Constellation Brands (STZ) reported what I thought was a dismal third quarter. The market wasn't too worried about it, though. The stock closed down about one percent. Yes, that's a decline, but I honestly thought the numbers would have been worth a bit more in terms of selling pressure (volume was strong, however).

Then again, the real name of the game is beating the analyst projections. On that count, Constellation was a winner. The company made an adjusted 54 cents per share, two cents better than predictions, according to Earnings.com. So, I suppose Wall Street had to give credit to management for at least achieving some amount of success. This most likely kept the selling in check.

A friend of mine recently started a business and she is joined by her sister. So far, things are going fairly well. But, my friend realizes there are lots of potential problems when mixing family with business.

Well, this week, the founder of one of the most famous family businesses -- Robert Mondavi -- died this week. He was 94.

Mondavi launched his winery in 1966 and turned it into a global powerhouse. While he was innovative (by adding new computer technologies), he also realized there were some key European techniques that would be key for his success (such as stainless-steel fermentation tanks). He was also a marketing genius (hey, establishing a winery in California was certainly gutsy).

Actually, in 1943, Robert wanted his father to purchase the Charles Krug Winery. He agreed – so long as Robert would run it with his brother, Peter. The operation was in bad shape. But the brothers worked quickly to improve things (for example, they had the smart idea of having a tasting room for visitors).

In vino veritas. Amazon (NASDAQ: AMZN) is entering the wine business, but it may find it a difficult market. According to the FT, the company will "start selling wine in the US, entering a business fraught with regulatory complexities and littered with the wreckage of previous failures."

Some states don't like wine shipped from one place to another. It is alcohol and who can tell if a 12-year-old is ordering a bottle of the good stuff. There are also state tax implications. Each state wants every penny of its tax on liquor.

Perhaps just as difficult is the issue of whether wine drinkers would like to have a look at the bottle and the label. They can do that at the local wine store. If they aren't happy, they can take it back. They may not get a refund, but the store owner might invite them for a drink.

Amazon now sells everything from books to music downloads. Maybe it should draw the line at booze. State authorities don't watch for DVDs through the mail, but bottles of chianti are a different matter.

Douglas A. McIntyre is an editor at 247wallst.com.

She's done cookware, linens, a magazine ... time ... but Martha Stewart, domestic goddess, is now foraying into the world of adult beverages. Early next year, wine connoisseurs willing to plop down $15 a pop will be able to ease open a bottle of what's currently being called Martha Stewart Vintage. The vintage, produced and distributed by E&J Gallo Winery, will use grapes grown primarily in Sonoma County, California, and will come in three varietals -- chardonnay, cabernet sauvignon, and merlot. Still on the drawing board is a possible rose version.

In its first year, the Martha Stewart Vintage will be in limited release, with just 15,000 cases being shipped to a small number of cities. Boston, Phoenix, Charlotte, and other cities where Ms. Stewart is especially popular will be among the locations lucky enough to stock the new wine.

While time will tell how successful this new vintage will be, Ms. Stewart is definitely hopping aboard the vino bandwagon at the right time. The availability of low-priced wine such as Charles Shaw (aka "Two Buck Chuck") has cultivated interest in the wine business in general, introducing the practice of wine appreciation to a broader demographic. While the $15 Martha Stewart Vintage doesn't exactly cater to the Two-Buck-Chuck crowd, it may benefit from the expected volume growth rate of 11% over the next 5 years.

But Martha's massive empire overall may not see a noticeable benefit from this new undertaking, no matter how successful. The wine venture is not expected to have a material impact on the fortunes of Martha Stewart Living Omnimedia's (NYSE: MSO).

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

When you think of the professionals running the world's wine businesses, filthy mouths and public urination are probably not the first character traits to come to mind. But Fred Franzia is no ordinary vintner. CEO of Bronco Wine, now the fourth-largest wine maker in the country, Franzia hasn't let success affect his head ... or his manners.

Joel Stein of Business 2.0 magazine recently had the "pleasure" of profiling Franzia in a lengthy piece that describes the brusque Franzia relieving himself against the side of his Jeep, cursing out the competition, and claiming "We can grow [grapes] on asphalt."

Bronco Wine was put on the map with the Charles Shaw brand of wine, affectionately known as "Two Buck Chuck" and available exclusively at privately-held Trader Joe's. The Chardonnay varietal of this bargain-basement-priced beverage recently nabbed a top prize at the 2007 California State Fair Commercial Wine Competition. The label, which was first available at Trader Joe's in 2002, is now one of the fastest-growing brands in America, selling 5 million cases per year.

In an effort to fight back against shifting consumer trends to spirits and wine, the Wall Street Journal reported that Coors Brewing Co. (NYSE: TAP) has created a new subsidiary to "introduce above-premium beers to the marketplace," according to an email sent to beer wholesalers last week.

The move comes at a time when the American beer business is facing considerable headwinds, including slower growth due to upscale "craft" beers and a strong push for market share by imports. Anheuser-Busch Cos. (NYSE: BUD), the largest American beer maker, and SABMiller PLC's (NYSE: SAB) Miller Brewing Co., the second-largest, have already introduced new beverages to combat these headwinds.

The Financial Times has recently covered two different, unconventional "investments": art and wine. While I've definitely heard a lot about these two segments of the economy, I never really considered them to be an investment. I wonder how much hedge fund managers are contributing to this boom because I constantly hear of traders like Steve Cohen making huge art purchases or adding to their extensive wine cellars.

While art prices can move up and down based on their perceptions of value, one art collector was quoted as saying, "When I analyze a stock, I look at future income stream, how it is priced in relation to its competitors and the quality of management, and other criteria that can be measured quantitatively. The sole measure of an artwork is the cultural perception of value attributed to it. That is not something you can make any reasonable prediction about in relation to its future value." This is a very valid argument, but that doesn't mean there isn't an investment opportunity as many asset classes outside of stocks and bonds don't have true income streams -- think currencies, commodities, etc., yet macro funds have been able to extract profits from these assets nonetheless.

According to the article on wine, the index of investable wines is up 42% this year moving it to its highest level since its inception in 2000. As I said before, one must wonder how much of this move is new money quickly and rapidly building up their wine cellars, shocking the available supply.

Ten years ago, hedge funds and private equity funds were considered unconventional, but today they've become mainstay "alternative investments." Is it possible that wine and art will be mainstay investment opportunities several years from now?

Until recently, the Charles Shaw label of wine - priced at $1.99 per bottle - was great for large parties, weeknight drinking, or cooking. But now, its Chardonnay is appropriate for even the most discriminating palette. Affectionately known as "Two-Buck Chuck," Charles Shaw offers six varietals from California vineyards, all of which are available exclusively at Trader Joe's, a unit of the privately held ALDI Group.

This year, results from the 2007 California State Fair Commercial Wine Competition proved that good things don't necessarily come in pricey packages, as Charles Shaw Chardonnay defeated hundreds of competitors to claim the top prize. One judge told ABC News that "It was a delight to taste." The second-place wine carried a retail price of $18, and the most expensive wine in the competition, at $55 a pop, didn't even earn a medal.

Fred T. Franzia is the chairman and CEO of Bronco Wine, creator of "Two-Buck Chuck." By keeping costs down and utilizing cheaper grapes from outside the Napa Valley, he continues to offer fine-quality wine at a pittance. A recent article in Inc.com notes that "Franzia's mission is to make wine so affordable and plentiful that every American can put a decent bottle on the dinner table." The surging popularity of Charles Shaw has grown Bronco into the fourth-largest wine company in the U.S. Last year, the company sold 20 million cases, or 240 million bottles.

The article also points out that Bronco owns nearly three quarters as much vineyard acreage as the entire Napa Valley combined. The company is also adding three to six square miles every year. With a shiny new blue ribbon to its credit, Charles Shaw could see its popularity surge even more, requiring more and more vineyard space to be snatched up.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

Tired of seeing your expensive and carefully chosen gifts end up months later as the flotsam and jetsam of post-holiday shores?

It's fun to buy stuff. But remember last year's failures -- that robotic pet that broke two weeks after Christmas and the pricey pale pink cashmere sweater your husband will never wear. And now he wants another iPod, like the one that went missing a few months ago?

This year choose gifts that will keep on giving. For your immediate family -- especially your kids -- make finding a gift that will actually appreciate in value a priority. Even if you end up buying them some cheap junk to fill up all the space under the Christmas tree, be sure to choose at least one gem that will last and hopefully grow in value.

The following is a range of gift ideas could apply to spouses, kids, mom, dad and even grandma and grandpa. They may not be worth more next year, but you can bet that in 20, 40 or 60 years time, they will all be worth more than that HDTV you're contemplating buying now.

1. Jewelry. Think gold, silver platinum. You can't go wrong.

2. Gold or silver coins. Put one or two in a nice velvet bag. They are pretty and fun as well as excellent stores of value.

3. Savings bonds. It's hard to jazz these up. But get your kids or nieces and nephews some to sock away. They may not squeal with delight when they open the envelope, but they will appreciate them later on.

Soon Apple users may be able to run Windows applications straight on their computers using a piece of software called WINE. Apple computers right now, with the new Intel chips that are inside of them, can run Windows directly using Bootcamp. This involves installing a copy of Windows on the computer and having to reboot it. Parallels desktop for the Apple is even slicker, you can install any other operating system and run it at the same time as you're in Apple's operating system.

With almost half of Apple's new customers this year via the retail stores being switchers, software that makes the transition important is of importance. Bootcamp and Parallels are probably a big part of the reason switchers feel comfortable making a jump. Many have a piece of software or two that they're wedded to that runs on Windows, or that maybe they haven't yet found an analog to on the Mac.

And WINE offers something that may be of even more interest to Apple switchers. WINE is a layer of code that allows you to just run a Windows program without needing to book Windows at all. If you have a copy of MS Project that your company requires you to run, you'd be able to just book Project up and use it, while still working on the Apple as normal. It's another attractive way to smooth the concerns people would have in switching, and the more ways Apple as a platform can do that, the better chance it has.

[Disclosure: I own Apple stock at the date of this post]