had ever tried it, no one had ever seen it,

0:01:22.440 --> 0:01:25.240
<v Speaker 3>no one had even had even contemplated putting it together.

0:01:25.920 --> 0:01:28.320
<v Speaker 3>And the curiosity kind of sparked in me, and I

0:01:28.319 --> 0:01:31.120
<v Speaker 3>started looking at the idea. And then one year I

0:01:31.160 --> 0:01:33.400
<v Speaker 3>just couldn't take it anymore. It was just eating away

0:01:33.440 --> 0:01:35.360
<v Speaker 3>at me too much. So jumped in a plane, took

0:01:35.400 --> 0:01:38.560
<v Speaker 3>two years off, traveled, tasted grapes and different vineyards.

0:01:38.640 --> 0:01:41.440
<v Speaker 1>Okay, first of all people just being like, wait a minute,

0:01:41.440 --> 0:01:43.000
<v Speaker 1>what put it two years off and just jumped in

0:01:43.040 --> 0:01:44.720
<v Speaker 1>a plane. But that's another story.

0:01:44.800 --> 0:01:47.480
<v Speaker 3>You have to dedicate time to these sort of things.

0:01:47.480 --> 0:01:49.200
<v Speaker 3>If you're going to change something, you got to really

0:01:49.200 --> 0:01:51.200
<v Speaker 3>put in the effort. I wanted to make sure that

0:01:51.240 --> 0:01:52.680
<v Speaker 3>I was in the right place, that i'd done the

0:01:52.760 --> 0:01:55.960
<v Speaker 3>right research. I've seen the right things sitting in my

0:01:56.000 --> 0:01:58.760
<v Speaker 3>hotel room, playing around with wine and trying ideas and

0:01:58.760 --> 0:01:59.920
<v Speaker 3>looking at different ways to do that.

0:02:00.400 --> 0:02:04.280
<v Speaker 1>So keep going. So like, did you approach wineries and

0:02:04.360 --> 0:02:04.680
<v Speaker 1>was it like?

0:02:04.800 --> 0:02:07.600
<v Speaker 3>So I approached you different grape growers because the intention

0:02:08.000 --> 0:02:10.520
<v Speaker 3>you can't make good wine without good grapes. So the

0:02:10.560 --> 0:02:12.880
<v Speaker 3>idea for me was a grape when it has the

0:02:12.960 --> 0:02:16.480
<v Speaker 3>right opportunity to ripen in full, it expresses itself. The

0:02:16.480 --> 0:02:18.640
<v Speaker 3>best is that variety. So what I did is I

0:02:18.680 --> 0:02:20.320
<v Speaker 3>did some research, and I was like, where do each

0:02:20.360 --> 0:02:23.480
<v Speaker 3>of these varieties because your border blend is Cab Murlow,

0:02:23.840 --> 0:02:26.800
<v Speaker 3>Covenor Frank Mulberk and Petivodo. I was like, where do

0:02:26.880 --> 0:02:29.200
<v Speaker 3>the best of each of these varieties come from? Who

0:02:29.240 --> 0:02:31.760
<v Speaker 3>makes them the best? So that's where I traveled to

0:02:31.800 --> 0:02:34.280
<v Speaker 3>have a look and see and try and sort of

0:02:34.320 --> 0:02:39.079
<v Speaker 3>experiment and play through. So I wanted to try something

0:02:39.600 --> 0:02:42.160
<v Speaker 3>that made sense because the blend was made everywhere in

0:02:42.160 --> 0:02:44.080
<v Speaker 3>the world. Everywhere in the world, someone makes a fight

0:02:44.080 --> 0:02:44.640
<v Speaker 3>by the way.

0:02:44.520 --> 0:02:46.680
<v Speaker 4>This is what I So I've always been in love

0:02:46.720 --> 0:02:49.600
<v Speaker 4>with the idea of Pangaea, which is I don't know

0:02:49.639 --> 0:02:52.680
<v Speaker 4>how many one hundred million years ago, when all of

0:02:52.720 --> 0:02:55.839
<v Speaker 4>the land masses on Earth that are now separate were

0:02:55.960 --> 0:02:58.760
<v Speaker 4>one right, and then they started being pushed. That's why

0:02:58.800 --> 0:03:03.240
<v Speaker 4>I love the idea of this wine, because you bring

0:03:03.360 --> 0:03:06.919
<v Speaker 4>together all of these diverse land masses in one bottle, so.

