Missive #663 Published 18 February 2026

The astonishing inside story of how Bud Light lost its position as the most popular beer in the United States from a longtime Anheuser-Busch executive.
Anson Frericks, a former president at Anheuser-Busch—formerly the home of America’s most popular brewery—watched as the company unraveled at the hands of globe-trotting financiers and progressive middle management.
Rather than pursue shareholder profits, Anheuser-Busch suddenly became focused on stakeholder capitalism and the vague mandates of environment, social, and governance (ESG). This ill-advised change cumulated in the shocking evaporation of $30 billion in market cap after releasing an advertising campaign starring political activist Dylan Mulvaney.




