Watchlist Investing

Watchlist Investing

Boston Beer Q3 Update

“We're seeing something interesting that we haven't seen for a while, which is a significant drop in the real cost of beer.”

Adam Mead's avatar
Adam Mead
Nov 04, 2026
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Disclosure: Long SAM

Owning Boston Beer shares comes down to what it always does: Is the price attractive relative to future earnings power? Answering that question means deciding what the future looks like, in general, including your confidence level.

The crux of the question at Boston Beer is whether trends continue to shrink volumes. It faces two headwinds across time:

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