In this episode, we discuss about new stock market highs in the US and great Napa Valley wines. In more detail, we look at the North and Central Coast regions in California (that include 139 AVAs) focusing on Oakville inside Napa Valley, and the tasting of the Opus One - a great wine. In parallel, we share what toppy stock indices hide behind the surface, what is the rationale behind the (probably last) Fed cut in this cycle and what may happen next in markets. Episode sponsored by Pantarai ADAPT.

Welcome to the Decanted portfolio podcast, available on Spotify and Apple podcast, where Bastien and I talk about wines and investing every week. This episode is related to Chianti, merchants and the bitcoin, all wildly unpredictable. The bitcoin lost 8% and recovered 10% in a couple of sessions for no apparent logical reason, away from demand-driven flows (we are at the end of Nov 2025). Such unpredictability can be also found in Tuscany, an Italian region full of beautiful landscapes and great wines. Did you know that the Chianti region was the first one on the planet to be limited in 1716? Around that initial Chianti Classico, 6 additional sub-regions were added. The quality of the Sangiovese, solid and winemaking is not consistent. You can find gems and stellar values, but also light wines with big acidity. We discuss about it with more insights in the episode.Moreover, who's the manufacturer behind any wine - a coop, an estate or a merchant - is important to know. Merchants in fact can be guarantee of quality, or can add unpredictability to a region. Bastien discusses examples about Condrieu in Norther Rhone, France.The show is sponsored by Pantarai ADAPT, an all weather investment strategy able to adjust daily to any markets conditions. It seeks to deliver consistent performance in all phases of the economic cycle. Approved and regulated for retail and institutional clients, listed on the stock exchanges of London and Amsterdam in Europe.

Bastien has been at the Decanter wine show at Singapore meeting over the week-end several great wine producers from key global regions - from New Zealand's Cloudy Bay to Spain's Aalto.

He has a lot to share, tune in!