INVESTING IN WHISKY A PATHWAY TO PROFIT-PART I

Whisky: Investing in Liquid Gold

In a world fraught with economic uncertainty, investors are looking for ways to diversify their investments as a hedge against inflationary shifts. Bitcoin has skyrocketed, tech stocks have soared, housing prices are up and down depending on your location and now whisky is seeing a spike in investor interest.

Scotch whisky remains the global whisky superstar, putting all others in the shade. It is a drinks behemoth — the single most traded spirit on the planet and accounting for 75% of Scotland’s entire food and drink export revenue. The secret to Scotland’s success is its adaptability and today it is leading a move to premium whiskies. The global palate is becoming more refined and the value of the high quality Scotch single malt market is set to grow by over 11% a year to 2023.

Investing in Cask Whisky

When it comes to investing, time is your ally. This is as true of whisky as any quality stock. But when it comes to whisky investment, it may be the most important factor of all. In general, The longer you can leave it to mature, the richer you will be.

Producing whisky costs a lot, but one way distilleries capitalise on their efforts is to allow private investment. By investing in newly created whisky, the private investor can leave it to mature for as long as they like, making annual profits of 10% to 30% depending on how and where they market/sell it. Meanwhile, the distillery generates cash-flow to keep things ticking over.

Buying A Cask

If you were tempted to buy your own cask of whisky as a means to “cut out the middle man” and to obtain some bottles of whisky cheaply, stop reading here and head down to your local liquor outlet instead. Commercially available whiskies that you find in these outlets or in the online stores enjoy economies of scale that are beyond the humble cask-buyer, and the journey of buying, maturing, and bottling your own cask is not a path to cheap whisky. So now that you’re considering this for the right reasons…

Several Scottish distilleries offer cask purchase schemes and, in fact, with the huge number of new distilleries establishing and opening in the last few years, the opportunities to buy your own cask are better than they’ve been for a long time.  Ardnamurchan, Glasgow, Ballindalloch, Lagg, Annandale, Lindores Abbey, Kingsbarns, and Ardnahoe are all just some examples of Scottish distilleries that have (or had) private cask purchase offerings in place for individuals.  These smaller, privately owned distilleries need cash and investment up front, and so offering casks as fresh fillings to the public is a nice way for them to get the early injections of revenue they need.  However, the cost and value varies tremendously.  For example, both Ardnamurchan and Glasgow offered 200 litre ex-bourbon barrels for around £2,500, whereas Lagg and Ardnahoe are currently charging £6,000 for the same size barrel.

The schemes vary from distillery to distillery but, in most cases, your original buy-in purchase price will afford you somewhere between five and ten years of warehousing and a sample sent out to you once a year. Additional fees and costs apply if you want to mature the cask and keep it warehoused beyond the initial allowance, or to obtain extra samples.

According to The Whisky & Wealth Club, an organisation set up to connect investors with suitable whisky investments, investors purchased record palettes of the liquid gold in September. This boom at The Whisky & Wealth Club came as it sold 111.2 palettes of a new-make premium spirit for a total investment of over £1.8 million. This was nearly a 54% rise on its August sales.

Founded by Jay Bradley, owner of The Craft Irish Whiskey Co, The Whisky & Wealth Club is a specialised cask whisky wholesaler breaking down the barriers to entry in this ancient industry. Although it’s technically called a club, the private investors are not joining what has traditionally been an exclusive club for industry insiders. Instead, The Whisky & Wealth Club pairs private investors up with wealth advisors as a guide to suitable investment opportunities in the whisky space. Much in the same way that a financial advisor guides a retail investor on suitable investments for their SIPs. They can then choose to buy, hold, bottle or sell their premium cask whisky as an investment vehicle that suits their personal circumstances and whims.

Another reason whisky cask investing is popular is it doesn’t incur VAT or Capital Gains Tax.

How Much Does a Whisky Cask Cost?

The investment club or broker strikes a deal with the distillery for a limited edition run at a discounted price. The investor then buys a cask outright via the club. This is then stored in a secure warehouse and insured. The investor patiently waits, and when it’s time to profit from the deal, the investor should expect to enjoy returns of up to 20%.

The cost of buying a cask varies. Factors affecting price include brand, variety of cask used, distillery location, and many more. The cheapest cask you may find could be around $2000, but they can go upwards of $10,000.

One unique factor affecting taste, and thus price, is the variety of casks being used. Scotch whisky likes hand-me-downs and doesn’t respond well to being put in a brand new wooden cask. So the most common and cheapest option is for it to be birthed in a bourbon cask, often shipped from America to Scotland. A first fill is when a cask, previously used to store Bourbon, is first filled up with whisky. A refill is when that same cask is filled with whisky for a second or subsequent time. Prices for these casks tend to start around the £2,500+ ($3,350) price point. Of course, that’s not the only consideration, so prices vary wildly. A cask that has previously contained sherry may well be double that and red wine, dearer still. Then there’s the option for it to be peated, or unpeated, single, double or even triple distilled.

So many options can be overwhelming and that’s why an investment broker can keep you right. The Irish Whiskey & Wealth Club and HMRC approved Whisky Investment Partners are just two of many to choose from.

There are several exit strategies available to the investor. Whether opting to sell to a whisky brand, bottle under your own label, sell at auction, directly sell to a broker network or consider alternatives provided by the broker.

