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From Australia to Zimbabwe, from Omaha to Osaka, from the Great Wall of China to the Great Barrier Reef, millions of people drink 654.38 billion cans of Coca-Cola every day.

Half of the carbonated drinks in the world are sold by Coca-Cola Company, which is three times that of its competitor Pepsi. In the United States, the sales of carbonated drinks can reach 50 billion dollars a year, while Coca-Cola Company and Pepsi Company account for 3/4.

In the United States, Coca-Cola accounts for110 of the total sales of liquid beverages in the United States.

Coca-Cola Company provides its syrup and concentrated solution to about 1000 franchisees in nearly 200 countries around the world. These franchisees represent 126 languages and also sell 230 other brands of beverages. In most countries, Coca-Cola has few competitors.

Coca-Cola shares remain Berkshire's biggest investment. In the world of Coca-Cola, the sun will never set. Buffett's investment in Coca-Cola Company is a major move. In many countries, Coca-Cola is almost synonymous with the United States.

Buffett said: "You are lucky to have a good idea in your life. It is basically the biggest business in the world. Coca-Cola has the most influential brand in the world, and its price is reasonable. It is very popular-its per capita sales in various countries are increasing every year, and there is no product like it. "

As early as May 1950, and in May 15, an advertisement for Coca-Cola appeared on the cover of Time magazine (at that time, it was 20 cents each), with the title "World and friends", which painted a smiling face of the earth, thirsty and drinking Coca-Cola.

Roberto Gozeta was born in Cuba and educated at Yale University. He started in Atlanta and died in 1997. The former president of Coca-Cola Company once said that the "water dispenser" in the kitchen should be Coca-Cola, not cold water.

Gao Zeta is very familiar with the growth of business. He often says "God is everywhere". After the Castro incident in Cuba (1960, he and his wife defected during their vacation in Miami and never returned to Cuba), the only property he owned was 100 shares of Coca-Cola for $8,000, and the money for the shares was borrowed from his father. He insisted on holding these shares until his death, which were already worth $3 million.

During his tenure as president of the company, Gozeta increased the market value of Coca-Cola Company from $4 billion to about $654.38+050 billion. What a high liquid asset!

Gao Zeta was already a billionaire of Coca-Cola when he died.

Coca-cola's trough

After Gao Zeta's death, Ivester took over as president and experienced a turbulent period of two and a half years. 1999 12.6, Ivester said that he planned to retire in April 2000, which shocked Wall Street. In many foreign markets, Ivester's reputation has gone from bad to worse (hedging has lost its role because of the depreciation of foreign currency). In Europe, a large number of products were recalled because of pollution. 1June, 1999, Coca-Cola products sold in Luxembourg, France and the Netherlands were urgently recalled for health reasons. This incident originated in Belgium, where a child got sick after drinking Coca-Cola. Coca-Cola Company claimed that the pollution was caused by carbon dioxide in bottles produced by a factory in Antwerp, Belgium, and fungicides outside the cans of a factory in Dunkirk, France.

Finally, an authoritative person in Belgium concluded that the disease was caused by psychological reasons, especially because young people inhaled unpleasant smells.

When Yves was in office, he was also involved in a racial discrimination case in the United States. Later, he tried to buy out a French beverage brand called "Punar-Richard-Orangina", but it ended in failure, which completely ruined Yves' reputation. Therefore, Coca-Cola Company had to reduce its original plan to acquire Cadbury-Schweip Company in order to win the approval of the regulatory authorities. The profit deficit eventually led to a major restructuring of the company, and 5,200 people left their jobs and lost their jobs. In some countries, such as Russia, India and Vietnam, their business has fallen sharply.

Gradually, Coca-Cola Company is facing a series of troubles: the change of beverage taste; Problems in the bottling workshop; Resist foreign governments and international anti-American waves.

Douglas Daft, a 30-year-old former math teacher, immediately appointed Jack Stuart as the general manager of Coca-Cola Company. Fortune magazine (June 5438+1 October 10) reported that Buffett and Herbert Allen, two directors of Coca-Cola Company, summoned Yves in Chicago on June 5438+February10, which shows that they have lost confidence in Yves' leadership. After Ivester returned to Atlanta, he called an emergency board meeting and announced his resignation.

In the late 1990s, before the collapse of Coca-Cola Company, the ROE of 1990 was 39%, and then it continued to increase, reaching 6 1.3% in 1997, but dropped to 45. 1% in 1998.

