I was literally staring at a 9/10 empty bottle of Angostura, a 9/10 empty bottle of Fernet, and a half full bottle of Punt e Mes and thinking.... I've got to clean out the liquor cabinet! This is the result. I think there's just enough sweetness in the Vermouth to balance the Fernet, though if I had it lying around..... Antica would be really nice here, and play up the Christmas spicy thing.
Found this looking for Christmas / winter cocktails, and it's spicy and bracing with that strong fernet menthol taste. Used Carpano for the vermouth. Tempted to make it again with Angostura Amaro instead of bitters and up the dosage.