Wine and Watches

I'm a year into this, and in that cycle of "I've got to have this watch!," then I buy it, then I wonder if I should have...  So I've been trying to learn about my preferences, and in doing so connected to my lifelong love and learning about wine.  Wine and Watches are fundamentally similar in two ways I think:  1). The essence of the good, 2). the market segmentation.  In wine you have history, geography, varietals, new releases, multiple dimensions of character, and all that is present in watches.  In short, there is a lot to learn and and a lot to love about watches.  The markets are also similarly segmented.  You have blue chip wines (first growth Bordeaux for example) and blue chip watches, you have cult wines from the new world (like Harlan) and cult watches (think Ming).  You have massed produced plonk and mass produced serviceable wines, and the same for watches.  You have low yield, low production wines and the microbrand and independent watches.  

Together, these traits lets you learn, grow, explore, and also have an opportunity to find great value that matches up with what you really love. 

But I'm still making regret purchases...  Any thoughts/insights on how to minimize them?

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good analogy between watches and wine. i appreciate and agree with your observations. i also see similarities between chronometers and coffee. 😉

these tips might help you minimize the regrets:
https://youtu.be/IKjyixLMqN0 
https://youtu.be/pS-zVgDsqkQ 
https://youtu.be/8SZWO0f6FEc 
 

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Funny, but subjective well-being researchers say over and over again that we are the absolute worst at predicting what will actually make us happy.  It's only through either empirical experience (trial and error) or surrogation (asking people who have done the exact same thing and finding out whether X made them happy or not) that we can reliably then know our own preferences.

I'm like you.  I'll buy stuff, and then figure out that I just ain't into it.  The only way I've found to minimize regret is to lower the overall transaction costs.  To do that, I've found who I believe to be the world's best AD, and buy and sell back to this gentlemen like a high frequency trader.  Due to the long-term, trusted relationship, he offers me great prices, both on purchases and trade-ins, and I bring him lots of business.

I know that folks will say to take your time and only make purchases after agonizing over them for an eternity...  but, I don't believe in that.  I believe that we have a finite amount of time on this planet, and it's better to spend money if it saves you time. 

But, then again...  maybe I'm wrong!  Ha!  😜

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The problem for a lot of us, I think, is that the more we have the more we want. In watches as in life. Simplicity is genius. Now...let me just follow up that next watch...🙄

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hakki501

good analogy between watches and wine. i appreciate and agree with your observations. i also see similarities between chronometers and coffee. 😉

these tips might help you minimize the regrets:
https://youtu.be/IKjyixLMqN0 
https://youtu.be/pS-zVgDsqkQ 
https://youtu.be/8SZWO0f6FEc 
 

Thanks for the reads - always looking for ways to spend more hours on this :)

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HotWatchChick69

Funny, but subjective well-being researchers say over and over again that we are the absolute worst at predicting what will actually make us happy.  It's only through either empirical experience (trial and error) or surrogation (asking people who have done the exact same thing and finding out whether X made them happy or not) that we can reliably then know our own preferences.

I'm like you.  I'll buy stuff, and then figure out that I just ain't into it.  The only way I've found to minimize regret is to lower the overall transaction costs.  To do that, I've found who I believe to be the world's best AD, and buy and sell back to this gentlemen like a high frequency trader.  Due to the long-term, trusted relationship, he offers me great prices, both on purchases and trade-ins, and I bring him lots of business.

I know that folks will say to take your time and only make purchases after agonizing over them for an eternity...  but, I don't believe in that.  I believe that we have a finite amount of time on this planet, and it's better to spend money if it saves you time. 

But, then again...  maybe I'm wrong!  Ha!  😜

That's smart - definitely a way to reduce the cost of regret.  Similar to trying to find new wines - have a really good relationship with an excellent shop (I like Moore brothers on the east cost of US) and even if you don't like it you still feel like the experience was useful.

I don't mind the researching since I'm still so new, but the marginal benefit of extra time agonizing drops considerably...

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I just cannot buy and sell. I buy wines put them in a wine fridge, then many years later I look up the price before drinking it. 2001 clos vougeot grand Cru, paid $60 now retailing over $800. I put it back in the fridge and pick up castillero del Diablo cabernet 2018. Gets the job done. My watch collection is the same.. GS SGBW231 oh so pretty so shiny, UN hammer head shark only 999 made.. still looks mint..  I put it back and pick up Hamilton Khaki field.. gets the job done. One day prolly regret.

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watchdawg

I just cannot buy and sell. I buy wines put them in a wine fridge, then many years later I look up the price before drinking it. 2001 clos vougeot grand Cru, paid $60 now retailing over $800. I put it back in the fridge and pick up castillero del Diablo cabernet 2018. Gets the job done. My watch collection is the same.. GS SGBW231 oh so pretty so shiny, UN hammer head shark only 999 made.. still looks mint..  I put it back and pick up Hamilton Khaki field.. gets the job done. One day prolly regret.

I can appreciate your thinking.  I have started opening up those "special" wines on non-special occasions.  The big, great days are already pretty great, but when I open a wine I've been holding on to on just a good day that evening can become memorable.  So I've been draining my cellar as of late...  Not sure if that transfers to watches though...