The Dirty Secret Behind Bourbon (And How to Profit From It)

Added: 2026-05-27

[00:00:00]Are you a founder or are you a CEO?

[00:00:02]>> At the end of the day, if you control the supply, you can own the market >> because all private equity really is is not necessarily home run hitting, but it's risk aversion.

[00:00:10]>> You're basically the John D. Rockefeller of spirits, right?

[00:00:12]>> I'm going to give you a dirty little secret. Are you both sitting down?

[00:00:16]>> Today, we're joined by Brian Rosen, founder of InvestBev, whose company owns more than 10% of the United States bourbon supply. And in this episode, we break down how wealthy investors are profiting from the businesses behind your favorite drinks and if you should consider this asset class for your portfolio. Let's dive in. Brian, welcome to the show, man. So glad to have you on. You know, the reason I uh had initially when you when you reached out uh your bio was incredible, but it was also like I really want to talk having have a reason or excuse to talk about wine and and uh and drinking and and beverages as you know my >> Do you need a reason excuse? I don't understand.

[00:00:50]>> Yeah. Yeah, here you are with a red solo cup. I got one, too. But uh no, I you know, when someone says, you know, what what does it look like to make it? I'm like, well, if I could just have my own small winery, do about 500 cases a year, live in California, and speak on the side, that would be that would be the goal. So, uh excited to have you on.

[00:01:08]Looking forward to chatting about all things beverage today.

[00:01:11]>> Well, I can talk about your dream for a quick second is that people that know wineries are people that have all made their money elsewhere. There's very few people that have made their money in wineries in the winery. They've made their money in tech and real estate and all sorts of things, finance, and they buy vineyards. And I can you can throw a dart board across Sonoma or Kalisoga or Napa, what have you, and I can tell you the origin story of each one of these vineyards and none of them is related to wine.

[00:01:40]>> Right.

[00:01:41]>> So, wine is a hobby. It's not a business.

[00:01:44]>> Yeah. which is which is why I'm I work here at Aspen and not uh in in Napa, California right now. So >> yeah, >> uh I think >> So Brian, that's an interesting setup because you're you're the founder of InvestBev, which invests a lot in the beverage industry, and you just said it's, you know, at least wine is a terrible place to make to make money. So >> to own the winery, let's for clear >> the winery. So no, I think this is interesting. So, so dive a little bit to to your background and kind of how you've carved out a niche in the beverage industry and where you've kind of seen the money maybe be made and lost and where people have got it wrong.

[00:02:19]>> Yeah. So, we it's a pretty storied history and it's it's very public. Um, my family was the very first liquor license ever handed out uh after prohibition.

[00:02:28]>> Wow.

[00:02:28]>> Chicago in Chicago. And as the as the lore goes, my grandfather was a uh swep floors for Al Capone and then when when in Chicago and then when licenses were being handed out, Capone could not get one because he was wanted by all sorts of people. So he put my grandfather in business and it was a saloon. It went from being a speak easy to a legalized saloon in the north side of Chicago. And that one saloon over iterations and years became, if you're on the west coast, Ellis became Bevmo. And if you're on the east coast, it became Total Wine.

[00:03:08]We were the largest retailer in the country for 25 years out of that one simple kind of act of depravity. Uh my family became retailers, big box retailers of wine and spirits. And so that's where I got my start. Um, and I grew up in retail and I would see my father and the bad thing about retail and and many of your listeners probably know this is that the by just by definition you're working when everyone else is playing, right? You're working on Christmas Eve, New Year's Eve, Fourth of July, Sundays, Saturdays, you're working while your shopper is not. And so I would see my father come home, you know, after a day's work with battered legs and hands and back and sore. And I made it from a very young age, I made a commitment to myself that I'm going to be on the other side of the counter. I'm not going to be the one serving. I'm going to be the one buying. And so while I started in in wine spirit beer retail, that parlayed over different iterations to selling that company to a private equity firm, working at Price Waterhouse in the adult beverage sector, founding another company that I eventually sold to private equity as well, and then rolling all of that knowledge into invest capital Capital um where we sit today, which is kind of a a platform for private equity, structured finance, real estate, insurance, and brand acceleration. So full circle.

