Great conversation guys, just the type of focused discussion that is informative and thought provoking to listen to. I'm familiar with one of the reports you reference from industry analysts, and what's amazing is that even with continued growth in demand, there will still be oversupply in a few years. And I think that doesn't factor in relatively large new distilleries that started production recently, e.g. Western Kentucky Distilling, or still under construction, e.g. Whiskey House of Kentucky and Potter Jane, many of which will be contract distillers. Clearly the industry is still bullish on demand. Not sure exactly what Dan does now at Whiskey Acres, but I think craft distillers are going to have an uphill battle. For example, I have probably 8 bottles of Whiskey Acres right now, Blue Popcorn, Bloody Butcher, BIB, BIB Rye, Cask Strength Reserve, Tokai finish rye, etc., so I don't need any more Whiskey Acres bottles in my collection. I was very willing to try a lot of craft whiskeys when they came of age at 4 Yo, but if I experienced them to be subpar, there is no-rebuy opportunity. In the case of Whiskey Acres, I do like the product, but don't need any more. Maybe when you have a 10-12 year old product that is considerably more oaky and complex, I might be a buyer, but we're a ways off. Same with other craft producers. And if you read and listen to other bourbon enthusiasts, there is a negative view point of "crafty tasting" whiskey. With the big distillers reintroducing age stated whiskeys, and their whiskeys getting older in general, they are going to outcompete craft distillers on taste and price. It will be fascinating to experience the next few years, and I, like many others I imagine, am getting really picky about what I buy. Cheers and I'll look out for you guys next time I stop at GE.
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