SE02E50 — Tonight's the Last Window at Four Kentucky Distilleries — The Cut

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June 20, 2026

SE02E50 — Tonight's the Last Window at Four Kentucky Distilleries

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This is The Cut.

There's a version of bourbon buying where you walk up to a counter, point at the shelf, and walk out with something your home store has never stocked and never will. That window closes tonight at four distilleries across Kentucky — Buffalo Trace, Wild Turkey, Heaven Hill, and Four Roses.

I'm John from Chasing the Unicorn Podcast.

Here's where we want to end up: a clear plan for today, whether that's a Kentucky drive or a same-day retail move that actually holds.

Here's what makes it tricky. Visitor-center inventory operates completely outside the three-tier system. No distributor handles these bottles. No retailer account can request them. They live on those distillery shelves and nowhere else — and tonight's closing time is the final window before Father's Day.

Here's the move. Get to Buffalo Trace in Frankfort or Four Roses in Lawrenceburg before noon. Brent Elliott is on-site at Four Roses through mid-afternoon — walk-up, no reservation required. Maker's Mark, Lux Row, and Castle & Key also run gift-shop retail today without a tour booking. If Kentucky isn't on the table, call ahead to Total Wine or a local independent for Knob Creek Single Barrel Reserve 2026 — it landed at retail this week and it's the strongest same-day purchase in the sub-$70 bracket right now.

Here's why the visitor-center tier works the way it does. The three-tier system — distillery, distributor, retailer — exists because most states legally require alcohol to pass through a licensed distributor before it reaches a store shelf. A distillery gift shop sits outside that chain. It's the distillery selling directly to the person standing in front of them, which state law allows at the source. That's why an E.H. Taylor Jr. visitor-center gift configuration doesn't exist in your retailer's inventory system — it's not being held back, it's structurally in a separate channel. And direct-to-consumer spirits shipping is legal in fewer than fifteen states, so the distillery can't mail it to you either. The only path is being there. Today is the last day to be there before the holiday.

The Chase this window. If you're on the road to Kentucky today, Buffalo Trace and Four Roses are the priority stops — E.H. Taylor Jr. at Frankfort and Brent Elliott on-site at Lawrenceburg are the clear editorial heat. If retail is your path, the Spotlight is Knob Creek Single Barrel Reserve 2026 at $69.99 — 120 proof, three consecutive proof escalations matched by three consecutive Whisky Advocate score increases, arriving at shelf this week in confirmed markets. Worth the chase.

Also in the window: Four Roses 2026 Limited Edition Small Batch Pre-Allocation at $139.99 — Elliott confirmed this morning that the recipe reveal comes before the bottle ships, so buying now still leaves you fully informed before delivery. And Wild Turkey Master's Keep Cornerstone 2026 — TTB cleared June 18, 16-year minimum age statement back on the label, press release expected within days. Get on retailer notification lists before the announcement fills the queue. Full read on all three is in today's Cut Daily on our website. Free.

A word of caution. Tonight's close is real, but drive decisions deserve the same math as purchase decisions. The rule: the price of being wrong matters as much as the odds of being right. A Kentucky drive on a hot Father's Day weekend Saturday is a meaningful cost. Verify which visitor centers carry the specific bottles worth that drive before you leave — today's Cut Daily has current inventory detail by location, so you're not guessing at the counter.

One more thing before we close — today's American Whiskey Industry Brief runs the Flight: George T. Stagg 2024 versus William Larue Weller 2024. Same $129 MSRP, same fall release cycle, and their secondary floors just diverged by $250 to $300 in the same Whisky Auctioneer June session. It's in there.

That's The Cut. The full American Whiskey Industry Brief is at patreon.com/ChasingTheUnicornPodcast. I'm John Schuster. Thanks for joining me. Your unicorn is out there.

