A Glass of Vino?

Last week, Napa Valley was hit by a magnitude 6.0 earthquake that rocked the region and caused considerable damage to vineyards in the Valley, disrupting supplies and, ultimately, prices of the red and white stuff. This news coincided with a vacation that my wife and I took to Sicily. While touring the island, we visited a vineyard owned by an Italian Count who has invested a boatload in a state-of-the-art facility that turns out first-class vino.

The news in Napa and my visit to the Sicilian operation reminded me that there are parallels to the real estate business.  Common wisdom is that 80% of real estate companies employ 15 or fewer employees, and are niche players in their markets. At the other end of the spectrum are the more institutional players who own large portfolios and access the public and large private institutional markets.