Despite the overheated passion for bourbon in the U.S., some visible maturity has set in as buyers back off the notions that older is better and a high price implies better whiskey. Such thoughts are for the most part nonsensical and amount to little more than a great way to spend a lot of dough on dubiously good liquor.

So when the Whiskey Wash asked me to pen a piece on my five top bourbon picks under $40, I was all over it and excited to share my go-to list for great values. And then some of the fun…