So, what has Coca-Cola been selling? Charles Munger, vice president of Berkshire, quoted Keogh as saying: "The business of Coca-Cola Company is to create and maintain conditioned reflex." Coca-Cola Company is selling its beverage brand. Nothing in the world is more important than food or energy. It's just a drink. Maybe you'd say it's just a sugar water beverage company that sells tooth corrosive agents along the street. However, we'd better check their idea of making drinks. Over the years, Coca-Cola Company has been providing fresh and delicious beverages, and finally has a place in the mainstream beverage brands in the world.

Buffett's first investment in Coca-Cola Company, which produces canned drinks, reached $654.38+$02392 million. With this money, he bought 23.35 million shares of Coca-Cola Company. Since stock split in 1990 was 2: 1, Berkshire got 46.7 million shares. 1992 share split was conducted according to the ratio of 2: 1, and 93.4 million shares were obtained. 1in the middle of 994, Buffett reinvested in the company's stock, which made Berkshire's Coca-Cola stock exceed 65438+ billion shares. This is a very considerable wealth. As mentioned earlier, this number has reached 200 million shares through the 2: 1 split of 1996.

On the second day after Berkshire announced its investment in Coca-Cola Company, Buffett told Michael mccarthy of the Wall Street Journal (1989.03. 16) that buying shares in Coca-Cola Company was "the best performance of putting theory into action".

Buffett told him: "Coca-Cola Company is just the kind of company I like. I like products that I can understand. For example, I don't know what a transistor is. " He further said: "In recent years, I have become more and more familiar with their senior management decisions and strategic priorities."

This story shows that analysts regard Buffett's buying behavior as an escape from the economic recession. Buffett replied: "There may be 10 recession between now and the time when we sell Coca-Cola shares. Our favorite shareholding period is forever. "

Sun Trust Bank is another major shareholder of Coca-Cola Company, holding nearly 8% of the shares of Coca-Cola Company, but these shares can be divided into about 2% owned by the bank and about 6% held by the bank in the property trust account. Sun Trust Bank itself owns about 48 million shares of Coca-Cola. So, what if you hold it for a long time from $65,438+065,438+0,000 or less than 0.5 cents per share? The price of 0.5 cents per share is the service fee charged by Georgia Trust Company in 19 19 to help Coca-Cola Company underwrite its initial stock issue, in the form of shares instead of cash. Sun Trust bought a lot of Coca-Cola shares. By the way, there is only one recipe for Coca-Cola in the vault of Sun Trust Bank.

It can be said that no one can get this handwritten formula unless the board of directors of Coca-Cola Company votes for it. Obviously, only a few employees who have never been out together can know this secret formula.

It is said that this secret Coca-Cola formula "Commodity 7X" is a mixture of oranges, lemons, cinnamon and other ingredients. This recipe has been handed down through oral communication, just like a secret and friendly order code word.

Emory University Business School in Atlanta is named after Gao Zeta. The university owns 40 million shares of Coca-Cola Company, and its dividends have been used to build a campus, set up scholarships and professorships.

Back to 1922, tobacco farmers in Quincy, Florida, at the urging of local banker Mark Monroe, bought shares of Coca-Cola Company and made huge profits. Julia Woodward, Monroe's daughter, said, "Coca-Cola is very popular now, and my father likes its taste very much. Besides, he thinks Coca-Cola's stock is a very good asset, because everyone can afford a coke. Today, the descendants of farmers who followed the advice of bankers own 7.5 million shares of Coca-Cola Company. After splitting and adjusting, the price of each share is 2 cents. Twenty-five millionaires of Coca-Cola Company also generously invested their property in their hometown near Tallahassee.

Buffett started his business career at the age of six. He bought six bottles of Coca-Cola at his grandfather's "Buffett and Son's grocery store" for 25 cents, and then sold them nearby at the price of 5 cents per bag. He found it profitable.

Buffett not only earns pocket money as a Coca-Cola salesman, but also drinks Pepsi. He has been unwilling to change his taste for nearly half a century and has reached the point of "Coke mania". Buffett once said in the summer of 1988 that his "eyeball and brain are connected", but in March of 1989, he began to buy a lot of Coca-Cola stocks. Coca-Cola Company also bought back its own shares, so there are two big buyers in the market to buy Coca-Cola shares.

