Ben Gilbert

Okay.

One is it's a system, not a company.

Yep.

That's new for us.

I know franchises exist, but this is sort of a different thing.

And I'm interested in studying more sort of systems where it's multiple companies interrelated.

And two is if you really boil it down, the Coca-Cola company in a nutshell is

It is figuring out how to incentivize partners to sell your product.

And everyone is incentivized.

The bottlers are massively incentivized.

The retailers, there's great margin there for you.

The soda fountain operators, the restaurant, the billboard owners.

We didn't talk about this, but in the Great Depression, when no one was buying billboard space...

the billboard owners didn't want empty blank sad billboards.

So for free, they put Coca-Cola ads up on it.

They were the preferred thing to a white wall to have there.

I mean, just everyone in the entire ecosystem is incentivized to sell Coca-Cola on behalf of the Coca-Cola company.

And that is durable.

It's a core human need.

You want something delicious and refreshing no matter who you are or when you are.