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Yeah, I mean one of the reasons he purchased Coca-Cola was actually because of what Roberto Goizueta did when he came into the company. At the time Coke was #2 in supermarkets behind Pepsi.

Goizueta did a lot of great things. He separated out the bottler business and got them to focus on returns on invested capital with every investment they made. He made a ton of money for shareholders. Buffett has remarked that he held KO stock too long but now I believe he keeps it mainly to collect the dividends, his cost basis is low.

Coke is now wanting to reacquire the bottling business to keep the costs low. Last year Pepsi re-acquired its entire bottling business and runs it by itself.

Yeah, if you watch his comments on CNBC, he was a bit disappointed by that decision since it will consume more capital in the business. He prefers just owning the concentrate business.

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