Hosted and published by John Schuster II · Editor and contributor: Shauna Hann

Saturday's Cut opens with a closing time. Buffalo Trace, Wild Turkey, Heaven Hill, and Four Roses are open today with visitor-center-only inventory — expressions that operate outside the three-tier distribution system and will not arrive at your local retailer at any foreseeable date. Tonight those shelves close before Father's Day tomorrow. Brent Elliott is on-site at Four Roses in Lawrenceburg with the 1 PM walk-up tasting session still available without advance reservation. E.H. Taylor Jr. visitor-center gift configurations are at Buffalo Trace in Frankfort. Old Fitzgerald BiB Spring 2026 is at the Heaven Hill Heritage Center counter in Bardstown. Russell's Reserve Single Barrel Camp Nelson picks are at Wild Turkey in Lawrenceburg. Maker's Mark, Lux Row, and Castle & Key operate gift-shop retail today without a tour booking. If Kentucky isn't the plan, the Cut Spotlight is Knob Creek Single Barrel Reserve 2026 — $69.99, 120 proof, arriving at retail this week in confirmed markets, the strongest same-day Father's Day purchase in the sub-$70 bracket available right now. Today's edition also covers the Whisky Auctioneer June close, the Four Roses 2026 LESB pre-allocation timing, and Pappy Van Winkle 23 at 49.8% floor erosion from its 2022 peak. Listen to the full Cut and read today's American Whiskey Industry Brief at chasingtheunicornpodcast.com. Full AWIB at patreon.com/ChasingTheUnicornPodcast.

The Cut podcast runs Monday through Friday — catch the next episode Monday morning on Spotify and everywhere you listen at chasingtheunicornpodcast.com/episodes.

The Cut Daily

The pulse of American whiskey: What moved — and why it matters.

Chasing the Unicorn Podcast Edition · A Drunken Unicorn Production

Report Date: June 20, 2026
Reporting Period: June 18, 2026 through June 20, 2026
Classification: Free Edition · Share with Attribution

Free Edition · The Cut Daily · Chasing the Unicorn Podcast · A Drunken Unicorn Production · Drunken Unicorn Productions, LLC. The Cut Daily is the free gateway brief to the American Whiskey Industry Brief. Share, quote, and repost freely with attribution. Required attribution: "The Cut Daily · June 20, 2026 · Chasing the Unicorn Podcast · A Drunken Unicorn Production." The full AWIB is a paid subscriber edition on Patreon. Permissions and inquiries: chasingtheunicornpodcast.com.

Informational and entertainment purposes only. Nothing here is investment advice. Verify before buying, trading, or bidding. We are not liable for errors or financial losses.

The Cut Daily is the free written companion to today's American Whiskey Industry Brief.

The headlines worth your morning — before the rest of the brief lands.

Your local store can't get this. Four Kentucky distilleries carry expressions today that never enter the three-tier distribution system — what's on those visitor-center shelves right now won't arrive at your retailer no matter how long you wait. Tonight those shelves close.

The biggest consumer access story in American whiskey this weekend has a closing time attached. Buffalo Trace, Wild Turkey, Heaven Hill, and Four Roses operate Father's Day weekend hours today with visitor-center-only inventory that exists completely outside standard distribution — no version of waiting for it at your local store will work, because it doesn't ship there. Today's edition covers why that tier exists outside the normal system, what Knob Creek's third consecutive proof escalation signals about the sub-$70 Chase bracket, what four back-to-back Whisky Advocate scores of 93 or higher mean for the Four Roses LESB pre-allocation decision, and where the secondary market stands mid-year after Thursday's Whisky Auctioneer June close.

The one story worth knowing this morning.

The Last Viable Access Day Before Father's Day — What the Kentucky Bourbon Trail's Visitor Centers Carry Today That Your Local Store Cannot Get

Event Date: June 20, 2026 — visitor-center walk-up window closes tonight

Distillery visitor centers are not the same distribution channel as your local liquor store. They operate outside the three-tier system entirely. A bottle on the shelf at Buffalo Trace's Frankfort gift shop doesn't have a distributor. It doesn't have a retail account number. It goes from the distillery to the counter in front of you — and when the gift shop closes tonight, that path closes with it.

Today is Father's Day weekend's final Saturday, and four major Kentucky visitor centers are open with inventory that doesn't ship to your city at any foreseeable date. Buffalo Trace in Frankfort is running through 5 PM with E.H. Taylor Jr. Small Batch in a visitor-center-only gift configuration. Wild Turkey in Lawrenceburg has Russell's Reserve Single Barrel picks drawn from Warehouse Camp Nelson that never cleared the distributor tier. Heaven Hill's Bourbon Heritage Center in Bardstown carries Old Fitzgerald BiB Spring 2026 in quantities that haven't moved past the Heritage Center counter. Four Roses in Lawrenceburg is running Brent Elliott on-site — his 1 PM session is still available without advance reservation, which for an Elliott appearance is genuinely unusual.

The walk-up tier at Maker's Mark in Loretto, Lux Row in Bardstown, and Castle & Key in Frankfort operates independently of tour reservations. No booking required — just a drive and a clock.

The Kentucky Bourbon Trail is tracking 18% above last year's visitor pace through the first half of 2026. On the trail's highest-traffic Saturday of the summer, early arrival is not a tip. It's the only version of the plan that works.

What It Means For Your Shelf — Nothing on this list arrives at your home retailer. Today is the access — not a preview of it. Get to Buffalo Trace and Four Roses before noon. Gift-shop retail at Maker's Mark, Lux Row, and Castle & Key runs without a tour booking.

From today's AWIB Opening Pour. This is one of four lead stories in today's AWIB Opening Pour. The other three: Whisky Auctioneer's June cycle just closed — BTAC blue-chip floors held while Eagle Rare 17 and Sazerac 18 compress toward MSRP-adjacent territory; Brent Elliott is pouring at Lawrenceburg this morning and confirmed the Four Roses LESB recipe will be announced before the bottle ships; Kentucky Bourbon Trail summer peak visitor data and which premium experiences still take walk-ups today. Read all four lead stories on Patreon →

One bourbon concept made plain.

The Secondary Market

Paired with today's: Whisky Auctioneer's June 2026 session closed Thursday with 847 American whiskey lots — delivering the mid-year BTAC secondary reference that shows George T. Stagg holding its floor at approximately $1,100 while Eagle Rare 17 compresses to within $89 of its $99 MSRP once auction fees are included. Those aren't just price moves. They're a map of where real scarcity actually lives right now.

The secondary market is private bourbon resale. In most states, selling alcohol without a license is technically illegal — so most secondary trades happen in gray zones: Facebook groups, trading apps, auction sites like Whisky Auctioneer, and bottle clubs. The market lives wherever collectors meet.

Secondary pricing moves on two things: real scarcity and perceived scarcity. A Pappy Van Winkle 23 at $270 MSRP trades near $2,200 at auction because retail access is nearly impossible and collector demand runs well above supply. Eagle Rare 17 at $99 MSRP used to trade at $600. Now it's at $370. The bottle didn't change — the scarcity claim changed. As more bourbon aged into the accessible premium tier, Eagle Rare 17 lost the uniqueness that drove the premium.

The useful thing about secondary pricing, even if you never buy from it: it tells you what's actually rare versus what's hype. Thursday's Whisky Auctioneer results confirmed that Stagg and Weller are the only two BTAC expressions where the secondary floor still clearly justifies the lottery effort at $129 MSRP. The other three BTAC bottles are worth a free lottery entry — the math just no longer makes them worth active multi-state pursuit.

What this changes: You don't have to participate in secondary to learn from it. The prices are a market signal about where real scarcity lives — and right now that signal is being unusually specific about which allocated positions are still worth chasing.

The Perfect Pour app — beta open now, launches July 4. For the full deep-dive on the secondary market — how auction pricing works, what floor erosion actually signals, the difference between real scarcity and manufactured scarcity, and how to read secondary data before entering a state lottery — get notified when the Perfect Pour app launches. Take your seat in the beta →

A bottle under $60 that's worth knowing about — one per edition.

Four Roses Small Batch Kentucky Straight Bourbon Whiskey

$28.99–$32 National standard distribution — on shelf at major retailers, independent liquor stores, and grocery-affiliated accounts nationwide without lottery or wait list; Four Roses' distributor footprint makes this among the most consistently stocked Tier 2 expressions in the country

Flavor Profile — Floral and fruit-forward nose with honey, dried apricot, and a gentle herbal character driven by the distillery's yeast diversity; the palate is medium-bodied with caramel and vanilla giving way to light baking spice, and the finish is clean and warming — noticeably longer than the 90-proof entry initially suggests

Production Context — Blended from four of Four Roses' ten available recipes — the distillery's two mash bills (60% corn/35% rye and 75% corn/20% rye) crossed with selected yeast strains from their five-yeast library in Lawrenceburg, Kentucky; bottled at 90 proof with the consistency-first objective of a blended expression designed to taste like Four Roses year after year regardless of which specific barrel inventory anchors the batch

Why This Matters — Four Roses Small Batch is the most direct introduction to what the distillery's yeast-and-mash-bill recipe system actually produces in a blended format — understanding this bottle makes the Single Barrel picks and the LESB pre-allocation decision both more legible, and it costs less than most bottles on the shelf next to it

Three bottles across three price tiers — what to buy, what to wait on, what to skip.

