Liquid Assets: A Beverage Industry Podcast

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• Beer boys solve a big mystery: Why is the on-premise so resilient? 25.06.2026 1時間 20分

  For more than a year, alcohol sales in the on-premise (restaurants, bars, stadiums, and hotels) have outperformed sales in the off-premise (grocery, convenience, and liquor stores). On the surface, this trend contradicts many of our explanations for the industry's struggles. If people are broke, why are they spending money in the channel where alcohol costs the most? If people are spending more time alone, why are they drinking in venues driven by socialization? A mystery this big requires more intellectual firepower than RaboResearch alone can provide. So we invited two PhDs and an economist on the show to help us figure it out. Our guests: Bart Watson, President & CEO, Brewers Association Andrew Heritage, Chief Economist, Beer Institute Lester Jones, Chief Economist, National Beer Wholesalers Association Relevant time stamps:  Why are on-premise sales outperforming off-premise sales? Round 1: 7:42 – The K-shaped economy is widening the gap between on-premise and off-premise sales: Middle/lower-income consumers feel squeezed and cut back more during at-home (off-premise) occasions, while protecting meaningful social occasions (on-premise). Higher-income consumers continue spending, widening the gap. 16:04 – Rising wealth is leading to an overall increase in on-premise spending: The US is getting richer over time; historically that drives more spending "away from home." As incomes rise, consumers shift toward experiences like bars/restaurants. 24:01 – Post-Covid socialization is normalizing: People want to reconnect after Covid. Younger consumers especially over-index in out-of-home alcohol spend, supporting on-premise demand through social experiences. 32:54 – Health and wellness trends are driving people to cut back on banal, at-home occasions: Consumers drink less overall, especially at home, but keep social drinking occasions. Alcohol becomes more "occasion-based," benefiting on-premise while hurting off-premise volumes. 42:02 – Inflation in the on-premise is massively outpacing off-premise: On-premise prices are rising faster than off-premise. Even if behavior doesn't change much, higher pricing inflates on-premise performance in dollar terms. Round 2:  45:18 – Travel and experiences are rebounding: Increased travel drives on-premise consumption (restaurants, bars, concessions). Social and vacation contexts strengthen on-premise relative to at-home drinking. 47:24 – The on-premise has more innovation, driving increases in productivity: Restaurants and bars have innovated (tech, formats, efficiency) post-Covid, improving service and experience. Better venues lead to stronger performance versus relatively static off-premise retail. 52:10 – There are more women in the workforce: More women in the workforce = more income + stronger social consumption patterns. Women may drink less, but have more money to spend per serving, suggesting they may be a driver of on-premise strength. 57:48 – Staying at home is more stimulating than it used to be: Consumers don't have to drink because they're bored. Competing activities (cannabis, online gaming, etc.) replace at-home drinking occasions – especially for younger males – more than on-premise drinking occasions. 1:03:02 – Several final factors may also be contributing to the on-premise performance gap: With the last pick of the draft, Bourcard mops up some of the final potential factors behind the on-premise performance gap, including young adults living with their parents, the decline of underage drinking, and GLP-1 drugs reducing the desire for casual drinking while leaving social occasions intact. Have a question, qualm, or story to tell? Reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are those of the individuals and not Rabobank or its affiliates, and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.
• How do control states work? 10.06.2026 1時間 3分

  Around 25% of US spirits sales move through control states, but how do they work? How are they different from open states, and what can suppliers do to improve their performance in these markets? In this episode we speak to leadership at the National Alcohol Beverage Control Association (NABCA) about how government-run liquor businesses operate and what brands can do to better position themselves for success. Our guests: Neal Insley, President & CEO, NABCA Buddy Buckner, General Counsel, NABCA Have a question, qualm, or story to tell? Reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are those of the individuals and not Rabobank or its affiliates, and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.
• The economic outlook amid an energy crisis three times larger than the shock from Russia's invasion of Ukraine 27.05.2026 1時間

