[Whiskey Decision] For the 1st time 10 years... 😬

In Olney, England, there's a quirky race where women dash through streets, frying pans in hand. This pancake race, dating back to 1445, was inspired by a housewife late for church. Racers must keep their pancakes in their pans, flipping them at both start and finish. Meanwhile, in Liberal, Kansas, Americans embrace this whimsical challenge, proving its global appeal. The race's charm lies in its blend of culinary skill and athleticism, sparking laughter and unity among spectators. It's a celebration of tradition, community, and the simple joy of pancakes.

In today's dispatch, we're diving headfirst into:

• Trouble ahead for Distilleries? The numbers don’t look so pretty📉

• Worthy Reads: Sampling some of the best from around the web

• Cocktail: a cocktail for times of too much inventory

⏲️Times are changing (for distilled spirits)

Over the last decade, the distilling industry has seen a grassroots revolution, starting small and dreaming big. Active distilling permits for craft producers have rocketed from 383 in 2012 to 1,786 in 2022. It's the classic American dream in a bottle—start small, win fans, and scale up.

This 'Brown Gold Rush,' surge owes a lot to supply shortages (mostly in bourbon), a golden opportunity for many to jump into this relatively low-cost arena. It's a far cry from the colossal capital needs of industries like tech or oil. For the spirited entrepreneur, it was a sign—that many seemed to heed.

But here's the rub: the thirst for spirits hasn't quite matched the flood of production. Back in 2012, there was one distillery per 320,173 people in the US. Today, that number had watered down to one per 122,389 in 2023. Even with the allure of limited batches and exclusive runs, it seems there's more in the barrels than there are glasses to pour into. Despite an increase in domestic consumption by 50%+ since 2012 (202 Million Cases to 305 Million in 2023).

The distilling industry's been on a tear for the last decade, from a mere 493 permits in 2012 to an impressive 2,200 in 2022 (all production levels encompassed). That's quite the party. But as we all know, every party has its lulls. In 2023, for the first time since this whole shindig started, we're seeing the hangover effects: permit numbers are starting to drop when looking at year-over-year…

In what could be called a 'distiller downturn', the year-over-year growth has sobered up, with July 2023 marking the first negative YoY change in 11 years. By October, it's not just a one-off hiccup; we're looking at a 7% decrease. And you’ve likely read more than a few stories of distilleries closing their doors - such as Bo & Ivy, Corgi, and JK Williams to name a few So, what's up with the downturn? Are we over-served in the spirits sector, or is this the market's way of saying "last call" for new entrants?

As we distill the data, domestic production averaged a staggering 24.4 million proof gallons monthly in 2023 - up from about 9.4 million a decade ago. In a year that's seen the first dip in active distiller permits in ten years, one might expect production to also wane. But no, distillers have defied the expectations. May 2023 alone saw a cask-bursting 30 million gallons - a record high. Production for better or worse is showing no signs of settling down.

However, here's the kicker: with fewer distilleries in operation, this surge suggests a once again maturing industry where the big get bigger and the efficient get more productive. It's a story of concentration. What does this mean for the craft movement that's been at the heart of this decade-long party? Will the market ferment into an oligopoly of titanic distillers, or will the craft scene continue to distill its magic in small, flavorful batches? The next pour of data might just reveal whether the industry can keep this buzz going or if we're heading towards last call.

📰 Worthy Whiskey News (a.k.a. our favorite reads)

• Widow Jane Maestro Lisa Wicker Conjures Magic at Garrard Distillery. Everything Lisa Wicker touches transforms into liquid gold. The esteemed ex-Master Distiller and President of Widow Jane is set to helm a monumental venture.

• Michelin Meets Munchies: Noma Alums Launch Doritos-Flavored Spirits. Empirical where top chefs blend haute cuisine with snack favorites, sparking debate: Innovative fusion or flavor faux pas?

• How work absenteeism during war led to the standard 40% ABV. Sure there are stories about mixing alcohol with gunpowder but why did 80 proof stick around?

• Want to enjoy the winter but also whiskey? We got you covered with six options to enjoy the mountain snow and a good dram!

📸Rewind: A selection of our most popular IG Posts

• One of these bottles topped $4k before crashing back down:
  Macallan 25 vs. Spring Bank 25 Scotches

• Northern California’s sleeping giants - A Cask Strength Trio from Redwood Empire

• Michter’s Pricing Power: where MSRP meets market demand

• And of course ending with a double shot of chart leaders: Weller Full Proof & Russell’s Reserve 13

Share the Decision (About Whiskey of Course)

Hey whiskey lovers! It's time to go from just liking the 'Whiskey Decision' newsletter to being a hero of it. How can you do that? Easy – just hit 'forward' on our newsletter and send it to your friends, the person you see at the gym, or even the nice stranger you bump into at the whiskey store.

Join Our Awesome Referral Program: When you share our newsletter, you're not just passing along info. You're starting an exciting journey. Think of it as a treasure hunt where you can find secret tips about rare whiskeys and get gift cards for buying more whiskey.

What You Need to Do: Your job is to get your friends to sign up for the Whiskey Decision newsletter with a special link we give you. You'll find this "magic link" below. Make sure your friends use your link to sign up so we can give you the cool rewards you deserve.

Let's start the fun! Share the love, and let's see where this adventure takes us.

Cheers! - Whiskey Decision

🥃🥓The Surplus: Bacon-Washed Old Fashioned🥓🥃

Yes, this cocktail takes time and effort - but it is considerably less when compared to 1) changing US Liquor Laws and 2) taking down a monopoly. So trimming the fat and using in a cocktail seemed like the sensible thing to us.

Ingredients

• 2 ounces of fat washed Whiskey (♥Sagamore Double Oaked for this)

• ¼ oz of damn fine maple syrup

• 2 dashes of Angostura Bitters

• Garnish: fancy cherries in syrup (Fabbri or Luxardo)

• Garnish: candied bacon

Instructions:

STEP 1: Fat Wash

10 strips of bacon to 1 ½ cups bourbon. Cook the bacon over medium heat, rendering all of the fat. Into heat-proof container with a lid (e.g. mason jar), pour the bacon fat and let it cool, slightly. Add bourbon, seal the container, and shake well until combined. Rest for one hour, then place in refrigerator or freezer for several hours, until fat has solidified. Skim the solidified fat then strain bourbon through a coffee filter.

STEP 2: Candied Bacon

If you are garnishing with candied bacon: instructions here.

STEP 3: Cocktail Time

In a mixing glass with ice, add fat-washed bourbon, maple syrup, and bitters - stir until well chilled. Strain into a rock’s glass over one large ice cube. Garnish with candied bacon and cherries. Cheers!

What a ride it's been this week, huh? Thanks for joining us on this journey through the world of good spirits at great prices.

Got friends who love a well-priced bottle as much as we do? Share this newsletter with them and let's make our merry band of spirited enthusiasts a little bit bigger.

Thanks again for being here. Let's raise a glass to the week ahead.