Opening Bell: September 3, 2025

Industry Concerns & Risks - The industry expresses concern that Berkshire Hathaway may have made a "bad mistake" in a certain investment, though the specific investment is not named [1] - The industry views cannabis investments as a "major bad bet" [1] - GLP-1 drugs are seen as negatively impacting the beer industry [1] - Tariffs on bottles and cans are directly affecting the industry [1] Company Performance & Activist Involvement - A company, described as a "poster boy," is perceived by many as having reached its lowest point, but the industry suggests a need to recognize underlying issues [2] - Elliott, an activist investor, previously engaged with a company (possibly the "poster boy" mentioned earlier) but has since exited, raising questions about the potential for improvement [2] Competitive Landscape & Valuation - Brown-Forman's performance is described as severely underperforming, with its stock price hitting new lows [3] - Diageo is considered overvalued by the industry [3]