What really caught Buffett's attention and interest was Coca-Cola, the most famous brand in the world. On the balance sheet of Coca-Cola Company, the brand value of Coca-Cola Company has not been recorded. However, this company has international profit growth potential and global effective advertising advantages. As people can see, Buffett has found a brand that is impeccable all over the world.

Coca-Cola Company occupies a dominant position in the soft drink market in the United States, and it is the first choice supplier for many large fast food chains, such as McDonald's, Wendy's, Perkin's, Pizza Hut and many Abby's restaurants. It can be said that where there is McDonald's, there is Coca-Cola. McDonald's is Coca-Cola's biggest customer.

Delta Air Lines, Continental Airlines, American Airlines and Tran Air all offer Coca-Cola.

Coca-Cola is sold all over the world. Coca-Cola vending machines are all over Europe and America. Even bohem Jewelry Store in Berkshire and Nebraska Furniture Company have Coca-Cola vending machines.

70% of Coca-Cola's sales and 80% of its profits come from overseas branches. 70% of Pepsi's sales and 80% of its profits come from the United States.

1989165438+10 After the Berlin Wall was demolished in October, Coca-Cola Company quickly occupied the former East German market, set up thousands of vending machines and transported thousands of cans of Coca-Cola by truck. 199 1 At the beginning of the year, Coca-Cola Company acquired factories engaged in bottling, distribution and transportation all over Germany. Before the Berlin Wall was demolished, the former East Germans knew about Coca-Cola through TV, and Coca-Cola was even more popular than the soft drinks produced by the former East Germans themselves.

Previously, in 199 1, the management of Coca-Cola Company claimed that the former East Germans consumed an average of 30 bottles of drinks a year, and the company's goal was to make this figure catch up with that of 190 bottles in West Germany in the next few years. Coca-Cola Company is also developing rapidly in Dongyuande. For Pepsi-Cola, which has a large market in some Eastern European countries, and Coca-Cola, which has been active in the European market for a long time, the merger of Germany and Germany is indeed a great good thing.

Coca-Cola Company has also consolidated its bottled coke sales network in Europe, and its largest bottled coke sales company, Coca-Cola Industrial Company, has set up franchise stores in France, Belgium and Britain.

Because of its large marginal profit, Coca-Cola earns more money in Japan than in the United States. 760,000 vending machines of Coca-Cola's 2 million soft drink machines are in the Japanese market, which makes Coca-Cola's soft drink market share reach 30%. Coca-Cola's Georgia canned coffee is also very popular in Japan.

The annual report of Coca-Cola Company 1989 said: "Our international opportunities are obvious. With the development of the market, more and more people will drink soft drinks. This is only a matter of time, and our time to develop the market is gradually shortening. "

The development opportunities of Coca-Cola Company abroad are enormous, because foreigners only drink a small amount of soda water like Americans. Although in the mature American market, the per capita annual consumption of coke is 395 bottles, while the global per capita consumption is only 64 bottles. The per capita consumption in the United States is several times the average consumption in the world, which is extremely beneficial to Coca-Cola and Berkshire.

Coca-Cola Company has invested a lot of money in bottling plants all over the world. Especially in Europe, Coca-Cola Company is increasing its investment in many bottling production lines, and expects to deregulate this industry in the process of European economic integration.

Because of the high fixed cost of bottling production line, producing and selling products in a few factories will enable Coca-Cola Company to share huge economies of scale and consolidate its position as a low-cost soft drink manufacturer. The financial personnel of Coca-Cola Company always keep a clear head, carefully hedge international currency risks and make good use of their few debts.

Business Weekly (1990165438+10/2) describes one aspect of Coca-Cola's debt utilization:

Coca-Cola Company fully demonstrated how to use financial leverage like playing musical instruments. 1986, Coca-Cola Company, once opposed to borrowing, borrowed $2.5 billion to buy its bottling plant. Then, it sold a 5 1% stake in a new bottling department to the public. Coca-Cola Company transferred the acquisition debt to the balance sheet of this new department, and paid off the debt through sales revenue. Results: Coca-Cola Company acquired a 49% stake in a company with assets of $3.9 billion-and gained marketing rights by merging some independent bottling plants.

The following are some shocking data, which are still recorded in the annual report of Coca-Cola Company from 65438 to 0989:

"In the 1920s, Coca-Cola Company began to transform into a global enterprise. In the past 60 years, we have established many business relationships and invested a lot of money. Today, the replacement cost of our company is as high as 654.38+more than $000 billion.

More than100 billion dollars!

