Liquid Assets: A Beverage Industry Podcast

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 ...

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 ...

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 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): Resul...

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: 

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 Ric...

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 Sh...

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 t...

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 tryin...

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@rab...

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 t...

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 wholesale...

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 ...

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 t...

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:

1. The US issues new dietary guidelines for alcohol consumption. Will it impact consumption or regulatory pressure?
2. The CEO of Heineken will be stepping down later this year. Virtually every major alcohol business has seen executive turnover in the last 18 month...

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 dire...

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 spiri...

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...

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 th...