In short: #8. Founded 1870, IPO 1929 — and the weakest compounder on the list. "They own brands like Jack Daniels, Old Forester, and Chambord… Strong brands give the company pricing power." Lindy case: "People have been drinking alcohol for centuries." Around 1,800% since 1990, compounding at 8.5% a year — below the S&P's long-run rate over the same period. Founded when George Garvin Brown started selling bottled whiskey in Louisville, the first to sell it sealed in glass.
Brown-Forman distils and sells spirits, above all Jack Daniel's, along with Old Forester and Chambord. Whiskey has an unusual property as a product: the inventory improves while it sits in the warehouse, and the years it must spend there are themselves a barrier to anyone trying to enter the market quickly.
People have drunk alcohol for millennia and the brands have loyal buyers, which is the durability case. But it is also the weakest compounder on the list — around 1,800% since 1990, or 8.5% a year, below what an index fund delivered over the same period. A useful reminder that a 150-year-old brand and a good investment are not the same claim.
In short: Jack Daniel's owner; "faring better" at 16× projected earnings — less distressed than Diageo/Pernod, but still significantly cheaper than Philip Morris International.
Brown-Forman owns Jack Daniel's. It gets a passing mention as the spirits maker that is holding up better than its bigger rivals — its shares trade at about 16 times expected earnings, so it is less distressed than Diageo and Pernod, but even so it is still cheaper than tobacco company Philip Morris. It's used mainly to show the spread within the sector rather than singled out as a buy.
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