The Intelligent Investor's Guide to Spirits

Gin

Gin's been sort of forgotten in the liquor craze, "which means there's still value to be had," says Jim Meehan, co-editor of the cocktail book "Mr. Boston." Classic brands like Beefeater and Plymouth, for example, can be found for around $25 a bottle. That's fine, but there are more interesting ones out there. Over the past few years, liquor companies have started selling gins light on juniper and heavy on other exotic ingredients - from ginger to grapefruit - in hopes of luring vodka drinkers. These can be drunk in a cocktail or on the rocks with soda. The best of them pack premium taste into bottles under $35, less than premium flavored vodka.

Our picks:

Plymouth, $26: This English gin is a true classic; it has been made with the same recipe since 1793.

DH Krahn, $30: Its complex East Asian citrus flavor comes from ingredients like lemon zest and Thai ginger.

Hendrick's, $30: Infused with cucumber and rose petal, this Scottish gin won "double gold" at the 2004 San Francisco World Spirits Competition.

By Noah Rothbaum

Rum

You probably think of rum as the lowbrow liquor your college kid pours into a soda. That's white rum. There's another rum more fit for grown-ups, and that's the dark variety. Aged in wood casks, dark rum can be sipped straight; it also works well in cocktails. Few people realize how similar in flavor it is to whiskey and cognac; thus many great bottles sell for less than $35. Spirits companies are just now beginning to market this message - which means prices are likely to rise a lot in the next few years, says Wayne Curtis, author of "And a Bottle of Rum: A History of the New World in Ten Cocktails." Stock up now on the bottles below.

Our picks:

Santa Teresa 1796, $35: A favorite of Curtis, this was Malt Advocate's 2005 spirit of the year.

Cruzan Single Barrel Estate, $35: This includes rums up to 12 years old and tastes more like a cognac or a single-malt whisky because of its aging.

Flor de Caña seven-year-old Grand Reserve, $23: Big in flavor, this won silver from the Beverage Testing Institute.

Whiskey

With Scotch, don't assume older or pricier guarantees better taste. "Not all whisky benefits from extended maturation," says Charles MacLean, author of "Scotch Whisky: A Liquid History." If it ages too long, you'll taste mostly the wood of its cask. According to MacLean, 18 years is optimum for richness, flavor and price. Scotch aged 18 years sells for around $70 - about 50% less than the cheapest 25-year-old. Also, don't overlook blends, which contain whiskies from several distilleries, plus grain whisky. "These by no means are a poorer relation to single malt," says MacLean. They're usually smoother, besides being a better value.

As for American whiskey, bourbon may have reigned for the past century, "but rye is a great value, comparatively," says Allen Katz, spirits education director for distributor Southern Wine & Spirits of New York. The best bottles are easily the equal of premium bourbon in complexity - and often well under it in price.

Our picks:

Rittenhouse Bottled-in-Bond Rye, $16: It won North American whiskey of the year at the 2006 San Francisco World Spirits Competition.

Chivas Regal 18-year-old, $65: Named 2007 Scotch blend of the year by Malt Advocate, it's usually several bucks cheaper than competitor Johnnie Walker.

Wild Turkey Russell's Reserve Rye, $33: This spicy six-year-old small-batch rye comes from a company better known for its bourbon.

Highland Park 18, $85: It's among the best 18-year single malts on the market.

Vodka

These days, liquor store shelves are crowded with "super-premium" vodkas costing up to $70 a bottle. These tout multiple distillations and, often, unusual bases - maple, grapes, soy and so on. Ignore this hype, says Dushan Zaric, co-owner of New York City hot spot Employees Only. Distillation numbers are bunk. (Unlike with Scotch, there's no standard definition.) Also, you'll notice a difference in bases only if you drink vodka straight - which Americans rarely do, says Zaric. As a result, you'll find the picks below hold their own against the $70 bottles.

Our picks:

Ketel One, $25: Technically a super-premium vodka, it sells for far less than others in the category.

Charbay Distillers, $28: Produced in California, it's twice been Spirit Journal's No. 1 vodka in the world.

Russian Standard, $21: It's just as good as the company's $35 super-premium Imperia.