>>Alas, it has been just a cash cow for a long time now, more like a perpetual bond with coupons that (almost) keep up with inflation. <<

Berkshire's massive unrealized capital gain in Coke has done more than generate dividends. By never selling, Berkshire has deferred what would likely have been billions of dollars in capital gains taxes. Those deferred tax dollars remained inside Berkshire, available to fund later opportunities like Apple, Burlington Northern, and the large preferred-stock investments made during periods of market panic.

So I don't think it's enough to evaluate Coke solely on its nominal or CAGR return over the past 15 years. Part of its value has been functioning as a tax-efficient reservoir of capital. The money that otherwise would have gone to Uncle Sam stayed inside Berkshire's compounding engine, continuing to earn returns for shareholders.

Berkshire's secret sauce imo is the benefits or use of money today-- that will eventually be paid to some one else later--hopefully much later.

In other words, Coke's contribution to Berkshire wasn't just the return on the investment—it was also the return earned on the taxes Buffett never had to pay.