Suppose you want to enter the soft drink industry and compete with Coca-Cola, your income will never exceed $654.38 billion. Neither can Buffett.

Speaking of more than $654.38+000 billion, Buffett said: "If you give me $654.38+000 billion to buy the global leadership of Coca-Cola Company, I will return the money to you and tell you that I can't."

There is a sentence in the annual report of Coca-Cola Company 1995: "If your company goes bankrupt completely, we only need to borrow money to rebuild according to the strength of our product trademark."

Any brand will be affected by competition. The same is true of American General Motors and International Business Machines Corporation. Once a few Japanese companies hit GM hard, and countless companies were destroying IBM. In 1990s, the performance of Coca-Cola Company grew slowly. However, if there is a thriving enterprise in the world, it must be Coca-Cola Company. In the annual report of Berkshire 1990, Buffett said that he regarded Coca-Cola Company as "the most valuable company in the world", which would not surprise you.

What Buffett sees is an enduring international brand, which has a large profit margin and a fixed consumer group in the United States. Coca-Cola also successfully used the 1996 Olympic Summer Games held in Atlanta, Georgia, which made Coca-Cola deeply rooted in Atlanta.

When Buffett bought shares of Coca-Cola Company, its market price was only 12 times of earnings per share.

Buffett gave some reasons to buy shares of Coca-Cola Company, while others made some supplements, which probably came down to a lot of reasons.

He said, "It's like marrying a girl. Is it because of her eyes, her temperament, or some other inseparable qualities? " As we grow older, we will realize that the real test of love is "Do I mind being defeated by this person financially?" (Ronnie Shaq)

When Buffett pursued Coca-Cola, he did it quietly and unknown. For months, he has been in contact with three brokers on the other end of the phone, who are buying all the Coca-Cola stocks they can find.

After the first week of March, Melissa Turner, a business reporter for the Atlanta Charter, interviewed Buffett in his office in Omaha. She asked Buffett why he didn't buy Coca-Cola shares earlier. He replied, "You want to ask my purchase motive, don't you?" I just want to buy it. "

Buffett also told her: "Suppose you want to go back to 10 years ago, you want to make an investment, and you have all the information you have now." But once a decision is made, nothing can be changed. What would you think? "

"If I have a clear idea, I know that the market will still grow and the leaders will remain the same-I mean globally-I know that there will be great growth, but I just don't understand things like Coca-Cola."

After drinking a mouthful of cherry coke, he continued: "I am sure that when I come back, their business will be bigger than it is now."

He told her that Hershey Food Company would join in, but would not increase its investment in Hershey chocolate like Coca-Cola Company.

"However, people will drink eight bottles of drinks in one day. History shows that if it is in front of them, they will definitely drink it. I am a very vivid example. "

Turner's article says that the portable refrigerator in Buffett's office is full, and there are 36 bottles of Coca-Cola to be refrigerated on the counter.

"I drink five bottles a day, which is equivalent to 750 calories. Five days is 1 kg, and one year is 70 kg. " He told Tina. Later, at Berkshire 1992 Annual General Meeting of Shareholders, he put it another way: "I drink five bottles a day, which is equivalent to 750 calories. If I don't drink, I will lose 70 pounds a year. Really, Coca-Cola is my life buoy. "

Five bottles a day? Lying, right? A white lie from Mr. glib. Does he really drink five bottles a day? "He drinks eight bottles a day-10," said Dipper Slote, who meets Buffett every day.

Buffett told Tina that his house was too hot the night before the interview. He got up at 2 am, rushed to the refrigerator downstairs, took a bottle of cherry coke, drank a lot, and then went back to bed to sleep.

Just after Buffett bought the shares of Coca-Cola Company, he immediately flew to the headquarters of Coca-Cola Company and invited Gao Zeta and Keo to have lunch.

So, where did Buffett, Gozeta and Keogh have lunch? At wasidi's restaurant. Where is it? Wasidi restaurant.

Wasidi Restaurant, located between Georgia University of Science and Technology and the headquarters of Coca-Cola Company, is a well-known and inexpensive local fast food restaurant. At Buffett's request, a group of three people came to Wasidi restaurant. Buffett's eating habit is to eat "Crisco" food with a glass of cherry coke. Wasidi, the largest drive-in fast food restaurant in the world, will receive more than 300,000 customers when there is a ball game on weekends, but it does not provide "Crisco" food. There are few cholesterol-free foods in this fast food restaurant, and "oily, salty, crisp and real onion rings" are very attractive.