[00:04:37]>> That's that's so cool. So yeah, what what origin story in continuing the tradition and the family and and shi shifting the model. So so talk a little bit about I mean you know what Ellis just mentioned at the beginning is honestly probably a hobby or a dream for a lot of people, right? where you enjoy wine or you enjoy other types of beverages and you know there's some kind of mystique about it and it sounds like this cool thing but it's actually a very difficult business to operate or make money in. So where where have you found and what really caused you to shift the operating model from in in in your family's case behind the retail counter um and and where do you find people get it wrong and how you guys doing differently? You know, beverage is such a niche thing, so if you come at it with no experience, it's a much harder hill to climb. And I thought, having been in leadership at this national retailer where we had, you know, 22,000 SKUs and um we were the test market for every new brand from Constellation and Dagio and LVMH and Miller Kors and ABMBBev. And so I saw all these brands come and go and some fail, some succeed. And I'm appear to be the oldest guy on this call, but I can share with you that I've seen more brands go off take off and then dive and consumers their their their love of brand changes and their their desire to to drink something or buy something changes very frequently. So what I thought was, hey, look, I have the I can raise capital because people know me as a trusted resource. Even our fund one, we're on our fifth equity fund, but even on fund one, oh, you're the guy from the global retailer. We're going to invest in you because you know the business. So that was a win. That's probably an easier road than some other first-time fund people have in raising capital. And then I can draw in my years of experience of knowing what's failed to pick in my portfolio what could succeed or at least lighten the risk of what would fail because all private equity really is is is not necessarily home run hitting but it's risk aversion.

[00:07:02]You know a single is okay, a double is okay. Um but you don't want to lose.

[00:07:07]>> Yeah. I want I want to understand your model. you know, we're talking about that just briefly, but but dive into that because when I think about investing in beverage, which is what you do for a living, I ultimately I think this is the ultimate risk because exactly what you're saying, like I'm watching these companies like we just um only because we had Bloom at our at event the other day, I'm like, "Oh, this is actually pretty good." And then I look it up and sure enough, it's like, you know, some woman started this out of her garage and it's a billion dollar valuation today. It's like okay but how many blooms also started and you know didn't go anywhere right and so I want to understand your model of because you you you actually were very much more riskaverse in in the pre-show and so how are you balancing that for investors you know in this space I'm curious on on how your business model works and and how you're really stewarding investor capital >> I'm still risk averse let's be honest as a GP you have to be risk averse but you also have to understand what the market dynamic is. And so what we've done in our portfolio on the equity side is we have two main asset classes in totality.

[00:08:11]One is this 70% of our fund generally are these barrels of raw distillate barrels of bourbon. It's just that simple. A barrel full of bourbon, 53 gallon drum. You've seen them all the time, these big wood drums. Um we own $200 million worth of those. Um we're the largest independent owner in the country of uh of Brown Spirits aside from Jim Beam. Wow.

[00:08:34]>> So >> that's 70%.

[00:08:37]So and then 30% is brands. So now you talk about portfolio construction. 70% of my portfolio is very stable and riskaverse. You've got a barrel of bourbon. It's limited supply. It could be infinite demand. And no matter what, a barrel of bourbon appreciates in value every year because it ages.

[00:09:02]You don't have to be, you know, uh, Dudley Moore, you know, the the in this, I forget the movie now, Arthur, like a, you know, a perpetual drunk to understand that a Macallen 15y old is more expensive than a Macallen 12. And the only difference is three years.

[00:09:18]That's the only difference. And the color of the box, right? So these things appreciate over time. Very riskaverse, very non-correlated, guys.

[00:09:28]So it doesn't matter who's president, what policy is, what unemployment is, what interest rates are, who owns a house, who doesn't. It is a stable, non-correlated asset, and that's been historical. People drink when they're happy, drink when they're sad. They drink when they're celebrating a birth and a death. It is totally non-correlated.

[00:09:48]30% of our portfolio is the other, right? It's brands, it's logistics, it's cannabis beverage, it's um uh websites that sell e-commerce and and do beverage commerce. Um that's 30%. The 70% provides a long stable return in a fixed period of time. A zeroy old bourbon is X, three-year-old bourbon is Y, 8-year-old bourbon is X plus Y plus double Z. Right? it that's just as simple as that. We >> What's the historical appreciation of of that over time roughly >> postco immediately postco you're looking at like $400 a year per barrel. Now you're looking closer to 220 230.