  US inflation in April reached its highest level in three years, driven in part by the war in Iran. The volume of oil flows affected by the conflict is three times larger than the disruption caused by the Russian invasion of Ukraine, yet many firms – especially in the US – don't seem too concerned. According to our analysts, they should be. Join us for an enlightening, if not light-hearted, discussion about the impact of this crisis and how it affects the economic future for the US, Europe, and the global economy. Our guests: Jane Foley, Head of Foreign Exchange Strategy, RaboResearch Christian Lawrence, Head of Americas & Energy Market Strategy, RaboResearch Joe DeLaura, Senior Energy Strategist, RaboResearch Relevant time stamps: 2:11 – The US-Israel campaign against Iran and the immediate energy market shock. 6:52 – Why markets could be underestimating the length and impact of the crisis. 14:02 – The macroeconomic, inflationary, and consumer impacts of higher energy prices. 27:04 – Implications of the Iran war for Fed policy and interest rates. 31:21 – How the conflict is shifting our perspectives on globalization and geopolitics. 44:43 – Broader macroeconomic themes: taxes, tariffs, European growth, and the economic growth outlook for the rest of the year. Have a question, qualm, or story to tell? Reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are those of the individuals and not Rabobank or its affiliates, and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.
• Is beer back? Maybe 15.05.2026 1時間 14分

  This week, we review the pleasantly robust results from global beer companies during the first quarter of 2026. More importantly, we bid adieu to a dear friend and longtime contributor, Francois Sonneville.  For those wanting to thank Francois for years of fantastic industry coverage, please reach out: FSonneville@yahoo.co.uk.  We discuss individual company results at the following timestamps:  Heineken (7:32): Results are stable heading into a leadership transition. AB InBev (15:44): Revenue, volumes, and EBITDA are all well ahead of expectations. RTDs, Michelob, and Busch are filling the gap left by Bud Light.  Constellation Brands (24:20): Business is stabilizing following a tough year in 2025. Royal Unibrew (32:22): Despite strong results from a highly diversified business, the headline was the loss of the PepsiCo business in Denmark, Finland, and the Baltic states, which account for nearly one-sixth of company revenue.   Carlsberg (38:40): Both volume and revenues grew, with strong performance in the UK as the integration of Britvic goes forward. The headline is the switch from Coca-Cola to PepsiCo in Denmark and Finland and taking on the Baltic states from Royal Unibrew.  Molson Coors (48:20): Volume is down, but revenues are flat with improved EBITDA, though costs pressures – aluminum in particular – remain a headache.      Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• Will the US wine industry ever recover from the current glut? 21.04.2026 1時間 6分

  Wine supplies continue to outstrip demand. Glenn Proctor of Ciatti and Jeff Bitter of Allied Grape Growers return to discuss the larger-than-(some)-expected 2025 California grape crush, the path to equilibrium in wine supply, and whether the costs of domestic production and competition from imports mean that every acre of wine grapes pulled out of production will never come back.  Topics covered in this discussion:  The results from the California Grape Crush Report, why prices from that report don't reflect the actual health of wine grape and bulk wine pricing, and why so many industry analysts dramatically underestimated the size of last year's harvest.  What the optimal strategy for wineries and growers is and whether buyers are pulling back on contracted commitments at the expense of future stability.  What is going to happen to all those mothballed vineyards. The role of imports in replacing lost acres in California and the possibility that all future incremental demand for wine volumes in the US will be met by foreign producers.   Relevant time stamps:  03:20 – The status of acreage rightsizing in California and the not-so-good fate of mothballed vineyards. 22:45 – The bulk wine market, demand, and the lack of demand for old vintage wine. 33:30 – The crush report and what it means for different regions and growers. 43:15 – The financialization of the wine industry and incentives to leave your growers out in the cold. 52:30 – Imports, the road to recovery, and the dark world the future could hold.   Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• Breaking down the potential Pernod Ricard, Brown-Forman merger of equals 08.04.2026 32分

