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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a 'bubble' narrative to critique the target company's growth strategy.",
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      "text": "The next phase of the market will see increasing numbers of exits, even as the number of new entrants continues to grow.",
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      "text": "Recent Liquor Store Visit: Dozens of Domestic Whiskey / Bourbons Competing For Shelf Space",
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      "text": "In Spruce Point's opinion, the \"explosive growth\" in the craft whiskey market has now reached the saturation point. Thanks to the help of an ambitious whiskey blogger who has tracked the market, it's easy to see there are now in excess of 1,000 brands/distillers domestically (1). According to a recent industry white-paper, \"The Craft Distilling market is no longer in its infancy. The pioneers of the 90's and 00's yielded to the explosion in new entrants over the past few years. And now we are seeing some of those entrants departing. The next phase of the market will see increasing numbers of exits, even as the number of new entrants continues to grow.\" This bodes poorly for MGPI's fledgling new brands. Without substantial marketing effort and brand awareness, MGPI's goals to establish a branded product faces substantial challenges.",
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      "text": "\"The Craft Distilling market is no longer in its infancy.\" — The Craft Distilling market white-paper",
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      "text": "(1) The Complete List of American Whiskey Distilleries & Brands, Updated Jan 6, 2007. Source: American Distilling Institute via Whiskeywash.com",
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