The product of this process is an aqueous mixture comprising (1) at least one component having a single ring phenolic structure, and (2) at least one component having a multiple ring phenolic structure, (3) water, and (4) unreacted starting materials such as formaldehyde, phenol, and alcohol where the weight ratio of (1) and (2) to (3) and (4) is from 80:20 to 95:5, typically, from 82:18 to 90:10.