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This is everything I like about Balvenie scotches at a really great value. It's got the usual Balvenie oak notes, though relatively less than the Double Wood 12yo (see my other review of that bottle).
It's a single-barrel scotch, so it's a tad bit more variable than some of Balvenie's younger offerings, but the key elements go something like this. The start of the sip brings a faint bit of sherry and medium-strength oak flavors. It's not a particularly sweet scotch, and the sweetness is more of a honey sort of flavor than a Macallan-type sherry note. The finish is clean. Neither is it a particularly smooth scotch, as it's bottled at cask strength -- it's a strong, peppery, fairly harsh finish.
I don't, however, really mean to phrase these as negatives. This is a fantastic scotch, and one of my favorites. If you're like me, and want to know that you're drinking a scotch when you're drinking a scotch (i.e., you aren't afraid of a relatively strong bottle), you'll appreciate the strong malt and nice balance of sweetness and oak. Highly recommended.