<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"><channel><title>silkywhisky · Brand Tax Watch</title><description>Independent editorial commentary on whisky bottlings whose market price has drifted far from their intrinsic value.</description><link>https://silkywhisky.com/</link><language>en</language><item><title>Dalwhinnie 15, the gentlest gem in plain sight</title><link>https://silkywhisky.com/watch/2026-05-16-dalwhinnie-15-gentle-gem/</link><guid isPermaLink="true">https://silkywhisky.com/watch/2026-05-16-dalwhinnie-15-gentle-gem/</guid><description>Dalwhinnie 15 carries a real age statement, a 4.4 rating across hundreds of reviews, and three retailers price it between €38 and €58. Our model says the intrinsic value is closer to €105. A multiple of 2.7 going the right way.</description><pubDate>Sat, 16 May 2026 00:00:00 GMT</pubDate></item><item><title>Glenmorangie Signet, and the price of design</title><link>https://silkywhisky.com/watch/2026-05-16-glenmorangie-signet-design-tax/</link><guid isPermaLink="true">https://silkywhisky.com/watch/2026-05-16-glenmorangie-signet-design-tax/</guid><description>Three retailers price Signet between €166 and €239. Our cost-floor plus quality grade puts the intrinsic value at around €77. The remaining two-thirds reflects everything else a Glenmorangie flagship buyer is paying for — bottle, packaging, marketing, brand position. We describe the gap; the decision to pay for it is yours.</description><pubDate>Sat, 16 May 2026 00:00:00 GMT</pubDate></item><item><title>Lagavulin 8, the anniversary release that never went home</title><link>https://silkywhisky.com/watch/2026-05-16-lagavulin-8-anniversary-that-stayed/</link><guid isPermaLink="true">https://silkywhisky.com/watch/2026-05-16-lagavulin-8-anniversary-that-stayed/</guid><description>Four retailers price Lagavulin 8 between €50 and €72. Our model says €37. The 8-year stayed in the core range after the 200th anniversary, and the price came with it.</description><pubDate>Sat, 16 May 2026 00:00:00 GMT</pubDate></item><item><title>Why we watch the premium</title><link>https://silkywhisky.com/watch/2026-05-16-why-brand-tax-watch-exists/</link><guid isPermaLink="true">https://silkywhisky.com/watch/2026-05-16-why-brand-tax-watch-exists/</guid><description>An independent column on the premium portion of single-malt Scotch pricing. What part of a bottle&apos;s price is liquid, what part is everything else, and why the difference is worth describing without judging.</description><pubDate>Sat, 16 May 2026 00:00:00 GMT</pubDate></item></channel></rss>