0:03:06.960 --> 0:03:08.960
<v Speaker 3>That that was the theory. At one point, every single

0:03:09.000 --> 0:03:10.960
<v Speaker 3>grape growing region in the world was in the same

0:03:11.120 --> 0:03:14.120
<v Speaker 3>place technically, you know, obviously it was adjusted slightly differently

0:03:14.120 --> 0:03:16.640
<v Speaker 3>in more north and south, but it all split apart

0:03:16.680 --> 0:03:19.600
<v Speaker 3>through a catastrophic, crazy event. You know, the plate shifted

0:03:19.639 --> 0:03:22.400
<v Speaker 3>and everything moved, and then grapes and the label kind

0:03:22.400 --> 0:03:25.679
<v Speaker 3>of expresses that grapes were smuggled and vines were smuggled

0:03:25.680 --> 0:03:28.560
<v Speaker 3>around the world. So the ocean played a massive role

0:03:28.560 --> 0:03:31.000
<v Speaker 3>in the breaking up of Pangaea, but also how the

0:03:31.000 --> 0:03:34.200
<v Speaker 3>grapes then moved back to these locations from a central

0:03:34.240 --> 0:03:37.000
<v Speaker 3>sort of point. So vines were smuggled, things were moved

0:03:37.000 --> 0:03:39.400
<v Speaker 3>around the world, things were planted. It was like a

0:03:39.640 --> 0:03:42.480
<v Speaker 3>wild West of the time basically, you know, And for

0:03:42.600 --> 0:03:45.000
<v Speaker 3>me it was important to have a look at this

0:03:45.080 --> 0:03:47.880
<v Speaker 3>concept and say, you know, everyone talks about what terr

0:03:48.000 --> 0:03:50.520
<v Speaker 3>y is, and this wine is five terr wars in

0:03:50.520 --> 0:03:52.880
<v Speaker 3>one bottle. So it's an expression of a of a blend.

0:03:52.880 --> 0:03:56.160
<v Speaker 3>That every terrah is the location where a grape has grown,

0:03:56.320 --> 0:03:58.880
<v Speaker 3>So your soil, your climate, your unique climate that a

0:03:59.000 --> 0:04:01.320
<v Speaker 3>grape has grown. And so in France, who you know,

0:04:01.400 --> 0:04:05.840
<v Speaker 3>Bordeaux a specific terrooa which grows bored over ietols. Napa

0:04:05.920 --> 0:04:08.560
<v Speaker 3>Valley is a terro that grows cabinet. So for me,

0:04:08.640 --> 0:04:11.640
<v Speaker 3>it was important to stick to the tradition of what

0:04:11.680 --> 0:04:13.920
<v Speaker 3>the blend is because it's the most noble of the blends.

0:04:14.240 --> 0:04:16.280
<v Speaker 3>But see what it would taste like in a different,

0:04:16.480 --> 0:04:16.960
<v Speaker 3>different way.

0:04:17.200 --> 0:04:18.599
<v Speaker 1>Well, speaking of taste.

0:04:21.000 --> 0:04:28.400
<v Speaker 5>Oh, Carol just tried to uncork a five hundred dollars

0:04:28.440 --> 0:04:30.400
<v Speaker 5>bottle of wine and she broke the cork.

0:04:31.200 --> 0:04:33.200
<v Speaker 4>Now, I don't think that should be a problem.

0:04:33.480 --> 0:04:35.400
<v Speaker 3>I think I need to get you, guys another opener

0:04:35.440 --> 0:04:37.080
<v Speaker 3>for the show. You want me to pull it, I

0:04:37.120 --> 0:04:37.599
<v Speaker 3>don't think.

0:04:37.480 --> 0:04:41.760
<v Speaker 4>It should be because Travis, Yes, Travis saves the day.

0:04:41.839 --> 0:04:43.479
<v Speaker 1>Oh my god, I was sore here. Okay, but I

0:04:43.520 --> 0:04:45.360
<v Speaker 1>can't so you keep talking.

