Will Barnes from In Practise on Naked Wines

Will Barnes, co-founder of inpractise.com, discusses the investment case for Naked Wines. The company's been a huge COVID beneficiary, but despite a nice run Will thinks the market is underestimating the long term potential of Naked Wines and how advantaged the business is against the rest of the wine industry.Chapters0:00 Intro7:00 Naked Wines Overview12:25 How Naked Wines Angel model works15:15 Why isn't this Blue Apron 2.0?22:00 Naked's scale and business model gives them a cost advantage28:00 Would winemakers leave as they got bigger?32:30 Can Naked Wines grow beyond the angel wine model?38:45 Naked Wines' data gives them a moat45:35 Naked Wines' Postcard anecdote49:35 Valuation and how sustainable is the COVID boost52:30 Reasonable 2025 bull case57:45 Potential "level up" opportunities

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Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer