Unless we have six months of a healthy market, generally the IPO window does not open up. At this point, it doesn't look very favorable.

Always keep a window in the attic open; not just cracked: open

The IPO market is all about windows opening and closing. These all came out when the window was open.

Consolidation has a long way to go in Napa Valley. They can triple their revenue over the next three years. The stock is not cheap but it's for someone looking for a pure-play Napa Valley wine company.

I expect the revenues to increase enormously over the next three to five years -- maybe at a pace of 10 percent a month at least. But the earnings will remain under pressure, and I think there will be quarters when they will not be able to make money.

At best, it's volatile and probably has more risk on the downside than on the upside. The ability of the management will determine whether they can execute their expansion plans in the related businesses -- or not.