The Boston Chameleon Company on the High Cost of Innovation

Dear Client:    A peek into Boston Beer's 2023 annual report, released late last week, shows just how reliant on beyond beer the company has become – and how it’s reinventing their infrastructure.  Much of the report’s innards have been disclosed on earnings calls or previous filings. Regardless, the two most surprising numbers for this legacy craft brewer is just how much their volumes overindex in beyond beer these days -- and relatedly, just how many millions they expect to spend