Calculating the loss of bourbon and water from wooden barrels involves understanding the permeability of the wood, which allows for the passage of alcohol and water. If the barrel is sealed, there will be no loss, but permeable wood can lead to evaporation, influenced by ambient temperature, relative humidity, and vapor pressure differences. The discussion highlights that measured losses can help estimate the permeability of the barrel, with a typical aging loss of about 22% over several years. Interestingly, the evaporation rates of water and ethanol can vary, with some observations suggesting water may leave faster than alcohol, which contradicts expectations. Understanding these dynamics is essential for predicting the "angel's share" during aging.