While the sector's had a great run, there are still a number of companies that are fundamentally undervalued. But as the industry continues to prosper, investors need to be extremely selective.

The transaction is fundamentally unfair and undervalued.

In the short run, say a few weeks or months, there is likely to be only a finite number of people who know how to prune grape vines, for example. So even if the wage went up a bit, not many more people would be available and qualified. Given more time or some advanced information that substantially higher wages would be available, many more people would be available and the shortage would disappear at the higher wage. But, currently, there has not been time for the wage to rise sufficiently and no one knows if the market will remain tight long enough for the wages to adjust.

From the wreckage of the bust we now have some fundamentally good companies.

We were overjoyed to see the number of companies.

People are going to continue to drink. They're going to continue to smoke. They're going to continue to gamble.