  In late March, Brown-Forman Corporation and Pernod Ricard confirmed they were in talks about a potential merger that would bring together giant brands like Jack Daniels, Herradura, Woodford Reserve, Jameson, Beefeater, Absolut, and Chivas Regal. It would be a formidable lineup, which in terms of spirits sales would rival the scale of Diageo – long the largest spirits business in the history of the universe. Equity analyst Richard Withagen of Kepler Cheuvreux joins us to discuss the details and outlook for this blockbuster deal.    Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• The new world for venture capital 31.03.2026 1時間 4分

  Many investors have abandoned the world of early-stage alcohol startups, leaving a gaping hole in the market. There is less money available to fuel startup growth, and potential buyers are demanding both scale and profitability, extending the time to achieve an exit and reshaping the optimal strategy for building a brand. Over the last five years, Jason Sherman (Top Shelf) and Nick Papanicolaou (No Sleep Beverage) each helped found venture capital firms specializing in alcohol. In this episode we explore where they see opportunity, what they consider when making an investment, and what buyers of the future will ultimately be looking for. In this episode we discuss: The metrics that startups and investors should prioritize when measuring success. The current capital environment for early-stage startups and how to build a brand with way less money than before. Where the corporate VC model succeeded and why it ultimately failed to survive. Where innovation for large firms will come from in the future. Notable time stamps: 2:23 – Jason and Nick share their background and the investment thesis behind their firms. 17:11 – How to measure velocity: The key metric for potential investors. 20:30 – The impact of the general environment on investor sentiment and capital availability for independent brands. 41:00 - A corporate VC post‑mortem and the future of innovation at large alcohol suppliers. Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• Heaven Hill on how to thrive in a downturn 19.03.2026 1時間 10分

  From 1970 to 1995, US per capita spirits consumption fell by nearly 50%. Yet some players, like Heaven Hill, emerged stronger and more diversified than when the downturn began. In this episode, Heaven Hill Chairman Max Shapira and President Kate Latts reflect on the company's 90‑year journey, offering first-person accounts of beverage alcohol's last major downturn, the subsequent revival in demand, and what lessons, if any, apply to the current marketplace.  In this episode we discuss:  The drivers behind the collapse of alcohol sales in the 1970s and 1980s and the segments (wine, vodka, etc.) that actually grew during the downturn. The consolidation of the US bourbon industry, with the number of Kentucky distillers falling from 70 to 10 in just two decades. The drivers of the current market and whether they share any similarities with the 1980s. The outlook for the current US bourbon supply, and the risk of a shortage in three to five years. The moderated impact of oversupply on the sales performance of well-established brands v. startups.   Notable time stamps: 02:20 – History of Heaven Hill and building a diversified portfolio 09:21 – What caused alcohol sales to collapse from 1970 to 1995 12:39 – Parallels between the 1980s and today 19:17 – Drivers behind the current decline in alcohol demand and what is going on with millennials  32:13 – Why downturns and oversupply favor strong brands and what will happen to craft distillers 54:32 – Chaos in the distributor tier 01:02:28 – The post‑pandemic socialization reset   Have a question, qualm, or story to tell? Reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• Are there any bright spots in wine and spirits? featuring Danny Brager and Dale Stratton 03.03.2026 36分

  Fresh from their rather somber state-of-the-industry presentation, SipSource analysts Danny Brager and Dale Stratton help identify whether there are any areas of growth and promise in the wine and spirits business. Topics include:  The performance of wine and spirits depletions in 2025 and the outlook for 2026. The surprising resilience of RTD growth rates. Prosecco's continuing strong performance. The wine industry trying more innovative marketing strategies. The importance of finding the right packaging formats. If consumers actually want low-alcohol products or if they want low-calorie and low-sugar products.    Have a question, qualm, or story to tell? Reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• How to become the biggest wine brand in the Midwest… or at least Indiana 26.02.2026 31分

