And super-premium products, including Crown Royal [Diageo ( DEO )] and Woodford Reserve [Brown-Forman], have grown volumes at a 13% CAGR since 2002. While this duration is notably less than premium scotches, it nonetheless provides the company with opportunity to smooth out commodity inflation with steadily increasing prices, thereby keeping gross margins steady. We believe that aged spirits with strong brands result in formidable barriers to entry that enable Brown-Forman to enjoy meaningful pricing power, such that its profitability should continue over the long-term.