A Malt or a Blend? Exclusivity Equals Profitability

Whiskies are not created equal, the cheaper ones are blends, containing only 10% to 20% of malt. True malt whiskies are a higher class and more appealing to investors. A unique brand expression, that’s not mass-produced, gives whisky its prestige and desirability. But the true value of a whisky comes from a selection of factors; age, quality, taste, brand, rarity and exclusivity all contribute to its worth.

That doesn’t mean all blends are bad, though. Jack Daniels and Johnnie Walker are blends, but retail investors can still buy exclusive bottles from these brands that hold their value.

The Whisky & Wealth Club’s unique selling point is its access to exclusive runs from top-notch distilleries in Scotland and Ireland. An example of these exclusive runs is its release of Bunnahabhain Staoisha in September. This hailed from an esteemed Islay distillery and was limited to an undeclared number of casks. An average whisky cask has a volume of 250 litres. This produces around 385 75cl bottles. The pitch was perfectly curated and highlighted the reasons Islay whiskies in particular are set to be a very valuable commodity in the future.

Whisky Investing Algorithm

In response to this newfound demand for whisky investment options, financial analysts have gone so far as to develop the very first data modelling algorithm. This is specifically designed for investors in the whisky cask market. These analysts hail from specialist whisky investment firms where they have the knowhow and experience to make clear judgements on the market. The purpose of this algorithm is to furnish prospective investors with a set of metrics that give them unique insight into the industry.

Braeburn Whisky is another Whisky Cask Investment Specialist promising investors a fun, profitable and fulfilling ride to investing in this intrinsically appreciating asset. It has teamed up with Cask 88 to create its BC20 Whisky Cask Index. So far, this index shows the whisky cask market to have a steady annual growth of around 13%. Their recent research shows that whisky investment returns have surpassed that of the S&P 500, Bitcoin (this may now be debatable) and Gold. Despite the raging pandemic, this index continued to rise during the first six-months of 2020. Its data also shows that casks from the top three whisky distilleries offer projected returns close to 20%. Islay whiskies showed a growth rate of 16.3% YOY.

According to its data, Scotland has 22 million casks of whisky maturing in storage, giving it confidence that trades will grow in quantity and cost. Gracing the top of the Distillery Cask League Table is Laphroaig approaching 20% projected annual capital growth. This is closely followed by Bunnahabhain, Staoisha and Macallan. Malt whisky must mature for a minimum of 3 years to be called whisky, but maturation periods can run upwards of 20 years. Due to the costs to store the whisky, the more mature the product, the more expensive it will be.

In recent years the casks that have aged for over 20 years are achieving remarkable valuations. Casks aged over 45 years have sold for over £600,000. But it’s newly casked whisky (aka New Make Spirit) that younger investors are after because with time on their side, they can afford to reap big returns in the future.

The whisky maturing process takes place in the cask. Once it’s been bottled it stops maturing and that’s the age appearing on the label. This is why casked whisky over 20 years old is considered rare and the older it is, the more valuable it becomes. In 2019 a rare bottle of Macallan 1926 sold for an extravagant $1.5 million!

None of the distilleries followed by the BC20 Whisky Cask Index have shown negative returns. This is because it’s a booming and lucrative area of investment to be in.

Irish Whiskey vs Scotch Whisky

The Irish whiskey market is rebounding and is projected to grow for the next two to three decades. Scotch whisky is more established than the Irish whiskey market, with Scotch whisky being a major contributor to Scotland’s food and drink exports, accounting for 70% of them. This has a value of £4.7 billion annually to Scotland. In fact 41 bottles a second leave Scotland’s shores, making their way to 175 global markets.

Demand is growing and new brands are entering the space. In recent years (prior to the pandemic) gin popularity was exploding with new distilleries popping up all over the place. Many of these make gin because production is quick. But a lot of them will also branch into whisky production as a future income stream. So we can expect those brands to come online in the years to come.

An example of this is Greenwood Distillers, a boutique distillery hidden in a misty valley in the Scottish Highlands. This arm is called Ardross Distillery and it’s only begun producing its stylishly packaged ‘Theodore, Pictish Gin’ this year, but has big plans to branch into creating rare, exquisite and aged whiskies. It now owns some of the most unique single malts Scotland can offer and has further plans to expand through Japan, the US, France and Mexico.

Whisky: A Luxury Investment

Whisky investing is taking on a life of its own and very much up there with other favoured alternative investments such as art, rare coins and fine wine. There are a number of cask investment houses now making it easier for retail investors to jump on the whisky bandwagon, but it’s important to avoid pitfalls too. While the middlemen make the process easier, they can also cut into the profits. Nevertheless, these cask wholesalers offer discounts to limited batches and exclusive runs.

This prospering industry is not yet regulated, so it’s important to do your homework. There are trade associations that legitimate investment firms can join to protect the industry’s reputation. The Whiskey & Wealth Club works with a compliance officer to ensure that its compliance-ready for when the Financial Conduct Authority makes its mark.

Another risk is whisky going out of fashion, but as it’s so ingrained in Scottish and Irish heritage, which is spread throughout the world, that doesn’t look to be an imminent concern.

When it comes to launching a new whisky, an alternative route to branding is for the company to buy mature whisky from investors, which it then brands as its own. This is one reason for the increasing popularity of cask investing as it leads both parties to cash in on the rising demand for these new and exciting brands.

