1998: How will Coke do competing with Pepsi?
AUDIENCE MEMBER: I’m Leta Gurtz (PH) and I live in the area. And I would like to know what your prediction is for Coca-Cola’s long-term growth versus Pepsi-Cola’s recent efforts to increase the competitiveness with Coke?
CHARLIE MUNGER: Yeah. (Laughter)
Long-term, I would expect Coke to continue to gain versus Pepsi. (Laughter and applause)
(Buffett returns and sits down)
WARREN BUFFETT: What has he been doing while I was gone? What’d you say, Charlie? (Laughter)
I knew I was taking a chance. (Laughter)
What was the question?
CHARLIE MUNGER: I said that long-term I expected Coke to continue to gain versus Pepsi.
WARREN BUFFETT: Oh. Well. It’s those kind of insights as to why we keep him on the job year after year. (Laughter)
In a moment of particular confidence, he one time told me the same thing about RC. (Laughter)
Now, that was probably zone 3 you were answering, so we’ll go to 4.
What have you got there? You got peanut brittle?
CHARLIE MUNGER: Um-huh. (Laughter)