Whisky Investment Podcast S3 E5: 2025 in Retrospect with Benjamin Lancaster

Was 2025 really a bad year for whisky, or just a misunderstood one?
In this episode of The Whisky Investment Podcast by VCL Vintners, whisky journalist Alwynne Gwilt sits down with VCL co-founder Benjamin Lancaster to unpack what really happened in the cask market last year – and what it might mean for investors in 2026 and beyond.

Ben shares an insider view on headlines about oversupply, softer luxury demand and production pauses, and explains why the picture for long-term cask investors looks very different once you dig beneath the surface. From increased access to stock and younger casks at sensible entry points, to the slow but significant impact of tariffs, trade deals and changing drinking habits, this is a grounded look at whisky as an asset class rather than a hype cycle.

In this episode:
 • 2025’s whisky headlines vs on-the-ground investment reality
 • Why more available stock is not the same as a crash
 • How VCL approached younger vs mature casks last year
 • Bourbon, Tennessee whiskey and the Jim Beam production pause
 • Trade deals, tariffs and new routes to growth in India and beyond
 • New distilleries, brand pedigree and why exit strategy matters
 • How VCL clients still achieved double-digit returns in a “difficult” year

If you are already invested in casks, considering your first allocation or simply curious about what is really happening behind the headlines, this conversation is for you.

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(This content is for information and education only and does not constitute financial advice.)