Haig Club is a single grain Scotch Whisky popularised by David Beckham in partnership with Diageo (LON:DGE) and British entrepreneur Simon Fuller. Several other celebrity endorsements quickly followed Beckham’s step into the whisky arena. Conor McGregor has his own Irish Whiskey named Proper No. Twelve, after the area of Dublin he comes from. Bob Dylan brought out a trio of whiskey blends, Metallica have their own American Bourbon named Blackened, and Matthew McConaughey also has a Bourbon called Longbranch.

In a 2020 report rare whisky surpassed classic cars on the Knight Frank luxury investments index, achieving its very own Knight Frank Rare Whisky 100 Index in the process. In the luxury investments index, whisky has risen by 564% in value during the past ten years.

Investing in Luxury Liquor Brands

For investors looking to diversify, it’s not just whisky that offers potential gains. The liquor market is taking on a life of its own.

LVMH Moet Hennessy Louis Vuitton SE, is a luxury goods conglomerate, headquartered in Paris and distributed to every corner of the planet. Its share price has grown phenomenally in the past decade generating spectacular shareholder returns.

Bernard Arnault, chairman and CEO of $LVMH is now one of only five centibillionaires in the world. (A centibillionaire is someone who has personal wealth of more than $100 billion.) He joins ranks with Elon Musk, Jeff Bezos, Mark Zuckerberg and Bill Gates. 

LVMH whisky brands include Glenmorangie and Ardbeg, while some of the other luxury goods under its label include Tag Heuer, Moët & Chandon, Sephora, Louis Vuitton, Hennessy (cognac) and more recently it acquired Tiffany.

If you’d prefer to spread your investment in luxury goods, across a selection of them, you could opt for a luxury goods ETF. One such ETF is The GLUX – Amundi S&P Global Luxury UCITS ETF – this tracks the S&P Global Luxury Index’s performance. Along with LVMH, this includes Pernod Ricard SA (EPA: RI) a French drinks giant with whisky brands that include Chivas Regal, The Glenlivet, Jameson and luxury Scotch Whisky Royal Salute, it also owns many other alcoholic beverages.

Hollywood actor Ryan Reynolds recently sold his premium gin brand to Diageo plc (LON: DGE) for $610m (£460m). In striking the deal he agrees to be the face of Aviation American gin for the next decade. Diageo is a fan of the celebrity endorsement, having previously collaborated with George Clooney and David Beckham.

Diageo is another stock that has rocketed over the past ten years. Its share price faltered in 2019 but has been gaining ground during November. Whisky is such an important part of Diageo’s portfolio, it’s committed to investing £185 million to revamp its Scotch whisky visitor offerings at distilleries around Scotland.The highlight of this is an immersive visitor experience at its Johnnie Walker, Princess Street in Edinburgh, which tells the story of the brand.

Remy Cointreau SA (EPA: RCO) creates premium spirits such as its opulent champagne cognacs. Its whisky portfolio includes Bruichladdich single malts, Port Charlotte and Octomore, as well as Westland American whiskey and Domaine des Hautes Glaces French whisky. Remy’s share price rise has been more volatile over the past decade than LVMH and Diageo, but long-term holders will still be sitting on a significant profit.

Hidden Costs

The “hidden” or extra costs – and what catch so many people out – are the costs involved once the whisky is matured and deemed ready for bottling. Nine times out of ten, the purchase price you pay at the start covers only the cask and spirit up until it’s deemed ready to bottle. For whatever happens after that, the ball is in your court, as are the expenses. In the case of Scotch, the whisky must be bottled in Scotland, and so not only do you have to pay for bottling costs (in Great British Pounds, mind you, which is unlikely to favour your particular exchange rate), you also have to ship those bottles and all that extra weight of glass. Freight costs are determined by weight, and so in the case of a cask that yields, say, 250 x 700ml bottles, you’re paying to ship roughly 330kg of goods – of which 45% is just the weight of the glass! Printing and labelling costs also have to be paid for at the Scottish end (again, in pounds), and we haven’t even come to transport costs yet.

Then, there’s the biggie of them all – the cost of the duties, excise, taxes, and import costs to bring your whisky home to your own country. Take the case of Australia. Those that forked out, say, £2,500 to buy the cask at the start (roughly $4,600AUD) will be up for an additional $11,600 in local taxes (approx), depending on the bottling ABV! (The rough indication given here was based on 250 x 700ml bottles at a strength of 58% ABV). If you don’t have access to a genuine exporter who’s registered for UK VAT and Duty and can’t export under bond, then it’s likely you’ll also be up for the costs of all the UK excise and taxes (about an extra $6,400 based on the same assumptions as above), as well as those at your local end. And the costs of engaging a Customs broker to handle your Customs clearance still haven’t added in; the cost of freight itself (varies, but can be anywhere between $3 to $7 per bottle for sea-freight, depending on your carrier and what rate you can negotiate as a small, one-off player). Next, the additional costs of having to obtain a liquor licence (for importing a commercial quantity of alcohol) and – once it arrives here – space to hoard 250 bottles! And so, as many people have found to their surprise and dismay, what started out as a fun, sentimental venture ends up being an exercise that has become unaffordable. As a single player, doing a one-off exercise with a single bottling, the economies of scale simply do not exist.

