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November 9, 2015
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Bonhams, the auction house, is holding a scotch auction in New York on November 20th at beginning at 10:00am. A little early to drink in New York and London, but it is past 5:00pm in Hong Kong. – Smile!

Some really stunning bottles are being auctioned off including: –

Ardbeg Single Cask 1972
Distilled 27 Oct 1972, bottled 14 Oct 2004 by Ardbeg Distillery Limited.
Cask number 2780, Ping No. 1, bottle number 41 of 245. In presentation case. Good label. Level: into neck. 70 cl. Single malt, 51.4% volume

Footnote

There’ll be another scramble to Copenhagen when the world gets word of this one…sadly I didn’t get this until just after the last Bible went to press: as an October 2004 bottling this might have won Whisky of the Year, but we’ll never know! 51.4%. 245 bottles for Juuls Vinhande (Denmark). Rated 97. Jim Murray – Whisky Bible”

The Balvenie 50 Year Old 1952
In cask 26th January 1952, bottled 5th September 2002. Distilled & bottled by The Balvenie Distillery Company.
Cask 191. Bottle number 36 of 83. In wooden presentation case. Good label. Level: very top shoulder. 70 cl. Single malt, 45.1% volume

Bruichladdich 40 Year Old 1964
Distilled 22nd October 1964 by Bruichladdich Distillery.
Bottle number 152 of 550. Level: high shoulder. 700 ml. Single malt, 43.1% volume

The Macallan Millennium Decanter 50 Year Old 1949
Distilled January 1949, bottled August 1999 by The Macallan Distillers Ltd.
Caithness Glass, hand blown crystal decanter. In fitted wooden presentation case with copper-clad crystal stopper. Original shipping box. 700 ml. Single malt, 43% volume

Gary D’Urso, Bonhams, Specialist – Whisky, New York, United States

+1 917 206 1653
Fax: +1 212 644 9009
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August 15, 2014
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Equity Market Performance

The first quarter of 2014 produced positive equity market returns. For the first quarter ending March 31, 2014, the Standard & Poor’s 500 Index (“S&P 500”) produced a total return [including dividends] of 1.8%. The Dow Jones Industrial Index (“Dow”) and the Nasdaq Composite Index (“Nasdaq”) produced total returns of (0.2)% and 0.8%, respectively. Measuring only capital appreciation, the S&P 500 produced a return of 1.3%, while the Dow and the Nasdaq produced returns of (0.7)% and 0.5%, respectively.

The second quarter of 2014 produced positive equity market returns. For the second quarter ending June 30, 2014, the S&P 500 produced a total return [including dividends] of 5.2%. The Dow and the Nasdaq produced total returns of 2.8% and 5.3%, respectively. Measuring only capital appreciation, the S&P 500 produced a return of 4.7%; while the Dow and the Nasdaq produced returns of 2.2% and 5.0%, respectively.

Through the first half of 2014 the equity market produced positive returns. For the first half of 2014, the S&P 500 produced a total return [including dividends] of 7.1%. The Dow and the Nasdaq produced total returns of 2.7% and 6.2%, respectively. Measuring only capital appreciation, the S&P 500 produced a return of 6.1%; while the Dow and the Nasdaq produced returns of 1.5% and 5.5%, respectively.

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March 8, 2014
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Posting Also Available at: www.jcgoodgal.com/investment

Jay Charles Goodgal, Comment:

Portfolio Allocation
An improving U.S. current account position is having a significant impact on the attractiveness of U.S. equity and fixed income markets. The improving U.S. current account balance is increasing liquidity in the U.S. which is making its way into the equity and fixed income markets. Given the uncertainty of China and Japan to continue to finance U.S. government deficits, the improvement in the U.S. current account balance may enhance, if not offset, investment in U.S. assets by foreign investors.

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May 21, 2013
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Three integrated industries, water, agriculture and shipping face an interesting long-term problem resulting from the depletion of the High Plains Aquifer in the U.S. Should the expectant result come to pass, global markets will also be impacted.

The High Plains Aquifer (“HPA”) that begins beneath Wyoming and South Dakota and stretches clear to the Texas Panhandle is the key source of water for agricultural production in the U.S. Portions of the High Plains Aquifer are rapidly being depleted by farmers who are pumping too much water to irrigate their crops, particularly in the southern half in Kansas, Oklahoma and Texas. Draining the HPA has been occuring for years and now the results of pumping for irrigation such quantities of water are becoming increasingly apparent in the southern areas of the HPA. While in many locations the HPA may support water demands for in excess of 100s of years, as one goes south, increasingly the HPA is dry, having been impacted by irrigation and drought.

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May 1, 2013
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Url: The Looming Threat of Global Water Scarcity

WaterPolitics.com is a website and blog that addresses the geo-political issues relating to the growing water scarcity. On April 21st, “The Looming Threat of Water Scarcity” was published on its blogsite. While we have highlighted report below, the entire discussion is worth a serious read. The issue of agriculture and water will consume the global society, but also economic growth, investors and politicians over the next twenty to forty years and beyond.

Some 1.2 billion people, or nearly 1/5 of the world, live in areas of physical water scarcity. Another 1.6 billion face what can be called economic water shortage. The situation is only expected to worsen as population growth, climate change, investment and management shortfalls, and inefficient use of existing resources restrict the amount of water available to people. It is estimated that by 2025 fully 1.8 billion people will live in countries or regions with absolute water scarcity, with almost half of the world living in conditions of water stress. By 2050, it is projected that as much as 75% of the world’s population could face freshwater scarcity. The most challenging aspect of these life threatening statistics is that the likelihood of civil strife or violent conflict becomes evermore real given the scarcity of global water resources.

As the global population expands from its current 7 billion to between 9 billion and 11 billion by 2050 (United Nations, Food and Agriculture Organization (“FAO”)), demand from consumers, industry and agriculture will further stress water resources.  Whether climate change alters the supply and exacerbates the problem is open for debate, however, any changes to current rainfall patterns will surely complicate an already difficult problem.

Water scarcity is defined in many ways. Physical scarcity is when there is not enough water to meet demand; some of its symptoms include, severe environmental degradation, declining groundwater, and unequal water distribution. Economic water scarcity occurs when there is a lack of investment and proper management to meet the demand of people who do not have the financial means to use existing water sources or build appropriate infrastructure. For example, the Asia-Pacific region is home to almost 60% of the world’s population, yet it only has 36% of global water resources. Parts of northern China, India, and Pakistan currently suffer from both physical and economic scarcity. According to the U.N. FAO and UN Water, global water use has been growing at more than twice the rate of population increase in the last century.

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