Similar to P&G, Coca-Cola (NYSE:KO)’s shares outperformed and delivered positive returns during the quarter, after reporting improved business results. Over the last several years, we think Coca-Cola’s management has done an excellent job of re-orienting the company towards overall beverage consumption and reducing its exposure to carbonated soft drinks.
From Yacktman Fund (Trades, Portfolio)'s fourth quarter 2018 shareholder letter.
