To Bagehot's untutored ears, this sounds woolly and vainglorious: aircraft carriers are hugely expensive, hugely vulnerable, and far too precious to put in harm's way unless an overwhelming national interest is at stake.

ECONOMIST: George Robertson punches above his weight

Comtes Lafon even produces a few precious cases of Montrachet Grand Cru, one of the most famous and expensive white wines in the world.

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