[00:10:32]Uh there's there's a there's a surplus in the market postco. Um and on the brand side, you've got to your point, Ellis, you talked about these billion dollar valuations. Brands trade at 20 30x.

[00:10:47]George Clooney sold for a billion. He was doing 50 million. Part of it because it's George Clooney and Randy Gerber.

[00:10:54]But the reality is that's real. Ryan Reynolds, the same 760 million. The brand was doing 18 million. And I can go on and on and on. The Rock and all these guys, I only mention the celebrities because that's the brands that people know. But these billion dollar or highund mill high multiundred million dollar valuations are based in the fact that it's so hard to get a win that suppliers are overpaying for it. Dagio consolation, etc. will overpay for your brand at a crazy multiple because to your point 95% of brands fail 5% succeed. So our portfolio is weighted to 30% of our portfolio is brands and those kind of things. So we have covered downside risk on the brand side stabilizing with the barrel side at 70%.

[00:11:41]>> So So not to get too much into the minutia of how >> that was a lot of minutia. Let's move on.

[00:11:47]>> No, no, I that's super fascinating. I don't want to go too deep in it because I I could nerd out on this all day, but with so you guys own 30% of your portfolio is is actually owning the barrels and the spirits and is that um where do you source that from? Then who do you sell to on that side of the business? Are you are you basically wholesaling to other brands that then you're they're white labeling your alcohol or is it >> So here's a I'm going to give you a dirty little secret. Are you both ready?

[00:12:14]Are you both sitting down? I don't know if I want to know because I think I know where you're going to go with this and it's going to be >> it's all the same >> I know.

[00:12:20]>> It is. Yeah. I'm sorry to >> No, don't say that. What do you mean?

[00:12:23]Like you mean like a bottle of >> It is.

[00:12:26]>> Jameson's the same thing as a bottles of Makers, which is the same thing.

[00:12:29]>> Different things. One's Irish, one's Kentucky. But but in general, it's all the same stuff for the first three years, at least the first four years.

[00:12:37]And this is what I mean. There are 4,000 brown spirit brands in the country.

[00:12:42]There's only 114 distilleries. How does that work?

[00:12:46]>> That means they buy from the same places.

[00:12:48]>> Yeah, >> they buy from the same joints. And so we buy from those places, too. But we buy all of the supply.

[00:12:55]>> So those 4,000 brands that need juice, >> they can't get it anywhere but us. So it takes off the ceiling on price. We control the supply >> of browns in a good part of the country.

[00:13:08]And so, >> so for clarity, most of what someone's drinking from Kentucky today, they purchased it from they purchased some of it or if not all of it from you.

[00:13:20]>> We own 10% of the available bourbon in the country.

[00:13:24]>> Got it. So likelihood they've they've they've touched your >> likelihood we're in here somewhere and and and so just think about it when you and just a little bit of background knowledge which is important >> in bourbon it all starts the same water wheat corn rye and a big tank to ferment it or distill it right it cook the mash let it age put it in a barrel American oak put it in a warehouse it sits there and ages it can't be call bourbon for three years. It's just distilled, distilled spirits, raw, distill it, whatever. It just sits in this barrel.

[00:14:02]Then the brand comes around and says, "Hey, I need three-year-old to make my specific brand." They buy the barrel.

[00:14:10]They light it on fire to give it char.

[00:14:13]They switch barrels from American oak to maybe an old cherry barrel or an old champagne barrel or whatever they do, right? To make it their own brand. then it starts to take on characteristics of what you see in your liquor store, >> right?

[00:14:25]>> But it all starts the same way. And and we have a we have an illustration in our in our equity deck that it will very clearly explain it to to you and and to your listeners. If you look at Volkswagen, Porsche, and Audi, they all come from the same factory.

[00:14:44]>> They all have the same chassis, different tires, different badge on the hood, different radio, different seats.

[00:14:51]all the same. And the nuances are as they if you as you keep building the car, it gets more nuanced to that specific mark to that label, but they all start off on the same chassis in the same place. And bourbon is no different.

[00:15:06]It's no different. A Volkswagen Tre is the same body as a Porsche Cayenne.

[00:15:10]>> What's your target? Go ahead, man. I'm curious on like kind of target yield of that 70% your portfolio on the bourbon.