Of course, many of these issues can be ameliorated by forming a syndicate and going in as a group. One person may struggle to deal with and pay for everything, but splitting a cask and its costs between, say, 20 or 30 people is a far more manageable affair.

Conclusion

Investing in whisky and luxury liquor appears to be an interesting and potentially lucrative space to be diversifying your financial investments. Just don’t be tempted to drink away your profits!

Part 2 of this article follows.

A major portion of this post is a reprint of an article by Kirsteen Mackay on Value The Markets
https://www.valuethemarkets.com/2020/11/20/whisky-investing-in-liquid-gold

EASTER, ASCENSCION AND REMARKS ON THE SHROUD OF TURIN

 FROM THE WEEK ENDING EASTER TO CHRIST'S ASCENSION

There is some confusion about what Easter means to Christians. Let me clarify.

Easter starts on the last Saturday of the final week of Lent, and is also known as Lazarus Saturday.  Palm Sunday follows, commemorating Jesus's triumphal entry into Jerusalem. Next is Holy Monday, when Jesus cleared the Temple of money changers.

On Tuesday, Jesus left the city and went with his disciples to the Mount of Olives, which sits due east of the Temple and overlooks Jerusalem. Here Jesus gave the Olivet Discourse, an elaborate prophecy about the destruction of Jerusalem and the end of the age. This Tuesday was also the day Judas Iscariot negotiated with the Sanhedrin, the rabbinical court of ancient Israel, to betray Jesus.

The Bible doesn't say what the Lord did on the Wednesday of Passion Week. After two exhausting days in Jerusalem, Jesus and his disciples probably spent this day resting in Bethany in anticipation of Passover.

Holy Week takes a sombre turn on Thursday. Peter and John made the preparations for the Passover Feast. That evening after sunset, Jesus washed the feet of his disciples as they prepared to share in the Passover. During this Last Supper, Jesus established the Holy Communion, instructing his followers to continually remember his sacrifice by sharing in the elements of bread and wine. Later, Jesus and the disciples went to the Garden of Gethsemane, where Jesus prayed in agony to God the Father. Late that evening in Gethsemane, Jesus was betrayed with a kiss by Judas Iscariot and arrested by the Sanhedrin.

Good Friday is the most difficult day of Passion Week. Christ's journey turned treacherous and acutely painful in these final hours leading to his death. Judas Iscariot, the disciple who had betrayed Jesus, was overcome with remorse and hanged himself early Friday morning. At 9 am, Jesus was sentenced to death by crucifixion, one of the most horrible methods of capital punishment known at the time. At about 3 p.m., Jesus breathed his last breath and died. By 6 p.m. Friday evening, Nicodemus and Joseph of Arimathea took Jesus' body down from the cross and lay it in a tomb.

Jesus' body lay in its tomb, where it was guarded by Roman soldiers throughout the day on Saturday, which was the Sabbath. When the Sabbath ended at 6 p.m., Christ's body was ceremonially treated for burial.

On Resurrection Sunday, or Easter, we reach the culmination of Holy Week. The resurrection of Jesus Christ is the most important event of the Christian faith. The very foundation of all Christian doctrine hinges on the truth of this account. It is a happy day.

The resurrection of Jesus is the Christian belief that God raised Jesus on the third day after his crucifixion, Easter Sunday, restoring his exalted life as Christ and Lord. According to the New Testament writings he was firstborn from the dead, ushering in the Kingdom of God. He appeared to his disciples, calling the apostles to the Great Commission of proclaiming the Gospel of eternal salvation through his death and resurrection, and ascended to Heaven forty days later. There is a dichotomy here, since Jesus had raised Lazarus from the dead some weeks earlier. For the Christian tradition, the bodily resurrection was the restoration to life of a transformed body powered by spirit, as described by Paul and the Gospel authors, Mark, Matthew, Luke and John that led to the establishment of Christianity. In Christian theology, the death and resurrection of Jesus are the most important events, a foundation of the Christian faith, as commemorated by Easter. Naysayers believe that the post-resurrection appearances of Jesus were visionary experiences.

Paul the Apostle writes in the First Epistle to the Corinthians, “He was raised on the third day in accordance with the scriptures, and that he appeared to Cephas (Peter), then to the others, more than five hundred brothers and sisters at one time. Then he appeared to James, then to all the apostles. Last of all, as to one untimely born, he appeared also to me.”

The gospels of Mark, Matthew, Luke and John, as well as The Acts contain passages in which Jesus is portrayed as predicting the coming resurrection. Three end with his posthumous appearances after having been crucified. Mark does not.

The Gospel of Mark ends with the discovery of the empty tomb by Mary Magdalene, Salome, and "Mary, the mother of James". Apparently, there was an earthquake and the rock sealing the tomb lay opened. Each apostle has statements that do not tally. Apparently, two men clothed in pristine white tell Mary Magdalene that Christ has risen, and that she must return and tell his disciples He will meet them in Galilee. Elsewhere, He appears behind Mary Magdalene, asks her why she was weeping and tells her to go and inform his disciples that he would meet them in Galilee.

In Acts of the Apostles (Acts), Jesus appeared to the apostles for forty days, and commanded them to stay in Jerusalem after which Jesus finally ascended to heaven.

