In March 2020, right at the start of the global pandemic, the S&P 500 plunged 25 pc. In the same month the Liv-ex 1000, the fine wine index that tracks the prices of 1,000 top-performing bottles, slipped just 4 pc. We see the same pattern if we jump back to the recession of 2007-2008 when the S&P 500 plunged 38.5 pc. In contrast, the Liv-ex 1000 dipped by just 0.6 pc.
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