I read financial analysts’ coverage memoranda about the beer industry as a matter of professional obligation. Most are deeply boring; some are repulsively cynical. Every once in a while, though, Wall Street’s information peddlers publish a real pearl. So it was back in 2022, when Credit Suisse’s Kaumil Gajrawala warned investors against biting on macrobrewers’ juicy dollar sales growth during the second year of the pandemic with a note entitled “Pricing is a Closet; Volume is the Skeleton.” An absolute banger, as these things go.