Investors trying tovalue Penfolds owner Treasury Wine Estates need so much more than detailed discounted cash flow spreadsheets, insights about the future direction of red grape prices and the profit margins of big liquor retailers.

A deep knowledge of the inner workings of the Chinese Communist Party is now a must. Insights into the history of the volatile governance of Taiwan and how that plays into the renewed geopolitical sabre-rattling by Chinese leader Xi Jinping, are also crucial.