If after the Resurrection there was a period of 40 days in which the risen Jesus appeared to His disciples, what else did He do? The empty tomb was neat and clean. Why would the Son of God, who had just conquered death, bother to pause and leave His tomb tidy? The Gospel of John tells us that the cloth which had been placed over Jesus’ face was not just thrown aside, but was neatly folded (The Shroud of Turin). Traditionally, if people got up from the table, folded their napkin and laid it beside their plate, the message was "I'm not finished yet. I'm coming back!"

The Bible says two of Jesus' followers, Cleopas and a companion, were walking home from Jerusalem to the town of Emmaus. On the roadway, Jesus approached and began walking with them, but “their eyes were kept from recognizing Him.” He said to them, “What are you debating between yourselves as you walk along?” Cleopas said “The things concerning Jesus the Nazarene, who became a prophet powerful in work and word before God and all the people; and how our chief priests and rulers handed him over to the sentence of death and crucified him. We were hoping He was the one destined to deliver Israel." Then Jesus gave them a history lesson, starting with Moses and all the Prophets as He interpreted to them things pertaining to Himself in all the Scriptures. He went with them to stay with them. But as they sat down to eat, He took the loaf, blessed it, broke it and began to hand it to them. At that, the Bible says, “their eyes were fully opened and they recognised him.” And He disappeared. The two men from the road to Emmaus found 10 disciples next day and were told that He had appeared to the women and to Simon Peter. The two related how He walked with them, then vanished before their eyes. Jesus reappeared,stood in their midst and said, “May you have peace.” He ate with them and left. Thomas was not with them when Jesus came. When he returned, the other disciples exclaimed, “We have seen the Lord!” But he said to them, “Unless I see in His hands the print of the nails and stick my hand into His side, I will not believe you.”

Eight days later, Jesus appeared again, this time to the entire group. He stood in their midst and said, “May you have peace.” Then, He said to Thomas, “Put your finger here, and see My hands, and take your hand and stick it into My side.” In answer Thomas said to Him, “My Lord and my God!” Jesus said to Him, “Because you have seen Me have you believed? What about those who do not see Me? It is your task to make them believe in Me.”

Not long afterward, Peter announced, “I am going fishing.” Thomas, Nathaniel, James and John went with him, but caught nothing. However, just as it was getting to be morning, Jesus stood on the beach, but the disciples did not discern that it was Him. He said to them, “My children, you do not have anything to eat, do you?” They answered “No!” He said, “Cast the net on the right side of the boat.” They did and were unable to pull the net in because it was weighed down with so many fish. Peter exclaimed, “It is the Lord!” and jumped into the sea, hurrying to the shore. The other disciples brought the boat in, dragging the net full of fish. When they disembarked, they beheld lying there a charcoal fire and fish lying upon it and bread. Jesus said to them, “Bring some of the fish you just now caught.” Peter drew the net to the land and Jesus said to them, “Come, take your breakfast.” He broke the bread and gave it to them, and then the fish.

Then He Ascended into Heaven

In the Book of Acts, the apostle Luke writes, “In the first account, I composed about all the things Jesus started both to do and to teach, until the day that He was taken up. He showed Himself alive after He had suffered, being seen by them through 40 days. And while He was meeting with them, He gave them His orders. And after He had said these things, while they watched, He was lifted up and a cloud caught Him up from their vision. And as they were gazing into the sky, two men in white garments stood alongside them, and they said, “Men of Galilee, why do you stand looking into the sky? This Jesus who was received up from you into the sky will come thus in the same manner as you have beheld Him going into the sky.”

THE SHROUD OF TURIN

The Shroud of Turin is the large rectangle of linen that was wrapped around the body of Jesus after he was brought down from the cross on confirmation of death and subsequent clearance by Pontius Pilate, the Roman official who presided over the trial of Jesus and later ordered his crucifixion.

The Shroud is a centuries old linen cloth that bears the image of a crucified man. The image in faint straw-yellow colour on the crown of the cloth fibres appears to be of a man with a beard, moustache, and shoulder-length hair parted in the middle. Millions of believers swear that the man was Jesus. But a greater number of doubters discard the theory that it is really the cloth that wrapped his crucified body. They say it is a medieval forgery, a hoax perpetrated by some clever artist. As proof, many say that this linen is made of herringbone twill, something that did not exist in those times. Modern science has completed hundreds of thousands of hours of detailed study and intense research on the Shroud. It is, in fact, the single most studied artifact in human history. But there is no concrete evidence that the Shroud is genuine, or, for that matter, a hoax.

The Bible refers to this linen in four texts, those written by the disciples Matthew, Mark, Luke and John. The texts are unequivocal. One Joseph of Arimathea, a wealthy man who was a secret admirer of Jesus, did buy and bring linen to cover the body prior to its entombment. But only John and Luke make passing reference to this linen after they rushed into the tomb when told that the body of Jesus was missing from the tomb.

The Shroud is currently placed in the cathedral in Turin, Italy. It is opened for public viewing once every few years. It has undergone several restorations and several steps have been taken to preserve it to avoid further damage and contamination.

Measuring 4.3 metres (14 feet 3 inches) long and 1.1 metres (3 feet 7 inches) wide, it seems to portray two faint brownish images, those of the back and front of a tall man—as if a body had been laid lengthwise along one half of the Shroud waist upwards, while the other half had been doubled over the head to cover the whole front of the body from face to feet, i.e. the parts of the body that were injured and had bled. The images contain markings that allegedly correspond to the crucifixion wounds of Jesus, including thorn marks on the head, lacerations (as if from flogging) on the back, bruises on the shoulders, and various stains of what is presumed to be blood.

