Noble&Co：2025年第三季度威士忌情报报告（英文版）

Unsurprisingly, this has led to a re-appraisal of the required return from an alternative asset class such as whisky. The spirit is not alone in this, as we have noted in our last 11 reports, there have been declines in prices of jewellery, trainers, art, luxury goods and watches. Compounding this has been the revelations around potential mis-selling, fraud and exploitative behaviours amongst at least a fringe of the whisky investment cask companies and a BBC documentary highlighting fraudule