How to read the chase ratings

YESworth chasing

WATCHhold for now

PASSskip this one

Bottle 1 — Under $80

Knob Creek Single Barrel Reserve 2026 — 120 Proof (Beam Suntory / Knob Creek, Clermont KY)

Window: Arriving at retail June 18–22, 2026; confirmed distributor delivery in Kentucky and Florida markets as of June 19 — check local retailer for delivery status

Where: Knob Creek national retail accounts; Total Wine, Seelbach's confirmed receipt in initial delivery markets as of June 19

MSRP: $69.99

Flavor Profile — Bold corn sweetness up front, rich vanilla and caramel mid-palate, black pepper and oak spice at the finish; 120-proof entry amplifies the high-rye mash bill character rather than smoothing it — the finish runs longer than the standard 9-Year expression by a noticeable margin

YES

Rationale — Three consecutive proof escalations (115→118→120 proof) with matching Whisky Advocate score increases (89→91 points) make the 2026 vintage the sharpest version of this bottle's annual story. At $69.99, it's the highest-proof nationally distributed bourbon below $75, and it's arriving at retail today — the only Hunt entry this window available for same-day Father's Day purchase in markets with confirmed delivery.

Bottle 2 — $80 to $200

Four Roses 2026 Limited Edition Small Batch Pre-Allocation

Window: Open now through mid-July 2026; no hard close announced — historically tightens within 3–4 weeks of the recipe reveal, which Brent Elliott confirmed today is scheduled for late July

Where: Four Roses authorized pre-allocation retailers; Seelbach's and ReserveBar accepting pre-orders — confirm retailer list status directly

MSRP: $139.99

Flavor Profile — Based on 2025 vintage profile — rich honey and floral aromatics on the nose, dark fruit and baking spice on the palate, long warming finish with tobacco and dried apricot; the 2026 vintage at 108.2 proof (highest in the series' recent history) suggests a bolder, more oak-forward character than the 2025 LESB delivered

YES

Rationale — Four consecutive Whisky Advocate vintages at 93 points or higher — the most consistent scoring floor in the annual limited-release category. Elliott confirmed this morning at Lawrenceburg that the 2026 recipe reveal arrives 3–4 weeks before physical delivery, meaning buyers who commit now at $139.99 will know what's in the bottle before it ships. The 2025 secondary floor of $355–$395 is approximately 2.5x the pre-allocation price.

Bottle 3 — $200 and up

Wild Turkey Master's Keep Cornerstone 2026 — 116.2 Proof, 16-Year Minimum (Campari / Wild Turkey)

Window: Pre-allocation lists anticipated at authorized Wild Turkey retail partners within 10 days of official press release; TTB cleared June 18, 2026; press release expected imminently

Where: Pre-allocation not yet open — get on authorized Wild Turkey retailer notification list now; distillery visitor center in Lawrenceburg carries walk-up quantities on launch day

MSRP: Not yet confirmed; prior Master's Keep expressions at this age tier have landed $249–$299 at authorized accounts

Flavor Profile — Eddie Russell's low-distillation-proof signature at 16-year Kentucky maturation — expected dried oak, integrated vanilla, dark fruit concentration, and long pepper-and-char finish; 116.2 proof suggests barrel-forward intensity with the heat integration that comes from decade-plus of Kentucky climate cycling

WATCH

Rationale — The 16-year minimum age statement returns to the Cornerstone label for the first time since the Master's Keep program's inaugural 2014 release — the expression that defined the series' identity and still surfaces above $400 secondary when examples appear. Estimated national allocation of approximately 11,400 bottles, smaller than last year's Triumph. No MSRP and no pre-allocation open yet — get on retailer lists before the press release drives mainstream awareness and the queue fills in days.