[00:15:15]What are you really trying to target from a from a return standpoint?

[00:15:18]>> Well, I it's not even target yield. We our our audited yield is uh returning about 21% net returns uh every time we've returned capital over the last 10 years.

[00:15:29]>> That's pretty good.

[00:15:30]>> I think so.

[00:15:33]>> You know, and look and I want to be very clear. It's it's it's it's not a science. It's not it's an art more than a science. And >> sure, >> there's a lot of variables in there like any investment. You've got time, you've got you've got to find your exit partner. uh you've got evaporation shrink, you know, u in this notion of uh angel share. Um it's it's not perfect, but when it works, it works really well.

[00:15:55]And if it doesn't work, I just hold on to the barrel and let it keep aging.

[00:16:00]>> Yeah.

[00:16:00]>> Yeah. So, >> go ahead, man.

[00:16:03]>> I was I was going to make a point that you're basically the the John D.

[00:16:06]Rockefeller of of uh of spirits, right?

[00:16:09]>> I'll take that all day.

[00:16:11]I I there's a there's one main difference in Rockefeller family and the Rosen family and it has to do with net worth but I but I appreciate that >> if as long as you don't adjust for inflation you know maybe maybe right there >> he's a smart guy very smart guy >> yeah yeah and his whole motto was basically owning the infrastructure that you sell to everybody else and >> and that's the whole idea of our platform that's why we have structured finance equity insurance real estate it all plays into the same audience Once an once a brand or a investment gets into the portfolio, they're able to be touched by all of these things.

[00:16:48]>> Well, I mean, it's it's it's kind of a a big point. Honestly, I think a lot of people love the the flash and the gloss of a brand, but at the end of the day, if you control the supply, um you you can own the market. And it's in in a lot of ways a much better way, a more disciplined way to to play the game. And I I guess one more, you know, nuance question is why did the distillery sell to you versus sell direct to the other brands? Or is it just you've built up enough relationship and that's just how it's played out? Or why why do brands go to you versus just go straight to the distilleries themselves?

[00:17:31]>> A lot of times distilleries have minimum purchases, minimum quantities. They have price floors. they will not store or insure your asset. Um during the go- go times postcoid, you couldn't even get on the line. They were making so much juice for everyone that if you're a small brand, if you're, you know, Ellis Hammond rye whiskey, you can't even get your >> That's a great brand. That sounds like a freaking award.

[00:17:59]>> You can't even get your You can't get your juice. You can't get on the line.

[00:18:03]So, you have to go to me to to get what you need to get it bottled and created.

[00:18:07]Let let's shift a little bit to the brand side of it because um they said there is 30% of your portfolio. What do you look for and when do you kind of what stage of you know company growth you come you doing early stage you doing kind of growth stage what where do you kind of coming in and buying these brands? Well, we're not doing seed. I won't do seed. I I don't want to pay for someone else's mistakes. So, we come in at growth stage. Um, you have to have about um, you know, 5 million gross revenue, 1 million EBIDA. Um, skew velocity is important for us. Your footprint in the country is important to us, meaning your distribution footprint.

[00:18:44]Um, how many doors you're in, as they say. Um, all things. But I will tell you what we do which I know is a bit unusual which your listeners might find interesting is for before we close or consummate any investment in any brand we make the founders take predictive index tests. And if you're not familiar with what that is that's a personality test and we make them take a test because it's when the hits the fan that you know who your partner is. And so a lot of times um we see things in these in these PI tests that show that this founder will not handle pressure well or not handle guidance or take criticism or any of these things. And that's we have to really think long and hard about the investment at that time because the difference between a good brand and a bad brand a lot of times is the founder >> you know and and we also that's one rule we have. Uh, another rule we have is are you a founder or are you a CEO and tell me why in as we interview them you know during during due diligence. A founder is different. I'm a founder. I hustle. I never give up. No doesn't mean no to me.

