KO when Buffett bought it was a different company. They were basically a brand that collected royalties. They only made the syrup for its soda. It was not very capital intensive back then for KO. The expenses were on the bottlers shoulders. Today, they own the bottlers. It was a much more easy to understand company back in the day with way better margins that had (still has) a huge moat. That is why WEB bought.
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KO when Buffett bought it was a different company. They were basically a brand that collected royalties. They only made the syrup for its soda. It was not very capital intensive back then for KO. The expenses were on the bottlers shoulders. Today, they own the bottlers. It was a much more easy to understand company back in the day with way better margins that had (still has) a huge moat. That is why WEB bought.