Buffett acquired Coke from 1988 through 1989. The stock split in 1990 and 2012. Adjusting for the splits, I THINK Coke earned 32 cents in 1988 if my split adjusted math is right :). Buffett truly went all-in on Coke at the time, buying more than a $Billion of the stock.

Coke was one of the few companies in the world with a true global sales and distribution in even poorest of nations. Moats? Buffett said Coke was one of the most popular WORDS in the world, enjoyed a true duopoly with Pepsi in the US in terms of shelf space. And “lack of excess margin” ironically was the true MOAT. Buffett said Coke made a penny a can. Added something to the effect that if some one dropped $100 million in your lap—the last thing in the world you’d do would be to try to build a global distribution soft drink company to try to undercut Coke’s 1 penny a can profit. That margin of safety almost assured that Coke could pull the pricing lever when it had to. Which it has.

Buffett saw a half century, at least a clear quarter century, runway for Coke. Time has proven him 100% correct.