0:04:45.040 --> 0:04:49.200
<v Speaker 4>And our poor but uh, I'm glad you're pouring because

0:04:49.480 --> 0:04:51.400
<v Speaker 4>she's not great at getting corks out of the bottles,

0:04:51.440 --> 0:04:57.599
<v Speaker 4>but she's very good, big glass. I look, I quit

0:04:57.720 --> 0:04:59.960
<v Speaker 4>drinking last year, and since I started doing this show,

0:05:00.080 --> 0:05:01.040
<v Speaker 4>I've been drunk every night.

0:05:02.600 --> 0:05:04.440
<v Speaker 3>So this wine is pretty interesting in a sense as

0:05:04.480 --> 0:05:07.120
<v Speaker 3>well that it's. The idea behind the style of the

0:05:07.120 --> 0:05:12.320
<v Speaker 3>wine was something with elegance, finesse, structure, power, age ability.

0:05:12.880 --> 0:05:14.719
<v Speaker 3>I really wanted to make a wine that was not

0:05:15.600 --> 0:05:17.320
<v Speaker 3>as a lot of people would think with this wine.

0:05:17.360 --> 0:05:19.520
<v Speaker 3>They thought it would just be an over extracted fruit bomb,

0:05:20.200 --> 0:05:23.960
<v Speaker 3>you know, something very much perfect, that crowd pleasing. But

0:05:24.000 --> 0:05:25.680
<v Speaker 3>I wanted to create something that was true to the

0:05:25.680 --> 0:05:28.400
<v Speaker 3>tradition of the border blend. Border blends age better than

0:05:28.400 --> 0:05:29.800
<v Speaker 3>any other wine in the world, and I wanted to

0:05:29.839 --> 0:05:32.280
<v Speaker 3>create something that was going to outlive me by years

0:05:32.839 --> 0:05:33.200
<v Speaker 3>and the age.

0:05:33.360 --> 0:05:35.480
<v Speaker 4>Where are you actually from, by the way, So I.

0:05:35.400 --> 0:05:37.760
<v Speaker 3>Grew up in South Africa, So live I grew up

0:05:37.760 --> 0:05:41.080
<v Speaker 3>in Stuttambas and live between Cape Town, London and the States.

0:05:41.080 --> 0:05:42.599
<v Speaker 3>At the moment, how tough was.

0:05:42.560 --> 0:05:44.280
<v Speaker 1>It there figuring out the blend, Like how much playing

0:05:44.360 --> 0:05:44.719
<v Speaker 1>did you do?

0:05:45.000 --> 0:05:48.360
<v Speaker 3>It was not easy at all. And hence my business

0:05:48.440 --> 0:05:50.640
<v Speaker 3>partner who is in on the project now is the

0:05:50.680 --> 0:05:54.080
<v Speaker 3>world's greatest wine blender, Michelle Roulon. Yeah, Michelle has been

0:05:54.120 --> 0:05:57.200
<v Speaker 3>responsible for pretty much every great wine on the planet

0:05:57.240 --> 0:06:01.359
<v Speaker 3>for the last you know, forty years. He works with

0:06:01.400 --> 0:06:04.680
<v Speaker 3>some great names, He does a lot of blending, and

0:06:04.720 --> 0:06:06.760
<v Speaker 3>he's the only person who I could think of who

0:06:06.800 --> 0:06:09.080
<v Speaker 3>knew every region of this world and had made wine

0:06:09.080 --> 0:06:10.240
<v Speaker 3>there and knew it.

0:06:10.320 --> 0:06:12.599
<v Speaker 1>Well, did you know that you're gonna have to lean heavy,

0:06:12.640 --> 0:06:13.880
<v Speaker 1>cab No.

0:06:14.120 --> 0:06:17.279
<v Speaker 3>So the original concept was make the varieties in each country,

0:06:17.279 --> 0:06:19.840
<v Speaker 3>and the blend dictates how it works. So the first

0:06:19.920 --> 0:06:23.960
<v Speaker 3>vintage is Cabinet dominance, the second vintage is Merlow dominant. Interesting,

0:06:24.000 --> 0:06:26.159
<v Speaker 3>then we go back to cabinet, and then in eighteen

0:06:26.160 --> 0:06:27.200
<v Speaker 3>it's Mulbeck dominance.

