BBF.BBrown Forman Inc

Brown-Forman owns Jack Daniel's whiskey — a brand bought by name rather than by contents.

Whiskey requires ageing, and that shapes the whole economics: what is sold today was laid down years ago, and the decision to fill barrels is made against a demand forecast that may not come true. Inventories are enormous and sit on the balance sheet for years — normal for the industry and unfamiliar to an outside eye.

The company has been controlled by the founding family for a century and a half, which allows decisions on a horizon no public manager could take. A substantial share of sales is exported, so currency rates and retaliatory tariffs hit directly. Risks: declining alcohol consumption among the young, tariffs and fashion. The dividend has been raised for decades.