[00:19:56]And I push push push. I go to bed thinking about my business. I wake up thinking about my business. I'm not a great CEO. I have people on my team that are great facilitators. operators will sit there and read a hundred lines of a spreadsheet to find a missing decimal point. I just won't do it. I could not I don't know if I'd get hired in my own company to be honest which is which is which sucks but um you know the question really so those are things we ask in diligence and so that's to your point Ben like how do we pick a brand it's those two things are important are people drinking the brand or using the product where is the market shifting to what is the consumer sentiment these all these things we go there have been oftentimes because I came from retail you know 40 years ago go. Often times I will go into a store, a big box wine and spirit store in I'm here in Miami, but I'll go in Miami, I'll go in Chicago, I'll go in LA, and New York, and I will just watch on a Saturday where consumers go, where do they go first? Where do they go second? What do they put in their in their basket? What do they take out?

[00:21:02]What is an impulse buy? What's a thoughtful buy? The consumer will tell you the truth. So, if you're in if you invest in the CPG, all the answers are out there. You have to look. You can't be lazy in your diligence because the answers are out there and often times they're free.

[00:21:17]>> Well, I'm curious about that, you know, because I I I we we do see or I personally see, you know, friends and different sponsors bringing out these alternative beverage offerings. What's happening in the industry right now? I mean, I looked at, you know, last year, I guess it was about two years ago now.

[00:21:35]I mean, they had to pull up a majority of the vines. You know, I'm we're talking about wine again. Yeah, >> they just pulled up 60% of what they planted because there was so, you know, that to to prevent molding and and rot and stuff like that. And then we have things like GLP1s, right? And uh you people don't even have the appetite for for drinking because of some of that. So what is what would you say give us some of the macro trends of the beverage industry today that really shape or maybe could you know shape your your your investment theory but also as other people are considering this as an alternative asset class what they should be paying attention to from a macro standpoint. Let's talk about the perfect storm, right? You've got postcoid supply. Everyone was at home pizza and pajamas, right, for two years during COVID. Um, and I So people are at home, they're drinking. So consumption is artificially high.

[00:22:31]And you've got at the same time people building into consumption, building wineries, building distilleries, building breweries, creating new brands because all you have is time and you've got PPP money and you've got all these things that that makes the country feel artificially wealthy. Facts, right? You people would go and they would trade up in their in in their brand purchase because they because they had extra money or they or or they had zero% interest rates. Remember that was a thing too for a hot minute, you know. So you could borrow money from your against your own equities. You borrow a million dollars and be a million dollars richer, have no cost of capital. So that was fueling this economy. At the same time, GLP1s became widely adopted, widely adopted by not only you could get a prescription for it, but you can get it from Canada or Mexico without a prescription. So everyone and you can buy it online. So everyone was buying these things. At the same exact time, a lot of the country, my demographic, an older demographic, moved towards longevity and wellness. So, drinking drinking less by choice, right? Myself included. Want choosing to get up and go to the gym as opposed to nurse a hangover.

[00:23:42]All happened at the same exact time.

[00:23:45]Then you've got a new administration that came in who put tariffs on everything. So, you've got Canada, which is a $7.6 6 billion buyer of bourbon is buying nothing.

[00:23:58]Europe, which would buy California wines, but California wines with 25% tariff, doesn't work.

[00:24:05]People here in our country could not get European wine. French um well, no, it's not European, but French, Chile, Italian, Australian. It all comes at a higher price point. So, we've got that's the macro look, right? And then now that's the big pot, right? You put that in the pot. Now add cannabis beverage and hemp based beverage which became which is legal for the moment is legal until at least November 12th. So those same farmers that that can't sell grain to Ukraine anymore are growing hemp and making cannabis beverages and they're becoming accessible. So now you've got people drinking less. The product offering expanding laterally and and people have choice. At the same time, you want to feel good and feel healthy. So functional beverages are strong. At the same time, GLP1s are in play. That's the macro look. And so we find ourselves today in this industry having uh across all categories, beer, wine, and spirit. too much inventory, not enough drinkers, nowhere to export it to because of tariffs, and the cost of capital is at a seven eight%. When it was zero, all happened at the same time.

[00:25:23]So, that's the macro look at our industry. Now, I have >> I thought I thought multif family was bad. Now, you know, that's that just sounds depressing.

[00:25:30]>> And this is all I mean, this is all these aren't like these aren't brianisms, right? These are these are actually macro problems that simple clawed search will say the same thing.

[00:25:42]I love the dislocation that's happening right now. RLPs love this dislocation because the same things I was I was purchasing for $1,000 two years ago, I'm buying for $150 today and the intrinsic value is still $1,000.

