Speaking on the Equity Mates Investing podcast on Oct. 28, Ackman recalled hosting Buffett for dinner at his home several years earlier. Aware of the billionaire’s love for Cherry Coke, he had prepared a supply of the soft drink but also offered his guest still or sparkling water as a courtesy, Business Insider reported.
Buffett turned down both options and requested a Coke. “But I said, you know, ‘Don’t you drink water?'” Ackman recalled. “And he said, ‘Bill, I haven’t had water in 48 years.'”
Ackman did not reveal when the dinner took place, and Buffett, now 96, has not publicly addressed the account. However, his long-standing preference for Coca-Cola has been widely documented.
In a 2019 interview with CNBCBuffett said he consumed approximately five 12-ounce cans of Coke daily. Four years earlier, he told Fortune that he was “one quarter Coca-Cola,” referring to the drink’s contribution to his daily calorie intake.
“I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old,” he joked.
At Berkshire Hathaway’s 2017 annual shareholder meeting, the company’s late vice chairman, Charlie Munger, recalled sharing breakfasts with Buffett during which the billionaire consumed nothing but Coca-Cola and nuts.
“If you keep doing that, Warren, you may not make a hundred,” Munger quipped.
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Warren Buffett pours himself a Coca-Cola at an event in Madrid, Spain in 2008. Photo by Reuters |
The number 48 also holds significance in Buffett’s history with soft drinks. At his Berkshire Hathaway’s 1986 annual meeting, he announced that Cherry Coke would become the event’s official beverage, ending what he described as “48 years of allegiance” to rival brand Pepsi, according to Indian news agency NDTV.
His enthusiasm for Coca-Cola extends beyond personal consumption to one of Berkshire Hathaway’s most successful long-term investments.
The company began purchasing Coca-Cola shares in 1988, shortly after the Black Monday stock market crash, and completed its investment in the mid-1990s at a total cost of approximately $1.3 billion.
Berkshire now holds around 400 million Coca-Cola shares, representing roughly 9% of the beverage giant, and receives about $848 million annually in dividends, according to financial news website Moneywise.
Buffett’s fondness for sugary drinks is just one part of his famously unconventional eating habits.
The investor frequently starts his mornings with McDonald’s and enjoys hot dogs, popcorn, cookies and ice cream. Berkshire Hathaway also owns confectionery company See’s Candies and ice cream chain Dairy Queen.
“If I’d been eating broccoli and Brussels sprouts all my life, I don’t think I’d live as long. I would approach every meal thinking it’s like going to jail or something,” he said.
His food preferences have even influenced his international travels.
During a 17-day visit to China with Bill and Melinda Gates in 1995, arrangements were made for hotel chefs to prepare hamburgers and French fries. Cherry Coke was also waiting for Buffett when the group reached the top of the Great Wall.
The billionaire offered another glimpse into his eating routine in the 2017 documentary Becoming Warren Buffett, directed by Peter Kunhardt.
He explained that his wife would leave an exact amount of money in a cup inside his car each morning, depending on which of his three usual McDonald’s breakfast orders he wanted.
On days when he felt less prosperous, he spent $2.61 on two sausage patties, accompanied by a Coke. A $2.95 budget bought him a sausage, egg and cheese biscuit, while $3.17 covered a bacon, egg and cheese biscuit.
Despite his unconventional diet, Buffett has repeatedly emphasized the importance of enjoying life.
“I think happiness makes an enormous amount of difference in terms of longevity,” he said in a 2023 interview, explaining that drinking Coke and eating foods such as hot fudge sundaes and hot dogs contributed to his happiness.