That proved prescient after Treasury Wine Estate downgraded the earnings of its US business the following year, erasing more than $3 billion of market value. It would be the start of a difficult era for the company, worsened by harsh Chinese wine tariffs and the outbreak of COVID-19. “At some point, everything that’s priced for perfection reaches a point where expectations get too far ahead of themselves,” Aldrich adds. At the time of the hedge fund manager’s now infamous call on the wine producer, Bayberry Capital was barely a year old, having launched on April Fools’ Day in 2018. Learning...