BadaBing Whiskey: Investment Research for Whiskey
Thank you for joining BadaBing Whiskey, the only newsletter focused on the intersection of finance and spirits.
What do we do here? We provide actionable buy opportunities for high quality and delicious whiskey/spirits trading at a discount to market value, across all price ranges. No pappy, no problem! Some call it value investing; we like to call it spirits arbitrage.
You want:
Easy, actionable info/research to buy great stuff at way less than market value
We give you:
Mispriced, high-quality spirits based on hard data, value comparisons, peer group comparisons, or scarcity
why we like them + occasional special situations
easy links to the lowest prices to buy¹
Simple as that.
You may not be a big drinker. Good. You may only buy one bottle per year. Even better. You may only occasionally need to gift the perfect gift. Maybe you buy sometimes and want to learn, but don’t know how, and want a shortcut to building an enviable home bar full of the best stuff.
All of these are bound by one common desire - to make an empowered choice. To get the best for less. To tell a story, and trust me, nothing goes down better than getting a rare or mispriced item and then sharing the acquisition with friends and family. It’s a memorable gesture for both.
Plus, you’ll learn a lot! Sounds awesome, right?! So what’s stopping you? Try us out. Join us and let us guide you on the journey.
Questions? Some background and FAQs:
Why launch now? What is the real market opportunity here, big picture?
To us, it is a big problem that there are 100s of review blogs rating a bourbon or a scotch, or whatever, on some subjective scale, but none that tell you which are excellent values. Consumers need a guide to cut through the marketing bullshit. Perhaps, even more, buyers want a guide on how to extract a ton of value, whether they decide to buy at the store or online.
There are hundreds of websites dedicated to profitable “trading,” analytics, marketplaces in cars, watches, finance, — everything. Our value is accessible, actionable research info. Like all niche hobbies, there is a steep and expensive learning curve - our goal is to give you a shortcut around that. Now more than ever, since tariffs have dramatically raised the prices for Scotch, and certain Bourbons are all but unavailable, a service that caters to value investors is needed.
We know many people may only buy 1-2 “nice” bottles a year. Whether you are a diehard collector or not, we think our recommendations and a subscription will offer enough value for all people to gain something.
What is “spirits arbitrage”?
Arbitrage in the traditional finance sense means buying and selling simultaneously for profit. Arbitrage opportunities in financial markets are typically infrequent, fleeting, or both, because financial markets are - for the most part - very efficient in disseminating pricing data and availability data. Most dealers know what global quotes are for the thing they are selling, so prices tend to converge at the point of sale. They also, most of the time, have a sense of supply and demand (I said, most of the time, ok?!). Arbitrage, in other words, taking advantage of mispricings, is hard for the average Joe in these markets. You’re outgunned.
The market for Scotch, Bourbon, and Armagnac, the main markets we cover, is almost the opposite. They are incredibly fragmented. Pricing data is not shared very well. Supply data is even more limited. Also, the dealers (in this case online stores, your local mom & pop, etc.) are very frequently operating at anywhere from a small to mega informational disadvantage about this critical data (scarcity, quality, peers) relative to the sophisticated buyer (you, now that you read this newsletter). The spirits market is thus rife with the opportunity to capture a ton of value for yourself, provided you know what you’re looking for.
While I’m using “arbitrage” in the colloquial sense of getting you the same or better for a great price, as we aren’t selling anything, wouldn’t it be amazing if someone did this work on your behalf, and aggregated it all in one spot for you to act upon? The goal is to arm you with the info to make these smart buys, and thanks to this newsletter, you’re covered and ready to rock.
So one more time!!
Who are you? What are your chops? (do people still say chops? I do)
My career is in finance, previously as an equity research analyst at a quantitative fund, and more recently, as the senior analyst at a seed-stage VC fund. So while not a full-time gig…my passion? My raison d’ être? This here newsletter in faithful service to you guys.
How often will you publish?
