Jim and Dave on What the Heck Happened

Dear Client: A puzzled Bonnie Herzog kicked off the Q&A session of yesterday’s Boston Beer earnings call. The Goldman Sachs analyst didn’t know where to begin… “I'm truly struggling. And yes, pun intended with how meaningfully your results have deteriorated.” Indeed, after reporting near 50% depletion growth in the first quarter of this year, Boston Beer’s depletion growth was cut in half in this latest quarter to +24%, causing the brewer to shift their guidance down quite dramatically – from