How to Measure Returns in the Past?

There's a large amount of academic research on wine as an asset class. Each bottle produced by a winery even can be thought of as its own individual stock. The outlook for that new batch wine is going to be different year to year. And when you're trying to look at returns over the past ten, 20, 30 years, these wines have been around for 50, 60, 100 years.

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