It was first found in the 1350s in France, in the possession of a French Knight, Geoffroi de Charny . There’s no record of how de Charny got his hands on the Shroud, nor where it was during the 1300 intervening years since Christ’s burial outside Jerusalem. The local Bishop wrote to the then Pope (Clement VII) that the Shroud was a forgery and that the artist had confessed.

Scholarly analyses have been applied to the Shroud since the late 19th century. In more recent times, stamp sized pieces were simultaneously subjected to carbon-dating in the USA, UK and Switzerland. All three laboratories concluded that the cloth of the Shroud had been made sometime between 1260 and 1390. This is as near a validation of the Shroud found in the 1350s in France as can be. However, some scientists raised doubts about the researchers’ methodology. The Vatican encouraged scientists to conduct further investigations of the Shroud’s authenticity and recommended that Christians continue to venerate the Shroud as an inspiring image of Christ. But no Pope has ever stated that it was indeed the linen from the body of Jesus.

Ultimately, it all comes down to a matter of faith. You are either a believer or not. As National Geographic puts it, “A leap of faith over questions without clear answers is necessary—either the ‘faith’ of skeptics, or the faith of believers.”

CHIVAS BROTHERS MOVES BIG TIME INTO SINGLE MALTS

SECRET SPEYSIDE: 

CHIVAS BROTHERS RELEASES LARGEST EVER SINGLE MALT COLLECTION

The Secret Speyside Collection was launched by Chivas Brothers on 27/06/2019, featuring fifteen rare Single Malts from four highly sought-after distilleries. 

This is Chivas Brothers biggest Single Malt collection release till date, with the launch of fifteen aged Single Malt Scotch whiskies from four seldom-seen, yet definitely sought-after Speyside, Scotland distilleries.

The Collection is a meticulously curated selection of 18-30 year old whiskies from four of Speyside’s most elusive distilleries. Each has its own rich and unique history for Single Malt fans to discover: the vanished distillery of Caperdonich, the pioneering Longmorn distillery, the landmark Glen Keith distillery, and the remote Braes of Glenlivet distillery.

The fifteen-bottle collection consists of three rare Single Malts each from Glen Keith, Longmorn and Braes of Glenlivet, along with with three peated and three unpeated expressions from Caperdonich, which distilled its final Single Malt in 2002, before closing its doors and being dismantled in 2011.

The Secret Speyside Collection is the first of its kind from Pernod Ricard-owned Chivas Brothers and will offer Single Malt connoisseurs the chance to uncover, sample and collect some of the hidden malts at the heart of the iconic Speyside region that have rarely been made available in the past.

"With centuries of rich whisky heritage, Speyside is the treasure chest of Scotch. In curating the Collection, the Chivas Brothers team have hand- selected its contents to shine a light on some seldom-seen distilleries, their rare malts, and unique histories.This new world-class selection demonstrates the breadth of flavour and character that Speyside distilleries can achieve.              Alan Winchester, Production Manager, Pernod Ricard

The Secret Speyside Collection came out in July as a Global Travel Retail exclusive for one year, to later roll out into selected markets globally from summer 2020. Priced between US$100 and US$990 per bottle, all 15 whiskies carry age statements of 18-30 years. All are at 48% ABV, except where cask strength, and Glen Keith which will proffer whiskies at 43% ABV.

The Distilleries of the Secret Speyside Collection

1. Caperdonich – A Vanished Distillery

Once gone, there will never be another. This collection contains the only available Single Malts from this distillery, which was taken down in 2011. The whiskies released from this ‘vanished distillery’ of Speyside offer a rare opportunity to discover and compare peated and unpeated expressions of the same age (21 and 25 YO) from the same distillery.

There will be six whiskies from Caperdonich, three peated and the other half unpeated. The peated selection includes an 18 YO;and a cask strength 25 YO whisky. The unpeated whiskies are a 21 YO, 25 YO and a cask strength 30 YO. The peated 25 YO  and non-peated 30 YO were released in October 2019.

2. Longmorn - The Pioneering Distillery

Blending unique insights in technology and craft, Longmorn was designed by founder John Duff in 1894 to create a whisky of outstanding quality. Duff even built a railway station next to the distillery to facilitate supplies getting to the distillery and speed up the finished product getting into the hands of whisky lovers. One of Scotland’s best kept secrets, Longmorn has long been considered world class by distillers, blenders and connoisseurs, often referred to as ‘every distiller’s favourite apart from their own.’

The three whiskies from Longmorn in this collection are an 18 YO, 23 YO and a cask strength 25 YO, with each bringing a more intense take on its rich flavour profile that is highly regarded by distillers and industry experts worldwide.

3. Glen Keith - The Landmark Distillery

Glen Keith was the first Speyside distillery built in the 20th century. The distillery rose from the ruins of an old mill on the banks of the River Isla, famed for its pure water and leaping wild salmon. This collection marks the first official age-statement release this century from the landmark distillery.