Today's AWIB Hunt section covers 5 active drops, lotteries, and walk-up windows with full palate direction, rationale, and the Hunt Intelligence Note. See the full Hunt on Patreon →

What bourbon drinkers are debating right now — and what the argument teaches the rest of us.

Is the Kentucky Bourbon Trail's Visitor-Center Model Fair Access — or Geographic Exclusion With Better Branding?

The debate isn't really about today. It's about a structural question in how bourbon reaches buyers outside Kentucky. Every major Kentucky distillery runs a visitor-center tier that operates outside the three-tier system — expressions that don't reach a licensed retailer, can't be shipped to most states, and require physical presence at the distillery to access. The fairness argument is direct: "just drive to Kentucky" is not bourbon advice if you live in Seattle, Portland, or Minneapolis. The defender's argument is equally direct: visitor-center exclusivity is the return on Kentucky's $9.6 billion tourism investment, and removing it dismantles what makes the trail worth making the trip.

First Sip Moment —

The mechanism at the center of this debate is direct-to-consumer spirits shipping. In a majority of states, it's illegal for a distillery to ship spirits directly to a buyer — a legal framework, not a distillery policy. Fewer than 15 states have meaningful DTC shipping access for spirits, which means that even if Buffalo Trace wanted to ship that E.H. Taylor Jr. visitor-center gift configuration to a buyer in Portland, Oregon, they legally cannot in most scenarios. The visitor-center exclusion and the DTC shipping gap are the same problem from two angles: one is a channel decision, the other is state law. The distillery policy is not what's keeping the bottle out of most buyers' hands — the legislative framework is.

The Math —

The Kentucky Bourbon Trail generated approximately $9.6 billion in annual economic impact per the KDA's most recent Economic Impact Report, with visitor spending as a material component. KDA H1 2026 visitor data tracks at approximately 18% above last year's first-half pace — highest on record. Visitor-center-exclusive expressions from Buffalo Trace, Heaven Hill, Wild Turkey, Four Roses, and Maker's Mark do not enter the three-tier distribution system and are not available through licensed online retail in most states. DISCUS tracks fewer than 15 states with meaningful direct-to-consumer spirits shipping access for buyers. The legal framework governing DTC shipping — not visitor-center policy — is the primary mechanism blocking most out-of-state buyers from distillery-direct access. The fairness critique is accurate on the distribution question and incomplete on the structural one: removing visitor-center exclusivity collapses the experiential distinctiveness that drives $9.6 billion in Kentucky economic impact. The exclusion and the economic benefit run through the same mechanism.

What It Means For The Rest Of Us —

The access is real. The exclusion is real. Fixing it takes state legislatures acting on direct-to-consumer shipping laws, not distilleries changing their gift-shop policies.

Today's AWIB Bar Talk has 2 more debates with full source citations, fact-checked positions, and editorial assessment. Read the full debates on Patreon →

One auction story from this window — and what it teaches us about the market.

Pappy Van Winkle's Family Reserve 23 Year (2024)

Realized Price

$2,210

Peak Price

$4,400

Floor Erosion

↓ 49.8%

($4,400 − $2,210) ÷ $4,400 × 100 = 49.8% erosion from Q4 2022 peak · Sotheby's Wine & Spirits · June 15, 2026

What Floor Erosion Means —

Floor erosion is how much a bottle's secondary market price has dropped from its highest recorded sale. At 49.8%, Pappy Van Winkle 23 is now selling for roughly half what it fetched at its 2022 pandemic-era peak — $2,210 at a Sotheby's June auction against a $4,400 high. Two things are simultaneously true: that's a $2,190 decline from peak, and the floor has not moved in four months. The $2,200 band has been the major-auction-house reference for Pappy 23 since late 2025, with private secondary trades typically running $150–$250 below that figure. Stability at half of peak is not recovery — but it's not continued collapse either. The collector case now rests on whether the September BTAC cycle announcement re-activates institutional buying that has been largely absent since Q1 2026. Fewer than 4,000 bottles of Pappy 23 are released annually through state lottery and allocated distribution — the scarcity is structural, not cyclical, which is why the floor has held even as the premium from its peak has not.

The lesson: A bottle can be worth half what it was at peak and still be at its floor — the direction of movement over recent months matters more than the distance from the high.

