In short: Jameson & Absolut owner (OTC ADR). As a multiple of expected earnings now cheaper than British American Tobacco and Altria — the tobacco-like valuation is precisely the opportunity if alcohol is not heading for the cigarette scrap heap.
Pernod Ricard owns Jameson whiskey and Absolut vodka (this is its US over-the-counter listing). Like Diageo, it has been sold down so hard that, measured against expected earnings, it is now cheaper than tobacco giants British American Tobacco and Altria — an extraordinary place for a spirits company to trade.
The whole point of the article is that this only makes sense if you truly believe drinking is dying off like smoking. If you don't — and the booming market for canned cocktails and smaller packs suggests younger people are just spending less, not quitting — then a global spirits leader at a tobacco valuation is a bargain. Ryan frames it as cheap rather than broken.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.