Home Business Buffett and Munger: It would be a mistake for Coca-Cola to into get into marijuana – Yahoo Finance

Buffett and Munger: It would be a mistake for Coca-Cola to into get into marijuana – Yahoo Finance

18 min read
0
81
Loading...
 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Berkshire Hathaway (BRK-A,&nbsp;BRK-B) CEO Warren Buffett and Vice Chair Charlie Munger have some advice for Coca-Cola&nbsp;(KO): Stay out of the cannabis business.” data-reactid=”15″>Berkshire Hathaway (BRK-ABRK-B) CEO Warren Buffett and Vice Chair Charlie Munger have some advice for Coca-Cola (KO): Stay out of the cannabis business.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Fox Business Network anchor&nbsp;Liz Claman&nbsp;tweeted on Friday that Buffett and Munger told Fox, “It would be a mistake for Coca-Cola to get into the marijuana – cannabis business. They have a wholesome image and that would be detrimental to it.”” data-reactid=”16″>Fox Business Network anchor Liz Claman tweeted on Friday that Buffett and Munger told Fox, “It would be a mistake for Coca-Cola to get into the marijuana – cannabis business. They have a wholesome image and that would be detrimental to it.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=" ” data-reactid=”17″>

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Coca-Cola may not need the advice. In October, its president and CEO James Quincey told&nbsp;Yahoo Finance’s Brian Sozzi that the beverage giant has no plans to enter the cannabis drink space. A month earlier, in September, the company, which had been rumored to be nearing a partnership with Candian company Aurora Cannabis, said it was “closely watching” the space and had not yet decided on whether to get involved.” data-reactid=”19″>Coca-Cola may not need the advice. In October, its president and CEO James Quincey told Yahoo Finance’s Brian Sozzi that the beverage giant has no plans to enter the cannabis drink space. A month earlier, in September, the company, which had been rumored to be nearing a partnership with Candian company Aurora Cannabis, said it was “closely watching” the space and had not yet decided on whether to get involved.

On Friday, a Coca-Cola spokesperson reiterated that the company is not planning to enter the cannabis space. “Our chairman and CEO, James Quincey, has repeatedly stated we don’t have plans to get into this space,” said Scott Leith, senior director, financial communications for Coca-Cola.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=" ” data-reactid=”21″>

2019 Berkshire Hathaway Annual Shareholders Meeting

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Berkshire Hathaway owns&nbsp;9.4% of Coca-Cola, a stake worth about $19 billion.” data-reactid=”34″>Berkshire Hathaway owns 9.4% of Coca-Cola, a stake worth about $19 billion.

Berkshire first bought a major stake of Coca-Cola back in 1988, noting in its annual investor letter that it expected to hold the securities “for a long time.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,”&nbsp;the company’s 1988 shareholder letter stated.” data-reactid=”36″>“In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,” the company’s 1988 shareholder letter stated.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Buffett, a famous consumer of Cherry Coke, enjoys the drink so much that he allowed the company to put his face on cans&nbsp;for the drink’s China launch in 2017.” data-reactid=”37″>Buffett, a famous consumer of Cherry Coke, enjoys the drink so much that he allowed the company to put his face on cans for the drink’s China launch in 2017.

Here’s a look at Berkshire’s other investments:

Source: David Foster/Yahoo Finance

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Alexis Keenan is a New York-based reporter for Yahoo Finance. She previously worked for CNN and is a former litigation attorney. Follow on Twitter @alexiskweed.” data-reactid=”50″>Alexis Keenan is a New York-based reporter for Yahoo Finance. She previously worked for CNN and is a former litigation attorney. Follow on Twitter @alexiskweed.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="
” data-reactid=”51″>

Let’s block ads! (Why?)


Source link

Loading...
 

Check Also

WeWork's $47 billion valuation was always a fiction created by SoftBank – CNBC

Loading...   Masayoshi Son Alessandro Di Ciommo | NurPhoto | Getty Images When busine…