This week, Barry and Ernest discuss why people aredrinking less alcohol, talk about the importance of culture & incentives, and provide an update on Costco.

0:00 – Introduction

2:51 – The “Big Beautiful Bill”

7:51 – Shifts in consumer consumption behavior

14:38 – Importance of company culture andincentives

27:11 – Update on Costco

29:05 – Thoughts on Costco’s valuation

42:05 – Costco’s unique culture

43:08 – Next steps for Costco