[00:25:56]So we're buying like crazy. our partners which include Black Rockck, Molson Kors, Jim Beam. Those are our LPs. People like that. They're loving the dislocation that's in the market right now and we're just the group to execute on it.

[00:26:10]>> Wow.

[00:26:10]>> You asked it for a short answer. I hope I didn't bore you to death on that.

[00:26:13]>> No, that's the perfect answer. And I think even thinking longer term, I mean, just to layer into that, um, you know, I've been hearing at least headlines that a lot of the younger generations are use or drinking alcohol less than prior generations. Do you have any concerns over the long haul or you guys are reactive and proactive enough to understand what those preferences might shift to and front running those or what what's kind of your long-term perspective of >> Yeah. Well, that's a great that's a great ad. Um, there's the headlines and there's the story, right? The headlines are Gen Z's not drinking. And I'll give you anecdotally, I'll just share a quick story. My son is 25 years old. And he was a freshman in college when CO came.

[00:26:59]He was a freshman at Northwestern, March of that year, 2020, and he went home until senior year. Everything was remote. Everything was online. He didn't go back to Northwestern until senior year, August of senior year. And so that's Gen Z. Now, let's talk about it for a second. What did he miss? And so this Ben speaks to your Gen Z comment, right? He didn't go to bars. He didn't go to restaurants. He didn't go on dates. He didn't go to liquor stores. He didn't get a recommendation from a bartender. He didn't get a recommendation from someone working in a at a at a at a Costco or a Bethmo or a total. He didn't get any of that. So he didn't drink.

[00:27:38]>> He didn't drink. there there was no drinking occasion. There were no frat parties. And there are millions of Gen Z people who had the same experience.

[00:27:49]So now three years out of college, out of undergrad, and he's back at the bar, back at the liquor store, back buying wine online, doing all of those things.

[00:27:59]So I would say a different way to frame it is not that Jenz is not drinking, it's that Jenz is three years stunted.

[00:28:07]Gen Z is three years late to the party, literally the party, and they're coming back to it now. And the data does support that. Whereas my daughter, who just graduated from college uh three days ago, drank every day, I'm guessing, it feels like, you know, and so she had she had a different college experience.

[00:28:24]So when she enters the workforce next month, she will know what she likes to drink. She will know what her favorite drink is. She will know what ingredients to put in Negroni or things like that.

[00:28:34]And so she so drinking didn't stop. It took a three-year hiatus proven by the generation before the Gen Z and my daughter's generation. It's my son who stunted. And that's millions and millions of people who are now about 24 25 years old who are slowly coming back because the forced occasion uh scenario was gone. By forced occasion, frat party, college bar, you know, going to a restaurant, etc. That was all gone. So now they're slowly coming back to it, but it's not as forced because they're in the workforce. They got to get a good night's sleep. They're making their own money instead of their own parents' money. So Gen Z is still there. It's three years delayed. And I think that history will prove that this was a not a cultural shift, but a COVID shift which is being which is resetting all the time.

[00:29:24]>> Bren, I'm curious just who your typical investors are. All right. And you mentioned a couple big names there, but what what is a what does an LP of yours look like? Out of curiosity.

[00:29:33]>> So, we've raised on the equity side uh equity and credit combined about 600 million or so. Um then you throw on top of that insurance and real estate etc. That's the the bulk of the capital and it's high net worth MFOs, multif family office, family office because family office specifically needs non-correlated in their portfolio. They've got they're long real estate, they're long fintech, they've got an AI play, but there's nothing super stable in there. It's non-correlated nature. Market goes up, market goes down, drinking continues.

[00:30:09]And so our offering has resonated really well with family office and multif family office. um institutions like us because we're a we're a 20 grossish return historically. All they need to get institutions are in the 12elves, you know, 10 to 12. That's a great day for an is for a for a KKR or a or a Blackstone, what have you. That's a good solid return. Even if our returns um don't pan out, hitting a solid double is still a home run comparatively to real estate.

[00:30:44]So those are that you know high net worth MFO FO institution fundto fund. Um we're getting too big now to really take individual investors as much. The minimum ticket on our fund five for instance is 250,000 which is an obtainable ticket for a high net worth. But we have to get a lot of them to get to 200 million. So, I'd rather have a, you know, a firm put in 50 million uh than, you know, 200 people putting in 250 each.

