%0 Journal Article %A Elie I. Bouri %T Fine Wine as an Alternative Investment during Equity Market Downturns %D 2015 %R 10.3905/jai.2015.17.4.046 %J The Journal of Alternative Investments %P 46-57 %V 17 %N 4 %X In this article, the author applies a dynamic conditional correlation model to examine the return relationships among fine wines and equity indexes from the United States, United Kingdom, Germany, France, and Japan. Using data spanning from January 2004 to September 2013, the first result provides evidence that fine wine is a hedge against equities. Additionally, fine wine is a weak safe haven during periods of market stress. These empirical results have practical implications for risk managers seeking to preserve the value of their equity portfolios during uncertainty periods where diversification benefits are the most needed.TOPICS: Real assets/alternative investments/private equity, developed, security analysis and valuation, mutual funds/passive investing/indexing %U https://jai.pm-research.com/content/iijaltinv/17/4/46.full.pdf