Often - at least once, probably several times per week. More opportunities than the average person would buy, unless, of course, the person reading this is Keith Richards or, like, Charlie Sheen, in which case you should pay me a modest sum to curate the whiskey list and bartend one of your parties. Let’s just say at least once per week, plus or minus.
Will it “work”?
I sure hope so. Nothing ventured, nothing gained as they say. One thing I’m worried about is what if I get 1000 paying subs (cha chiiiing amiright) and there’s only 30, hell, 5 bottles available at the price I highlight and you miss it? I suppose the former is a high-quality problem (1000 subs), but the latter is not ideal.
What I am positive about is you’ll be able to catch something. You’ll be armed with enough information to act later - suppose you miss a rare bottle that’s egregiously mispriced online, well, you’ll know what to look for. I think overall, my “make it worth it to your goal” of getting you one good deal per year where the “arbitrage” covers your research cost (once we start our subscription model) is easily feasible.
So one more time!!
Ok, I see the button, but why should we trust your analysis?
I guess you’ll have to judge the quality of my output and form an opinion at the end of the day. Optimistically, I can rely on an appeal to authority since I do/have done similar analyses that help inform/drive the investment decisions at different funds. I can tell you that I’ve spent considerable time helping friends and family do what I’m doing here, with great results, and I realized that aside from enjoying the research, this is a seemingly needed service. I want to succeed at it, so I’m on your side.
I was hoping for something more concrete?
I have tried (and reviewed!) hundreds of Scotches, Bourbons, and Armagnacs over the last ~10 yrs. I am in a private tasting group where we try fancy stuff. I am in a “network” of buyers that pretty much covers the CONUS, where we evaluate, discuss, and ruminate on the state of things. I do extensive research on the market (in person, online, etc.). Perhaps most importantly, though, is I’ve built a database to quantify all this. It’s also what makes this newsletter as a business defensible - anyone can google a review or a link to XYZ online store - knowing what and why is the key.
Tell me again, what can I expect from this newsletter?
Regarding expectations, my goal is to highlight value opportunities as I find them. For example, I may write up:
Peer Values - suppose the “average” spirit of this age group and style tends to sell for X, and I find it for Y
Absolute Values - suppose that the average price for something, let’s say Scotch Brand X, Product line Y is $80, but I find it marked at $50, and the consensus is it’s delicious
Special Situations - rare or exclusive bottlings that may only be available on a limited basis or in some markets at low prices
Reviews
Wait, hold up, reviews? There’s a ton of review sites already...I thought you said this was unique?
I’ll post occasional reviews, but the value is in the research. In essence, anyone can google “Macallan 12 review” the objective here is to be signal, not noise, and provide recommendations that “beat the benchmark” on one of the above bullet points.
The point of a review anyway is to act as a weathervane. Does this profile “point in the right direction” regarding one’s tastes? For example, “I like sweet, or I like smoky, etc.” combined with the unique insight we deliver, should help you identify customized values that fit your tastes. Your, “Damn, I love sweet,” plus our “Usually this is $180, and it’s on sale for $100” means you get to capture that $80 value spread, since otherwise the opportunity would pass you by.
Anyone that is writing notes like, “aha, yes, the nose is distinctly toasted Moroccan almonds, at sunrise, I’d recognize it anywhere,” is writing for themselves, not for an audience that wants to capture value.
What about finance?
I may publish the occasional, rare finance piece. For fun. And not as part premium post. But look, I can add real value staying in my lane. Hundreds of finance blogs that “purport” to give you good insight? Check. Number that actually do? Very few. Hundreds of “whiskey blogs” where nerds debate Pappy Van Winkle ratings or reviews? Check. Number that helps you actually source and capture mismarkings, dealer mistakes, or value? I’m going with just one, this one.
Are you going to give me the button again?
Yes. Both in fact
¹Disclaimer: This newsletter is not investment advice, and it’s not intended to circumvent any federal, state, or local laws regarding the age of consumption or those regarding buying and selling spirits online. Some states allow shipping in, some don’t, many are lenient about overseas purchases, some aren’t. Be responsible.