Today's AWIB Secondary section grades 2 more bottles with realized prices, floor erosion math, lineage notes, and buy/hold/sell calls. Read the full secondary report on Patreon →

What you're missing in the full brief — in order, by section.

Today's Flight: George T. Stagg 2024 vs. William Larue Weller 2024 — the two BTAC barrel-proof expressions from the same distillery and the same fall allocation cycle whose secondary floors just diverged by $250–$300 in the same Whisky Auctioneer June session. Same $129 MSRP, same release cycle, different mash bills, different secondary ceilings. Full side-by-side specs, tasting notes, and a verdict on which is the better bourbon — and which is the better position — in the AWIB.

Brent Elliott confirmed at Lawrenceburg this morning that the 2026 Four Roses LESB recipe will be announced 3–4 weeks before physical delivery — meaning buyers who commit at $139.99 now will learn the recipe before the bottle ships. Today's AWIB Opening Pour covers the full timing implications for the pre-allocation decision, what the 108.2-proof TTB confirmation signals about this year's blend direction, and the case for committing before versus waiting for the July recipe reveal.

Today's AWIB Rickhouse Report covers the Bourbon & Beyond 2026 full whiskey program announced June 19 — three distillery-hosted master tasting sessions in Louisville this September (Conor O'Driscoll on a three-vintage Parker's Heritage vertical, Eddie Russell on the Master's Keep Cornerstone 2026, Brent Elliott on the Four Roses recipe system), a festival-exclusive Four Roses barrel pick at $89.99 available only to Connoisseur ticketholders, and the case for September's Louisville event as the most access-dense single ticket on the fall bourbon calendar.

Today's Full AWIB Includes (in reading order)

Bar Talk: 3 debates · The Hunt: 5 active drops · Label Room: 5 items · The Secondary: 3 graded bottles
Rickhouse Report: 5 stories · Regional Report: 3 stories

The full AWIB walks today's bourbon world in reader-forward order — the Opening Pour lead stories, the community Bar Talk, the side-by-side Flight comparison, every active Hunt window, the full Label Room pipeline, the Secondary market grading, and the industry-depth Rickhouse, Regional, and Research Notes coverage. Plus full source trail. Join on Patreon →

The Perfect Pour — beta open now, launches July 4.

Build your Rickhouse, log every pour in your Logbook, and learn your palate with your Pour Print — the app that turns every pour into your next discovery.

Founder’s rate: lock $99/year for life as a Bourbon Keeper (through July 3, 2027).

Take your seat in the beta → theperfectpourapp.com

FIND US

◆ Website: https://www.chasingtheunicornpodcast.com
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◆ Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/chasing-the-unicorn-bourbon-american-whiskey/id6788592653
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◆ YouTube: https://www.youtube.com/@chasingtheunicornpodcast

Want the full picture? The complete American Whiskey Industry Brief — every section, every source, every story — is published free every morning at chasingtheunicornpodcast.com. Read it at chasingtheunicornpodcast.com/the-brief/.

Read the Full Brief

Chasing a specific bottle? The Bourbon Release Calendar lists every lottery deadline, walk-up window and MSRP we're tracking — updated every morning.

Mentioned in this episode: E.H. Taylor, Buffalo Trace, Eagle Rare, William Larue Weller, George T. Stagg, Pappy Van Winkle, Wild Turkey, Russell's Reserve, Master's Keep, Heaven Hill, Old Fitzgerald, Parker's Heritage, Four Roses, Bardstown, Maker's Mark, Knob Creek, Sazerac, BTAC

About John Schuster II

John Schuster II is the host of Chasing the Unicorn Podcast and the editor and publisher of the American Whiskey Industry Brief. A retired U.S. Army Major who spent twenty-six years across the Navy and Army — and an Executive Bourbon Steward — he built a career on systems and on teaching, and now points both at American whiskey. The Cut is his daily take on what moved in bourbon and why it matters, made the way he makes everything: for someone, not everyone. More at momentfirst.com.

About Shauna Hann

Shauna Hann is the editor and a contributor across Chasing the Unicorn Podcast and the American Whiskey Industry Brief, and co-host of Beyond the Cut. A teacher of more than twenty years — including at West Point and across the U.S. Army — she brings historical depth and structural rigor to the work, and a gift for making complex things simple. More of her work is at shaunaonthego.com.