Jim Koch: Growth is Expensive

Dear Client:Boston Beer is having a great year. But growth is expensive, founder Jim Koch said at today's Beer Marketer's Insights conference in New York. There's beer's fragmentation, which begets big new investments in things like slim cans and canning lines; and then there's ever-higher marketing spends.So being Jim these days involves investing in the future and being "willing to tank earnings in a way no [other] public company could do," he half-joked. "Let me give you some numbers."This year,