Will Barnes, co-founder of inpractise.com, discusses the investment case for Naked Wines. The company's been a huge COVID beneficiary, but despite a nice run Will thinks the market is underestimating the long term potential of Naked Wines and how advantaged the business is against the rest of the wine industry.Chapters0:00 Intro7:00 Naked Wines Overview12:25 How Naked Wines Angel model works15:15 Why isn't this Blue Apron 2.0?22:00 Naked's scale and business model gives them a cost advantage28:00 Would winemakers leave as they got bigger?32:30 Can Naked Wines grow beyond the angel wine model?38:45 Naked Wines' data gives them a moat45:35 Naked Wines' Postcard anecdote49:35 Valuation and how sustainable is the COVID boost52:30 Reasonable 2025 bull case57:45 Potential "level up" opportunities