0:06:28.440 --> 0:06:29.680
<v Speaker 1>So you play around with it. Yep.

0:06:30.080 --> 0:06:31.840
<v Speaker 3>The idea is the same as any greater state in

0:06:31.880 --> 0:06:33.680
<v Speaker 3>the world. We make the best wine that we can.

0:06:34.160 --> 0:06:36.800
<v Speaker 3>The only difference is we have five different terewas and

0:06:36.839 --> 0:06:39.839
<v Speaker 3>climate issues to deal with every year. We harvest all year.

0:06:40.080 --> 0:06:42.159
<v Speaker 2>That's what I've when I was reading about you, I

0:06:42.200 --> 0:06:45.600
<v Speaker 2>was thinking, Okay, this is climate change and you guys

0:06:45.600 --> 0:06:47.120
<v Speaker 2>are adapting to it.

0:06:47.160 --> 0:06:49.159
<v Speaker 1>Is that fair well to some extent? Or is that

0:06:49.240 --> 0:06:49.919
<v Speaker 1>an influence?

0:06:50.440 --> 0:06:53.159
<v Speaker 3>Not really so much for this project? Okay, because this

0:06:53.240 --> 0:06:54.960
<v Speaker 3>is very traditional, So If you look at the regions

0:06:54.960 --> 0:06:56.960
<v Speaker 3>we're in three of the oldest in the world and

0:06:57.040 --> 0:07:00.520
<v Speaker 3>two of the newer. So it's regions that have been

0:07:00.560 --> 0:07:02.479
<v Speaker 3>growing these grapes for a very long time. It's not

0:07:02.520 --> 0:07:06.040
<v Speaker 3>like a new thing in this region so for us.

0:07:06.120 --> 0:07:08.839
<v Speaker 2>But the ability to kind of adapt depending on maybe

0:07:08.960 --> 0:07:09.560
<v Speaker 2>how things.

0:07:09.560 --> 0:07:11.720
<v Speaker 3>Well, that's for the future of this concept of this

0:07:11.840 --> 0:07:14.680
<v Speaker 3>trend of wine is people who love wine. Why would

0:07:14.720 --> 0:07:16.920
<v Speaker 3>you not want to try this? Why would you not

0:07:16.960 --> 0:07:20.320
<v Speaker 3>want to be able to add a variety to your

0:07:20.320 --> 0:07:23.560
<v Speaker 3>blend that will be stronger than the country you actually

0:07:23.560 --> 0:07:24.840
<v Speaker 3>live in and have your cellar in.

0:07:25.200 --> 0:07:27.080
<v Speaker 1>I'm going to get yelled at by Matt's wife because

0:07:27.120 --> 0:07:27.520
<v Speaker 1>it's like.

0:07:28.400 --> 0:07:31.160
<v Speaker 4>As someone who doesn't drink wine, I totally agree with

0:07:31.200 --> 0:07:34.680
<v Speaker 4>you to drink wine. I mean, I love wine and

0:07:34.760 --> 0:07:37.120
<v Speaker 4>I like to drink copious amounts of it, but I

0:07:37.120 --> 0:07:38.960
<v Speaker 4>don't really know anything about it.

0:07:39.040 --> 0:07:41.840
<v Speaker 1>This is lovely. First of all, the legs are gorgeous, Like.

0:07:41.800 --> 0:07:44.840
<v Speaker 3>As you look at this is a massive I mean

0:07:44.920 --> 0:07:47.360
<v Speaker 3>I would recommend to consumers who buy it if they're

0:07:47.360 --> 0:07:49.760
<v Speaker 3>going to drink it now, you need to decant this

0:07:49.800 --> 0:07:52.080
<v Speaker 3>for about eight hours five to eight hours.

0:07:51.760 --> 0:07:51.960
<v Speaker 2>Wow.

0:07:52.200 --> 0:07:54.120
<v Speaker 3>If you have double decanting ability.

0:07:53.800 --> 0:07:55.360
<v Speaker 1>So we're not even getting the full field of it.