  Oliver Winery is one of the largest wine businesses in the United States. It is located in Indiana. In this episode, CEO Pat Brown shares how the unusual origins of the business have helped the company capture consumers who would otherwise be overlooked by the wine business, as well as the advantages of operating a winery outside the West Coast.    Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• Breakthru's Danny Wirtz on suppliers' shift to a "best athlete" strategy 23.02.2026 25分

  Danny Wirtz, Co-Chairman of Breakthru Beverage Group, discusses how brands are rethinking national agreements and what success looks like when performance, not footprint, are the primary concern for suppliers' route-to-market strategy. Themes from the episode: How did Breakthru shift strategy after a planned merger with Republic National Distributing Company was terminated in 2019? What does geographic expansion look like in the current market? What is driving decisions about footprint? Are suppliers deprioritizing a national footprint? Are there still benefits from those national partnerships? How is the push from beer wholesalers and Reyes Beverage Group changing the strategies of wine and spirits wholesalers?  What are Danny's thoughts, as CEO of the Chicago Blackhawks, about the boost his sport has received from the international phenomenon Heated Rivalry?     Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.   
• US wine and spirits wholesalers are all in on hemp and other updates from WSWA 19.02.2026 40分

  We caught up with Francis Creighton, President and CEO of Wine & Spirits Wholesalers of America, on the floor at this year's Access Live conference in Las Vegas. In addition to helping its members navigate a very difficult business environment, the lobbying group representing US wine and spirits wholesalers in the US has a full advocacy agenda. Francis quickly brings us up to date on its legislative priorities and how wholesalers are dealing with the tough times.  Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.     
• What's next for US beer distribution? featuring Harry Schuhmacher and Jenn Litz-Kirk 10.02.2026 1時間 16分

  The team from Beer Business Daily and Beernet Radio offer candid coverage of the tumult and upheaval in the US beer wholesaler business.  In this episode, we touch on the following topics:  How are big brands (AB InBev, Molson Coors, Constellation Brands) applying pressure differently to their wholesaler networks? What is the outlook for hemp beverages (né marijuana edibles)? Will they be legal in 2027, and are they actual profit drivers for wholesalers?  Will wholesalers continue to diversify away from beer? Should this concern the biggest brands in their portfolio? Are wholesalers seeing a clear impact from the Trump administration's immigration crackdown? Should beer wholesalers move more aggressively into wine and spirits? Should those businesses be run separately from their beer business?    Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• The 2026 economic outlook 03.02.2026 1時間 14分

  Economics power duo Jane Foley and Christian Lawrence return to discuss the first 12 months of the Trump administration and the 2026 outlook for economies in the US and Europe. As always, the conversation is far-reaching, touching on:  The AI boom and its impact on business operations and economic growth. Inflation and the legacy of higher food, housing, and healthcare prices. Interest rates, currencies, and the threats to an independent Federal Reserve. The waning predictive power of consumer confidence surveys. The incomplete and lasting impact of tariffs and Trump's challenge to the geopolitical order. The impact of immigration policies on population growth and economic activity. Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Sign up to access our written research: RaboResearch sign-up   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• New dietary guidelines, endless CEO turnover, wholesale upheaval, and the growing threat of GLP-1 usage 26.01.2026 59分

  In this episode, we're joined by analyst Francois Sonneville and relationship manager Jonathan Magel to discuss the biggest news stories from the past 30 days, including: The US issues new dietary guidelines for alcohol consumption. Will it impact consumption or regulatory pressure? The CEO of Heineken will be stepping down later this year. Virtually every major alcohol business has seen executive turnover in the last 18 months. Does this signal a shift in our expectations for a quick return to growth or a resignation that the problems are more structural?  Recent reports suggest Republic National Distributing Company, the second-largest wine and spirits wholesaler in the US, will sell operations in seven states to Reyes Holdings, famously not a wine and spirits distributor. Could this signal an end or just the beginning of upheaval in the US wholesaler landscape?  The advent of GLP-1s in pill form and the lower pricing will inevitably lead to higher uptake. Should beverage companies have a "GLP-1 strategy"?  Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Check out the rest of our written research: rabobank.com/knowledge Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• The biggest beverage stories of the last decade 17.12.2025 1時間 14分