The three whiskies from Glen Keith in this collection are a 21 YO, 25 YO and a 28 YO (all 43% ABV). Each is exceptionally smooth as Glen Keith’s pot stills are taller than most, giving an extra ‘copper kiss’ to the single malt and resulting in a complex, intensely smooth example of the classic Speyside style. 

4. Braes of Glenlivet - The Remote Distillery

This is the first official bottling from one of the highest distilleries in Speyside. In years past, when the snow fell, it settled on the hills of Braes of Glenlivet first. The remote distillery was watched over by a lone keeper at night and was truly at the mercy of the uncompromising Scottish elements.

The three whiskies from Braes of Glenlivet in this collection are a 25 YO, 27 YO  and a cask strength 30 YO. Made using the purest water from the Preenie Well, 2 miles deep in the Braes hills, the resulting whisky is smooth, balanced and intensely flavourful.

The 15 Secret Speyside Collection single malts are as follows:

Caperdonich 18 Year Old Peated: 48% ABV, matured in American oak barrels, RRP US$130.

Caperdonich 21 Year Old Peated: 48% ABV, matured in American oak barrels, RRP US$290.

Caperdonich 25 Year Old Peated: cask strength/TBC on release, oak hogsheads, RRP US$550.

Caperdonich 21 Year Old Unpeated: 48% ABV, 1st-fill American oak barrels, RRP US$250.

Caperdonich 25 Year Old Unpeated: 48% ABV, 1st-fill American oak barrels, RRP US$480.

Caperdonich 30 Year Old Unpeated: cask strength/TBC on release, 1st-fill American oak barrels, RRP US$990.

Longmorn 18 Year Old: 48% ABV, American oak barrels/hogsheads, RRP US$100.

Longmorn 23 Year Old: 48% ABV, American oak barrels/hogsheads, RRP US$290.

Longmorn 25 Year Old: 52.2% ABV (cask strength), American oak barrels/hogsheads/butts, RRP US$450.

Glen Keith 21 Year Old: 43% ABV, ‘specially selected’ oak barrels and butts, RRP US$180.

Glen Keith 25 Year Old: 43% ABV, 1st-fill American oak barrels, RRP US$380.

Glen Keith 28 Year Old: 43% ABV, 1st-fill American oak barrels, RRP US$500.

Braes of Glenlivet 25 Year Old: 48% ABV, 1st-fill American oak barrels, RRP US$400.

Braes of Glenlivet 27 Year Old: 48% ABV, 1st-fill American oak barrels, RRP US$450.

Braes of Glenlivet 30 Year Old: 50.3% ABV (cask strength), American oak barrels/hogsheads, RRP US$600

THE RETURN OF SOMETHING SPECIAL ALBEIT NAS

THE NEW DECANTER

I first tasted Something Special in 1977 in Poona. It was an exquisite experience and I decided to carry out detailed research on this Blended Scotch. I found that it was an illegal and raw blend first bottled in 1793 from what was to become Bon Accord Distillery in 1860. The Something Special website claims that Hill & Thomson Wines and Liquor in Edinburgh started the production and sale of an excellent blended Scotch whisky in 1793 and that it was granted a Royal Warrant by King William IV in 1838. This is a hoax, as William IV died in 1837. The whisky and distillery are not named. Moreover, blending of malt and grain whisky was permitted only in 1860 for distillers; other traders, like grocers, were permitted such blending in 1863.The term Scotch came from 'Scottish' and was first used in the mid-18th century.

It came out as a 12 YO Premium Whisky thereafter, not an 8 YO. Bon Accord distillery, renamed to North of Scotland distillery, was taken over by the Longmorn Distillery Company in 1893, and the whisky was bottled soon thereafter as a Grant's Distilleries' product (1897). The website also claims that it was granted a Royal Warrant by Queen Victoria, who died in 1901. This is most probably another hoax, as no distillery was given the prefix ‘Royal’ in that period. In 1877 Hill, Thompson & Co. offered the role of export salesman to William Shaw. In 1902 he established the Queen Anne blend, which soon became the company’s flagship whisky.

 Grant's Distillery was destroyed by a fire in 1910, but was repaired and running in 1911. A new blended whisky, named SOMETHING SPECIAL, came out with great fanfare in 1912, quietly burying its dubious past. The website states that the business was still owned by Hill & Thomson and advertised as “A Scotch for a Special Occasion.” It quickly became popular in the United Kingdom and around the world, competing with Walker's, Dewar's and Buchanan's whiskies, among many others.

The iconic decanter was first produced in the distinctive diamond shape in 1959 and heralded around the world as a statement of quality and originality. By then, it was locked in a direct competition with JW Black Label, Seagram's Chivas Regal, Phipson's Black Dog and Dewar's, all splendid 12 YO bottlings.

In 1972, the Glenlivet and Glen Grant Distilleries Ltd amalgamated with the blending concerns of Hill, Thomson and Co.Ltd and Longmorn Distilleries Ltd to become The Glenlivet Distillers Ltd. Something Special was then bottled by Hill, Thomson and Co.Ltd, Paisley, Scotland as an 8 YO at very good prices ($15 for an 86 proof 43% ABV 750 ml decanter). The website claims SOMETHING SPECIAL™ whisky was launched in new markets across Latin America and Asia in 1985, where discerning connoisseurs were demanding high quality Scotch whisky. This is a part lie, as SOMETHING SPECIAL™ was freely available across India, even in its Military Canteens in the 70s. What very few people realised was that now Something Special was in the same stable as Chivas Regal, though not under Samuel Bronfman. Sale in India was stopped in end 2001 to allow Chivas 12 YO free rein while it displaced JW Black Label from top spot in the Middle East, the Indian subcontinent and China. Its primary market remains Latin America and Italy. A bottle or two is often found in odd locations. What did happen was the release of their 15 YO in 2006, focussed on in Latin America with a few bottles trickling over to Asia as rarities.

