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The argument has long been made that venturing beyond America’s borders will offer investors higher yields. Many foreign companies do pay attractive dividends, but they lack consistency and predictable growth—factors that have kept us from investing overseas. 

But in this episode, we break the mold and head to the vineyards of France. Greg explores the under-the-radar story of Rémy Cointreau ($REMYY), the cognac maker behind the iconic Rémy Martin brand. What makes this story remarkable isn’t just the 3% dividend yield or the potential for earnings to normalize. It’s the value hiding in plain sight: aging inventory that becomes more valuable with time. With a wide moat and one of the most unique inventory structures we’ve seen, Rémy stands out as a compelling value play with rare downside protection. Markets are mostly efficient—but every now and then, a story slips through the cracks. 

 Topics Covered:

01:46 Exploring Foreign Dividend Opportunities 

02:40 Discovering Remy: A Value Play 

03:31 A First Look at Rémy’s Dividend and Valuation 

06:01 Performance History and the Power of Modest Growth 

08:11 Understanding the Cognac Market 

11:29 How Cognac Is Made and Why It Matters 

16:07 What Is Wrong with Remy? 

18:38 Cash Flow, EBIT History, and Financial Strength 

22:28 The Inventory Advantage 

25:18 Future Growth Potential and Valuation Scenarios 

27:49 Three Catalysts for Re-Rating 

33:32 Final Thoughts and Takeaways 

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