How do control states work?

More from Liquid Assets: A Beverage Industry Podcast All episodes →

1. 

   15 Sep 2026 · 58 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: [email protected] Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast are not intended as…

2. 

   28 Aug 2026 · 1 hr 3 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: [email protected] Sign up to access our written research: RaboResearch sign-up Note: The content and opinions presented within this podcast…

3. 

   31 Jul 2026 · 44 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…

4. 

   14 Jul 2026 · 57 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: [email protected] 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…

5. 

   25 Jun 2026 · 1 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…

6. 

   27 May 2026 · 1 hr 1 min

   The economic outlook amid an energy crisis three times larger than the shock from Russia's invasion of Ukraine

   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…

7. 

   15 May 2026 · 1 hr 15 min

   Is beer back? Maybe

   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: [email protected] . 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…

8. 

   21 Apr 2026 · 1 hr 7 min

   Will the US wine industry ever recover from the current glut?

   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…

9. 

   8 Apr 2026 · 32 min

   Breaking down the potential Pernod Ricard, Brown-Forman merger of equals

   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:…

10. 

    31 Mar 2026 · 1 hr 5 min

    The new world for venture capital

    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…