In his annual letter to Berkshire Hathaway shareholders, released on Saturday, Warren Buffett celebrated the virtues of Coca-Cola, took an apparent swipe at President Joe Biden, and expressed frustration over “one of the shames of capitalism.”
The Berkshire CEO described his firm’s wins over the years, highlighting its $1.3 billion bet on Coca-Cola in 1994—worth $25 billion at the end of 2022. He noted the dividend had grown to $704 million by last year, up from $75 million the first year, writing, “Growth occurred every year, just as certain as birthdays. All [Vice Chairman Charlie Munger] and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.”
