Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 2 · id poor-charlies-almanack-c2-10-munger-uses-the-coca-cola-case
“Munger uses the Coca-Cola case study to argue that franchise businesses with strong consumer brands possess 'moats' that justify paying premium valuations, contradicting Graham's strict emphasis on buying below book value.”
holdsconfidence: high✓ ZHP-verified + red-teamed
Receipts
Frazzini, Israel & Moskowitz, 'Buffett's Alpha,' Financial Analysts Journal (2018)DOI registry: valid
Berkshire's returns can be explained by systematic exposure to quality factors: profitable, stable, growing companies.
Berkshire Hathaway 2023 Annual Lettersource alive
Berkshire's Coca-Cola position, purchased for $1.3 billion in 1988-1994, generated $736 million in annual dividends by 2023.
This claim is a stable, citable object. If you can falsify a verdict, tell us — corrections are loud here.