It turns out that after 6,000 blind taste testings it's possible to conclude that “individuals who are unaware of the price do not derive more enjoyment from more expensive wine.”1
There are two conclusions to this. One, if the big jug o' wine with the screw top tastes good to you drink it. Two, just because Moody's says it's good doesn't make it so. The corallary to this is that if you don't fully understand the fundamentals don't buy it.
Notes:
1. http://freakonomics.blogs.nytimes.com/2010/12/16/freakonomics-radio-do-more-expensive-wines-taste-better/?hp
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