  The end of 2025 marks the end of an era. Our dear friend and cohost Jim Watson returns for one last episode. We celebrate 10 years of ingenious, unparalleled drinks industry coverage with a very special episode, discussing the biggest story from each year of the past decade. And if you've appreciated Jim's work over 125+ episodes of this show, you should thank him directly at: JCWatson334@gmail.com. Tune in to learn something and remember some pivotal beverage industry moments as we break down: 2016:  The Anheuser-Busch acquisition of SABMiller 2017:  Marijuana legalization in Canada and the US 2018:  The Keurig Dr Pepper merger and the broader category blurring in soft drinks 2019:  The year hard seltzers and RTDs took craft beer's momentum 2020:  Ugh… nothing in particular        2021:  The year of revenge spending and crazy valuations 2022:  The year inflation took over the world 2023:  The fallout from the anti-trans backlash against Bud Light 2024:  The year of plummeting valuations and the wine and spirits industry starting to panic 2025:  Trump Tariffs and RNDC pulling out of California   Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com Check out the rest of our written research: Rabobank.com/knowledge Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• Public spirits companies hope the worst is over 26.11.2025 58分

  Special guest Richard Withagen (Equity Analyst at Kepler Cheuvreux) joins us as we review the latest earnings results from the spirits industry (Diageo, Pernod Ricard, Brown-Forman, Campari, Rémy Cointreau, and Becle). Alongside individual company results, we discuss the broader impact of regulation on spirits sales, how long a transitory/cyclical downturn can be before it is considered structural, the sharp shift in fortunes between geographies, and the difficulty of off-loading unwanted brands when literally everyone else is doing the same thing.    Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@rabobank.com   Check out the rest of our written research: rabobank.com/knowledge. Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast. 
• The five things that will make or break the craft spirits industry 17.11.2025 1時間

  Craft spirits companies have seen an abrupt shift in fortune. Loaded with debt, rising cost of goods sold, and declining demand, many are struggling to survive. With help from our expert panel, we explore the greatest challenges craft distillers are facing and some of the financial and strategic decisions that could prove the difference between closure and living to sell another year. Guests on today's episode:  Maria Pearman – Advisory Partner / fractional CFO, GHJ  Margie Lehrman – CEO, American Craft Spirits Association Becky Harris – President & Chief Distiller, Catoctin Creek Distilling Company.    Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: bourcard.nesin@rabobank.com Check out the rest of our written research: rabobank.com/knowledge   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.
• Outgunned and outspent: How independent RTD brands are gaining a foothold in the US 30.10.2025 1時間

  The odds are stacked against them. They have less money, less influence with distributors, and fewer R&D resources to alchemize the perfect drink, yet smaller RTD brands are going toe-to-toe and often winning the race to capture the fastest-growing space in the beverage alcohol business. In this episode, Evan Burns, CEO at The Finnish Long Drink, and Clement Pappas, cofounder and CEO of Stateside Brands – the company that owns Surfside – explain how, against all odds, they built successful brands in the face of powerful competition. They share some of the hidden advantages that independent brands have over the powerful yet lumbering incumbents. Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com  Check out the rest of our written research: rabobank.com/knowledge. Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.
• Global beer results prove why diversification is so important 15.10.2025 58分

  We look back at the results from the first half of 2025 and check in on the performances of the world's largest global beer companies (Heineken, Carlsberg, AB InBev, Molson Coors, Constellation Brands, and Royal Unibrew). We also look at three major themes affecting the beer business in 2025: the dramatic impact of harsh immigration policies on American Latinos, the struggles of European brewers to push costs onto consumers, and the urgency and surprising success of global beer businesses betting big on non-alcoholic beverages.  Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: Bourcard.Nesin@rabobank.com Check out the rest of our written research: rabobank.com/knowledge Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.