Abstract
In <b><i>Does Rare Whisky Add Value in Multi-Asset Portfolios?</i></b> from the Spring 2022 issue of <b><i>The Journal of Alternative Investments</i></b>, <b>Lars Tegtmeier</b> at <b>Merseburg University of Applied Sciences</b> finds that investing in rare whisky<sup>1</sup> adds value to a portfolio. He explains that supply and demand factors driving whisky prices are different from many other assets. This difference stems in part from the whisky aging process, so the current supply is due to production decisions made many years in the past. Past demand and supply imbalances led to a shortage in rare whisky and subsequently a dramatic increase in auction sales of whisky bottles and high returns. Tegtmeier explains that the unique pricing factors driving returns are uncorrelated with other major asset classes. He then studies the impact of adding rare whisky to multiasset portfolios. Additionally, he reviews several methods of accessing rare whisky exposure and the associated costs in this small but developing market.
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