[00:31:14]>> Regardless of number size, what do you find is kind of the percentage allocation a family office or like a big family is putting into this type of asset class?

[00:31:25]>> So, the question is what percentage of our LPS are family office?

[00:31:28]>> No, like what percentage of what percentage of this like this industry would be in their portfolio? Is this like a 5% allocation? Is this more of a 20% allocation for them? Do do you kind of have any I'm I'm just curious kind of how someone would would fit this into a portfolio from a percentage standpoint, from a structure standpoint.

[00:31:46]>> We fit into their alternative bucket. So they've got lot some of them have um if they look at family office allocation you've got um you know current yield investments you've got real estate um you've got some sort of u LLPI or some sort of vehicle and then you you have a bucket allocated to non-correlated alternatives and so we would fit in there we'd sit in there with litigation finance music royalties other things that are not correlated to the general macroeconomic And generally that's about 10%.

[00:32:21]>> So what I'm hearing is you're probably not going to help me fund my winery venture at negative 10%.

[00:32:29]>> I'm not, but I'm happy to take your I'm happy to take your capital as an investor.

[00:32:34]>> Okay, got it.

[00:32:34]>> Yeah.

[00:32:36]Brian I was just gonna ask when is the the Netflix series House of Rosen gonna hit uh hit the stream platforms and I just watched a house of Guinness and it was obviously very >> I'll tell you something when I that's you're kidding not kidding when I in 2004 when I sold my first company um we were we did we filmed a pilot long before the private equity fun yeah >> because we were a family business we were in liquor my family's borderline nuts and so They followed us around uh all day every day in a liquor store. So, it was kind of like pawn, what's that?

[00:33:13]Pawn Stars or whatever those guys in Detroit, whatever they're called. Um it was kind of like that kind of lunacy, right? A family all working together, my brother, my father, myself, camera crews running around, all sorts of crazy characters as customers, all sorts of crazy characters as employees. And I we had this thing in the can, as we say in Hollywood. We had this thing in the can and um the private equity firm that bought our business in 2004 forbade us from releasing it.

[00:33:42]Very white white buttoned up white um shoe white shoe or you know brown shoe type of firm and they're like we don't we don't want publicity. We we just want to do our investment. So it's in the can somewhere. Um, it's m was much more I I will tell you frankly it was much more interesting when I was 32 than now that I'm 56.

[00:34:05]It was much more exciting back then for sure.

[00:34:07]>> Oh yeah. No, just all the things you're saying like there's so much more here. I sure this would be a great a great thing I'd love to watch. But well Brian, thanks so much for coming on. This has been very fascinating. I mean, I've I've learned a ton and uh definitely uh would love to hear from you what is the best way for people to learn about InvestB and maybe look at um the current current fund offering.

[00:34:31]>> Sure. Thank you. So, investb.com that's an easy one. Um I am uh what my daughter would say is I'm an influencer on LinkedIn if that means anything. 20,000 followers. I don't know if that if and I and I keep all my clothes on so that's a positive. Um they can they can find Brian Rosen on LinkedIn and um you know we're we're always looking for not necessarily LPS but we're always looking for good people to to do good business with and and and that's our that's always been our philosophy and it's worked out really well for nearly 15 years.

[00:35:08]>> That's cool. Cool. And you go to invest, you can also see some of the beverages that you uh have in your portfolio. So, I'm going to, you know, if I pick a tequila, maybe I'll pick uh Create from now on.

[00:35:18]>> Yeah, that's what Look at you. Thanks for the shout out.

[00:35:21]>> Yeah, absolutely.

[00:35:22]>> Pray is a great brand. We like that brand.

[00:35:25]>> All right. Yeah. Well, you know, it's 100% agave. So, there you go. From Halisco, so that's pretty cool. So, yeah, Brian, as well, I think I learned a ton. Honestly, I'm uh I had a very different view of the beverage industry before today. So, and I'm sure that's the same with our listeners. So, I think this was very educational. Thanks so much for for your time.

[00:35:42]>> Ah, thanks for having me.

[00:35:43]>> Cheers. Want to go deeper? Join our free community or grab a copy of our book, All at investabillionaire.org.

[00:35:51]Let's keep the conversation going.