This fast food restaurant is crowded and busy. There are many rooms in it, some of which are equipped with tables and chairs, and there is a TV in front for fans to watch the ball game. Buffett, Gozeta and Keogh didn't just come to drink. Keogh recalled, "I officially came to visit Buffett."

Gordon Muyi, the human resources manager of this restaurant, said: "I know they have been here ... I said a brief hello to Buffett after he came in. When you see him, you will never think that he will be a rich man. "

This restaurant was founded by Miao Yi's father in 1928. Mu Yi's mother Nancy Sim is now the owner of this restaurant. She sits at the round table by the window with Buffett, Gozeta and Keo, from which you can see the headquarters of Coca-Cola Company a few blocks away. Wasidi Restaurant is the largest consumer of non-chain Coca-Cola in the world. Coca-Cola seems to have flowed here from the headquarters of Coca-Cola Company.

"We use red and white as the main colors, so I spread a red and white tablecloth on the table and put some red begonia on Wasidi's plate." Mrs. Xin said. "They are all very honest people ... Buffett ordered hot dogs, onion rings and French fries. He likes these foods very much ... we put them on paper plates ... they bought six bottles of cherry coke. That's his favorite drink.

"They stayed here for about 1 hour or 1 hour and a half. I talked about many of my own businesses, candy companies and Nebraska furniture companies. He said that he likes to buy those well-managed enterprises and then let them continue to operate in the past. "

She said: "His personality shows that he is a humorous and unique person. I just hope he can buy my fast food restaurant with his last $654.38 billion. "

For Buffett, the acquisition of Wasidi Restaurant was just a joke, but he still replied: "She is too smart to sell it."

People like Jimmy Carter, George Bush and Bill Clinton have all been to Wasidi's restaurant to get votes. Evander holyfield, a former heavyweight boxing champion and now the spokesperson of Coca-Cola Company, has been to this fast food restaurant, as well as burt reynolds, Lucy Paul and Arthur Gao Desfri. Nipps Russell used to work here. Buffett came to Atlanta after being nominated as a director of Coca-Cola Company.

1In April, 989, after the annual meeting of Berkshire shareholders, Buffett went to bohem Jewelry Store, where he met his shareholders. He just bought a $654.38 billion stake in Coca-Cola Company. Someone asked him if he would hold it for a long time because it was not mentioned in the annual report.

Buffett said, "I don't want to put it on that list so soon." But I believe it won't be too long. He will call it a permanently held investment product. There is no doubt that for Berkshire, it is developing in the direction of permanent holding.

100 years, Coca-Cola has been a part of people's lives. This world-famous brand was born in1May 8, 886. At that time, pharmacist john clifford pemberton made Coca-Cola syrup for the first time in his backyard at Mariette Street 107.

He took a pot of new products to the street where Jacob's pharmacy is located, where there is the main soda shop in Atlanta (not far from today's Atlanta subway station). The price of this new product is 1 cent a cup. Wells Weinabo of Jacob's drugstore was the first person to sell Coca-Cola. In the first year, you can sell 6 cups of Coca-Cola every day. The total sales in the first year is $50, and the cost in this year is $73.96. So, pemberton lost money.

Later, this drink became synonymous with "delicious and refreshing".

Pemberton put an advertisement in Atlanta Daily on May 29th, 1886, saying that this drink is delicious, fresh and cool, exciting and exciting.

Legend has it that on June 5438+0886165438+10/5, a person with a hangover wanted to buy a medicine to relieve his headache. Pemberton then sold his drink as a headache medicine. I don't know whether it was intentional or coincidental, but the beverage made of carbonated water and syrup eased the headache of customers.

Ms. Graham wrote that since she had an accident when she was a child, she fell off a full carriage and was run over by a wheel. Asa kandel spent his whole life looking for drugs to treat headaches.

One of the purposes of pemberton's research on Coca-Cola formula is to develop a medicine for treating headache. Coca-Cola was used as a medicine for 10 years before it came out. Candela posted an advertisement from 65438 to 2009 in the 1990s, saying that Coca-Cola was "a miraculous medicine for the brain and nerves, with remarkable curative effect."

1887, a product named coca-cola concentrated syrup was patented.

This is a story about Coca-Cola Company. It is said that investors need to read it.

There is also a video website where Coca-Cola is spoofed by Pepsi:/diary/diary/070519083644562.