Neilson, Poirot and Treasury Wine

Greg Hoffman employs a diverse cast of characters in his quest for hidden value deep inside this troubled wine group.

‘Does anybody know how much it costs to manufacture a tube of toothpaste?’ Platinum’s Kerr Neilson asked a room of hundreds of attendees at our 2012 Sydney Value Investing Conference. Nobody did. This is the best type of business, he explained – one in which revenue is totally disconnected from input prices.

That’s certainly the case for a bottle of Penfolds wine, which is among a clutch of prestige wine brands that have become global status symbols and collectibles. But Penfolds has an advantage over other wine producers, one peculiar to it.

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