While you do not want to be on a car account today, working on just about any brand in the adult beverage category provides a degree of comfort.
Take Brown-Forman’s Jack Daniel’s Tennessee whiskey–the product is flying off the shelf at retail and on-premise.
Investors generally regard spirits as a stable product in tough economic times and they drove the company’s shares 9% higher on Friday to $48.34, according to Bloomberg.
“In an environment like this, it’s hard for anyone to feel great, but we do believe we’re in a better position than most,” Brown-Forman Chief Executive Officer Paul Varga said during a conference call.
Considering the good news for Brown-Forman, Tom Petruno of LA Times gives some perspective to our economic crisis by looking back over his shoulder:
The S&P 500 index closed Thursday 46% below its all-time high of October 2007. While that’s a far cry from the 84% drop the index suffered between September 1929 and June 1932, it’s still enough to drive at least some investors to drink.
Petruno goes on to remind us that we can legally drink, unlike our forebears.