Ben Gilbert

to be able to sell our watches.

And so you're going to make your store conform to our exact standard.

Coca-Cola does the exact same thing with the bottlers.

And they say, hey, you have a license to print money.

It's not as much money as we're going to print, but you can print some money and you know it's going to be a good business.

Very true.

But just to make sure we're super clear, Coca-Cola versus their bottlers, the Coca-Cola company has higher gross margins, much better returns on invested capital, requires less invested capital.

They get to focus on just making syrup and marketing.

They don't have to do any of the undifferentiated stuff.

You'd much rather be Coca-Cola than the bottlers, but it's a good business to be the bottler too.

And if the Coca-Cola company is going to dictate terms to me and tell me exactly how red my truck needs to be and that it must say Coca-Cola in this particular way and the bottles must come off exactly like this, that is fine.

I will agree to all of this because I know... I'm going to make money.

And by the way, a cola, like what I'm holding up right now, David, this brown flavored fizzy drink, wasn't a thing before Coca-Cola.

Coca-Cola was insistent that we aren't the Coca variant of cola.

Coca-Cola is one thing that means our formula, our secret formula with this mystery merchandise 7X, which is the real crux of the formula.

And there's no other things that can be colas because we created the concept of Coca-Cola and we are N of 1.

And really winning on these grounds that, like, cola isn't a category.

You can't be a something cola.

It's not a general term.

We own Coca-Cola as a lockup.