'I haven't drunk water in 48 years': Buffett's love of cola extends to his investments

Warren Buffett, the 96-year-old former chairman of Berkshire Hathaway widely regarded as the world's greatest investor, has reportedly told a dinner guest that he has not drunk water in nearly 50 years.

Business Insider reported Sunday (local time) that billionaire hedge fund manager Bill Ackman, 60, recently appeared on a podcast and recounted a story from a dinner he hosted at his home with Buffett several years ago.

Ackman said that when Buffett sat down at the table, he offered him a choice between sparkling water and still water. Buffett politely declined and instead chose his preferred Cherry Coke. "I asked, 'Don't you drink water?' and he said, 'Bill, I haven't drunk water in 48 years,'" Ackman recalled.

However, Business Insider noted that Ackman did not elaborate further on Buffett's hydration habits.

Whether Buffett truly avoids water entirely remains unconfirmed, but his love of cola is well documented. He drinks five cans a day, and in a 2015 interview with Fortune magazine he said that a quarter of his body is made up of Coca-Cola and that the drink accounts for 25 percent of his daily caloric intake.

Originally a Pepsi drinker, Buffett was introduced to Cherry Coke in 1985 by former Coca-Cola Chairman Don Keough and was immediately won over by the taste. The following year he named Cherry Coke the official drink of Berkshire Hathaway's annual shareholder meeting, and he has drunk it ever since.

Coca-Cola is also one of his most enduring investments. Buffett began buying Coca-Cola shares in 1988 and by 1994 had invested a total of $1.3 billion through Berkshire Hathaway. He has neither bought nor sold a single additional share in the more than 30 years since, and Berkshire now holds a 9.3 percent stake in the company.

Markets credit the investment to Buffett's recognition of Coca-Cola's strong brand, pricing power and steady cash flow. Coca-Cola's share price hit an all-time high in July, buoyed by strong second-quarter earnings this year, and during trading on Aug. 20 it soared to $91.87.

The result is frequently cited as a testament to Buffett's long-term investment philosophy. In his 1988 shareholder letter, Buffett wrote: "When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever."

min3654@heraldcorp.com