Its share price is back where it was ten years ago. At a multiple of seventeen times earnings, its market capitalization is at its fifteen-year low.

There is, of course, the aftermath of the pandemic, during which distributors built up stocks which they then struggled to sell off; the recent warning from US health authorities about the cancer risks associated with even very occasional alcohol consumption; and more structural changes in drinking habits, particularly among younger consumers.

In addition, as we wrote earlier, Brown-Forman's diversification offensive into rum, gin and tequila has not quite delivered the expected results; while a valuation adjustment appeared quite legitimate in reaction to past excesses, reflecting investors' unreasonable expectations.

Added to this is a new source of concern: the apparent overcapacity of supply on the whisky market, with a possible imbalance between the two - the growth of the former having supplanted that of the latter.

The equation is as follows: whisky needs to age in casks before being sold, typically between three and five years for entry-level brands, or ten to twenty years for higher levels of quality and sophistication. This means that supply necessarily takes some time to adjust to rising demand.

Historically, whisky stocks represented around five years' consumption. However, since producers have been pulling out all the stops to satisfy consumers' enthusiasm for the golden liquid, global stocks now represent twelve years' consumption - an all-time record.

Under these conditions, it is bound to be difficult for Brown-Forman and its peers to meet the margin and growth targets set by investors. The Louisville-based group, which derives the majority of its sales from its whisky brands, is therefore severely exposed, as evidenced by the erosion of its margins over the last decade.

These circumstances make the need for diversification ever more pressing.