0:07:55.480 --> 0:07:57.720
<v Speaker 3>If you drink this now over the next hour, you'll

0:07:57.760 --> 0:07:59.840
<v Speaker 3>see how it develops, how the tannins kind of drop off,

0:07:59.840 --> 0:08:02.760
<v Speaker 3>the fruit comes into play, the acidity rounds off. It's

0:08:02.760 --> 0:08:05.960
<v Speaker 3>a wine that that really evolves in the glass. And

0:08:06.000 --> 0:08:07.440
<v Speaker 3>that's been the thing that has really shocked a lot

0:08:07.440 --> 0:08:09.280
<v Speaker 3>of people because they expected it to sort of be

0:08:10.080 --> 0:08:13.480
<v Speaker 3>not as complicated as it is, but it truly is

0:08:14.080 --> 0:08:16.000
<v Speaker 3>a It's a complicated monster.

0:08:16.120 --> 0:08:18.040
<v Speaker 1>This one your director consumer.

0:08:17.840 --> 0:08:19.400
<v Speaker 3>Yes, we may need the direct to consumer.

0:08:19.520 --> 0:08:21.880
<v Speaker 1>You're only available by invite, Is that true? Yes?

0:08:22.080 --> 0:08:24.200
<v Speaker 3>Yeah, so we So how do we get an invitation?

0:08:24.280 --> 0:08:26.760
<v Speaker 3>So you go go into our go into our website

0:08:26.800 --> 0:08:30.840
<v Speaker 3>Plangia States dot com, and you sign up there and

0:08:31.080 --> 0:08:33.760
<v Speaker 3>we then allocate you to the allocation list. As our

0:08:33.840 --> 0:08:34.560
<v Speaker 3>volumes increase.

0:08:34.679 --> 0:08:35.760
<v Speaker 1>How many battles have you done?

0:08:35.840 --> 0:08:38.240
<v Speaker 3>Like in the first vintage, I needed twenty six hundred

0:08:38.240 --> 0:08:41.360
<v Speaker 3>for the consuming market, so very small production. We have

0:08:41.440 --> 0:08:45.760
<v Speaker 3>the ability to grow. But my theory behind it was,

0:08:46.040 --> 0:08:48.000
<v Speaker 3>you know, this is a new project, it's something interesting.

0:08:48.040 --> 0:08:49.920
<v Speaker 3>Wanted to see what the wine tasted like first, so

0:08:50.000 --> 0:08:52.800
<v Speaker 3>jumped in the deep end, made it and realized it

0:08:52.960 --> 0:08:54.280
<v Speaker 3>actually surpassed the expectation.

0:08:55.120 --> 0:08:59.640
<v Speaker 1>Taste pretty good. Yeah, it's so good. I mean, it's interesting.

0:08:59.760 --> 0:09:02.280
<v Speaker 4>Yeah, and I also I just want to leave my

0:09:02.440 --> 0:09:05.560
<v Speaker 4>nose in the glass, you know, and just continue work

0:09:05.640 --> 0:09:05.920
<v Speaker 4>like this.

0:09:06.040 --> 0:09:08.439
<v Speaker 1>And this is the guy, this is the just got

0:09:08.440 --> 0:09:09.319
<v Speaker 1>about twenty seconds.

0:09:09.640 --> 0:09:12.720
<v Speaker 3>So if you think about it, this wine is truly

0:09:12.960 --> 0:09:14.760
<v Speaker 3>unique in a sense that very few people on the

0:09:14.800 --> 0:09:16.679
<v Speaker 3>planets have actually tasted, so you guys are some of

0:09:16.720 --> 0:09:19.920
<v Speaker 3>the first, and that every variety is in a competition

0:09:20.000 --> 0:09:22.640
<v Speaker 3>for hierarchy and to be better. So it's so complicated,

0:09:22.640 --> 0:09:25.839
<v Speaker 3>it's so nuanced, it's so interesting. So for a wine lever,

0:09:25.920 --> 0:09:27.200
<v Speaker 3>this is a truly unique product.

0:09:27.520 --> 0:09:29.240
<v Speaker 2>Let's know how it's going because we'd love to talk

0:09:29.280 --> 0:09:31.800
<v Speaker 2>more about it in the future. Travis breithwait he is

0:09:31.840 --> 0:09:34.600
<v Speaker 2>the founder of Pangaea Estates, joining us here in studio

0:09:34.640 --> 0:09:35.559
<v Speaker 2>making our frye