The archives paint a very different story. In 1709 Andrew Thomson inherited the business of his father–in–law, Mr Brown, who was a brewer and vintner in the Grassmarket in Edinburgh. About 20 years later the business was moved to "The Vaults" in neighbouring Leith, which were bought by the company on 29 July 1782. The firm of J G Thomson & Co was founded by James Gibson Thomas in 1785 at the Vaults to supply goods like whisky, brandy and wines. James Gibson Thomson junior, the son of the company’s founder, was associated with the company from 1820 to 1876.

In its early years the major part of the business was in the import and distribution of wines from the continent. Later it traded in wines and spirits of all descriptions, imported or home produced. The company’s wholesale business was carried out under the name of J G Thomson & Co and the private trade was carried out under the name of Thomson Lauder & Co.

In 1884 the firm acquired Glen Garioch Distillery in Old Meldrum, Aberdeenshire and owned it until 1908. In 1890 it took over the Leith firm, Scott & Allan, and its two clippers, which brought cargoes of wines and brandies into Leith. Scott & Allan were also cork cutters. In 1905, J G Thomson & Co became a limited liability company.

The company went into voluntary liquidation in 1921 and the buildings and stocks were taken over by J M Hogge on behalf of the new company, which was a private company without a stock exchange quotation. By the 1930s, J G Thomson & Co was supplying wines to most of the top hotels in Scotland and had become one of the country’s leading independent whisky blenders, with a prosperous overseas trade. By 1959 it owned three bonded warehouses and large duty paid warehouses. The company acted as agent, stockist and distributor in Scotland for many famous and internationally known brands of wines and spirits. It also functioned as a very large exporter of whisky to all parts of the world, especially to the USA, and was involved in the blending of whisky. The company maintained a large transport fleet with depots in Leith and Glasgow, and its own cooperage.

After the Second World War many private hotels amalgamated into larger chains or were acquired by breweries. This effectively removed J G Thomson’s principal outlets. In 1960 it was bought by Charrington United Breweries Ltd of London. Three years later Charrington acquired the Glasgow firm J & R Tennent Ltd and in 1966 J G Thomson became a subsidiary of Tennent Caledonian Breweries Ltd.

IN THE ITALIAN MARKET

ONE OF THE FINEST 15 YEAR OLDS

SOMETHING SPECIAL RETURNS TO INDIA IN 2020 BUT AS A NAS EXPRESSION

SOMETHING SPECIAL is still a premium Blended Scotch whisky, the no. 1 Scotch whisky in the Dominican Republic, the no 2. in Colombia and overall no. 3 premium Scotch whisky brand in South America. It’s considered an outgoing and sociable whisky that celebrates life, an optimistic attitude and everyday success. As may be seen in the photos at the top, it is now a NAS expression and the decanter, while retaining its diamond cut, has been slimmed down a mite. The decanter for the SOMETHING SPECIAL LEGACY is unique and seems a stand-out collector's item.

Surprisingly, SOMETHING SPECIAL made its debut in Latin America in 2004 as a 12 YO Blended Scotch whisky. The award-winning blend contains fine Speyside malt whiskies and is sculptured around the outstanding Longmorn single malts, embellished by classy single malts from the Glenlivet, Glen Grant, Aberlour, Laphroaig and Allt A Bhainne distilleries, among others. They are melded together in single grain whisky from Strathclyde to give it its unmistakably sweetness with a hint of smoke. The trace of peaty character is imbued from a single malt produced at the Allt À Bhainne distillery in Keith, Speyside. The Islay contribution is made by an unpeated whisky from, surprisingly, Laphroaig, a distillery well-known for its unique pungent, medicinal and smoky spirit. This expression is said to have aged in Bourbon and Sherry casks but the Sherry influence in this blend seems minimal. 

It is deep gold in colour with E150A caramel additive, chill filtered and blended in Scotland. It is bottled in both Scotland and India. The Scottish version is at 40% ABV in a 70cl bottle and at 43% ABV in a 75cl bottle in India.

Nose: When you pour this blend in your glass you immediately get peat and light smoke that remind you of a light Islay whisky. However, on inhalation, the peat and smoke prove evanescent and are driven back quickly to the back of the glass and grain, wood, sundry dried fruit and malt come into play. After a while in the glass, earth and wood tones begin to dominate. There isn’t much sharp alcohol, which is good but this blend would benefit from some more fruity tones.

Taste: Sweet (Sugar, Honey) and Spicy Oak. The sweetness becomes syrupy if swigged after a chillied momo.

Finish: Not overly long and quickly getting dry. Some Cocoa powder, nuts and wood.

If you add four or five drops of water, the peat on the nose withdraws to the background. Floral and mineral tones appear. The palate however just gets watered down. So you can nose this blend with and without a few drops of water but it is best sipped neat.

Eagerly awaiting the release of the SOMETHING SPECIAL LEGACY.