Liquid Assets: A Beverage Industry Podcast

Hosted by Rabobank

News

Website RSS feed

Episodes

100

Latest episode

Oct 2026

Language

About the show

Rabobank's global beverage team offers insights, analysis, and a bit of entertainment for your morning commute. Liquid Assets will help you tackle the latest trends, introduce you to industry leaders, and prepare you for what's next in the beverage world. 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.

Listen to episodes

60 recent

November 10, 20261 hr 22 min

The Wine Group on building success, planning for the worst

Man the guns! Batten down the hatches! The wine industry is under assault from all sides. Executives have to balance discipline in the face of further declines and innovation to capitalize on growth, should growth eventually return to the battered wine business. Two leaders from The Wine Group, John Sutton, CEO, and Jen Evans, CFO, join us for a broad discussion about the state of the wine industry and the difficult and exciting steps they are taking to set themselves up for future success. The episode includes an update on the performance of their recent acquisition of Meiomi, Woodbridge, Cook's, and more from Constellation Brands, how they are planning for the next cycle in grape supply (shortage so soon?), and the uphill battle midsize brands face in the wake of Republic National Distributing Company's collapse. 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 work: rabobank.com/knowledge Relevant time stamps from the conversation: 4:27 - Did the wine industry's obsession with premiumization limit its appeal or ability to offer value? 14:59 - Setting your operation up for success in the face of sustained volume declines 34:49 - Private label, excess supply, and wine producers' race to the bottom 41:50 - Should wineries start signing contracts in anticipation of future shortages? 43:10 - Is California finished as a source of affordable wine? 51:05 - The rise of brokerage agreements, distributor indifference, and the terrible squeeze facing mature, midsize wine brands 01:04 - Integrating Meomi, Woodbridge, Cook's, and the rest of the Constellation Brands acquisition and future innovation and M&A ambitions 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.

October 28, 20261 hr 15 min

Inspiration for navigating a downturn

We invited Cyrille Fillot and Tom Bailey from our sister podcast, Consumer Foods to Go, to explore how companies from myriad industries have successfully navigated a downturn in hopes of uncovering some inspiration for the struggling beverage alcohol industry. To hear more from Cyrille and Tom, check out their podcast: Consumer Foods to Go 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.

October 15, 202645 min

Everyone's favorite antagonist, featuring Dave Infante

Timely, acerbic, well sourced, and astonishingly funny, Dave Infante and his unmissable newsletter, Fingers, has emerged as the punchiest voice in drinks journalism. Last year, he broke the news of RNDC's exit from California. In this episode, we step back to discuss the trade coverage ecosystem, the tension between corporate talking points and uncomfortable truths, and the importance of supporting good, independent trade journalism in the face of sleek but empty AI-generated content. Subscribe to Dave's newsletter here: Subscribe | Fingers Link to The New Republic piece: Are Republicans Really Quitting Booze? | The New Republic 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. Fingers and The New Republic are not a part of Rabobank Group. 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.

September 23, 202646 min

Will beer distributors become the only kind of distributor?

In what is easily one of the most candid conversations we've had in years, Joe Davis and Michael Corrigan from KEG 1 and K1 Management Services discuss the impact of Sazerac's move into beer networks, the future of contract negotiations and margins for wine and spirit brands, the risks of a bloated portfolio to the beer wholesaler playbook, and the very difficult path ahead for mature, small, and medium-sized brands. Time stamps: 01:14 – Why beer distributors are moving into wine and spirits K1MS explains why beer distributors see wine and spirits as an attractive growth opportunity, driven by higher margins, selective portfolio management, and the ability to offer retailers a total beverage solution. 08:36 – The Sazerac effect and the future of distributor economics The group discusses Sazerac's move away from traditional wine and spirits wholesalers, whether beer distributors can sustainably operate under those economics, and how supplier-distributor margin structures may evolve. 12:25 – Convergence, route density, and the beer distributor advantage Consumer behaviour, RTDs, and retailer demand are driving convergence, while beer distributors leverage dense route networks and frequent account service as competitive advantages. 15:36 – Operational complexity: Warehouses, single-bottle picks, and infrastructure The conversation shifts to the operational realities of handling wine and spirits portfolios, including SKU proliferation, split-case fulfilment, warehouse automation, and the lessons learned from Pine State. 21:20 – The power of saying no: Portfolio strategy and brand building Corrigan explains why K1MS believes success depends on maintaining a focused portfolio, being selective about supplier partnerships, and avoiding the inefficiencies that come with excessive SKU counts. 24:21 – What industry consolidation means for small brands The panel examines how smaller wine, spirits, and emerging beverage brands can survive in a more focused distribution environment, and why consumer demand ultimately determines whether brands find a route to market. 34:28 – Is hand selling a skill problem or a bandwidth problem? The episode closes with a debate over whether wine and spirits selling requires specialised expertise or simply more time, resources, and organisational support for distributor sales teams. Note: Time stamps and section descriptions were generated by AI. 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.

September 15, 202658 min

How KEG 1 and K1MS are building a national beer distributor

In the first of two episodes featuring Joe Davis and Michael Corrigan, we discuss the history of KEG 1 and the formation of K1 Management Services and the work they have done to become a massive multistate operator. We focus heavily on the dynamics of M&A in US beer wholesale and the role consolidation is having on culture, diversification, and management. 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.

August 28, 20261 hr 2 min

Southern Glazer's on the latest moves into beer and competition in wine and spirits

We catch up with Mark Chaplin (Southern Glazer's Wine & Spirits President, Commercial Sales) and Devyn Dugger (Senior Vice President, NY Beer Division) to discuss their recent beer-business-buying binge, focusing on the changes that they are bringing to the beer business and how they are bringing best practices from the beer business into their broader wine and spirits operations. 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.

July 31, 202643 min

Liquid Assets: My favorite things

New drinks aplenty and trends always changing. Exploring culture, with the drinks we are raising. Asking a stranger, "Why did you order that thing?" These are a few of my favorite [drink] things. Friends at a conference with gossip worth sharing. Newsletters, dailies, and podcasts worth airing. Together let's ask what all of these numbers mean. These are a few of my favorite [drink] things. For this episode, very special guest and former co-host Jim Watson returns to discuss some oddly specific nominations for our favorite things about the beverage industry. 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.

July 14, 202657 min

RNDC, Brown-Forman for sale, and Uncle Nearest crashes out: the most important stories of 2026 (so far)

Sarah Barrett, Managing Editor at Wine & Spirits Daily, and Chris Shepard, Senior Editor at Beer Marketer's Insights, join us to debate the most impactful stories of the year so far. 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.

June 25, 20261 hr 20 min

Beer boys solve a big mystery: Why is the on-premise so resilient?

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.

June 10, 20261 hr 3 min

How do control states work?

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.

Is this your show?

Claim this listing to keep it up to date, reach guests who want to pitch you, and manage bookings with Guestify.

Claim this listing