This article covers the Dividend Aristocrat Brown-Forman, better known as the distiller of Jack Daniel's (among other spirits). Brown-Forman has a durable competitive advantage and generates strong returns on capital. Find out if Brown-Forman is a good long-term investment in this article.

A basic investment concept is to that high quality stocks fare better in down markets than low quality stocks, and therefore in late stages of a Bull market with generally fully valued stocks, tilting equity allocations toward high quality is prudent.

When cheap money creates bubbles, suddenly the absurd become investment strategies. Whiskey, for instance, isn’t just for drinking anymore. This precious liquid is in a bull market.

Most value investors are familiar with Buffett’s famous advice to seek out quality companies rather than invest in mediocre companies that look cheap.