Milk Punch

7 cups whole milk
1 cup half-and-half
1 1/2 cups best quality bourbon
2 cups confectioners' sugar
2 tablespoons vanilla extract

Whisk the ingredients in a large bowl and pour into a glass pitcher. Chill in the freezer until the punch is slushy, about one hour.

Just before serving, pour punch into glasses (or even julep cups) and dust with freshly-ground nutmeg.