Coca-Cola is… sugar water. And somehow it’s also America, Christmas, summertime, friendship and happiness. Today we tell the story of how The Coca-Cola Company amazingly transmogrified a beverage into emotion in all of our collective psyches, and ALSO built one of the most incredible scale economy businesses of all-time. And oh yeah, there’s also cocaine, WW2, Mad Men, Warren Buffett, James Dean, Bill Cosby, Michael Jackson, Michael Ovitz, Steve Jobs, Bill Gates, McDonald’s and Monsanto. So cozy up to the fire with your favorite images of Santa Claus and Polar Bears and enjoy an ice-cold episode of Acquired — always delicious, always refreshing.Sponsors:Many thanks to our fantastic Fall ‘25 Season partners:J.P. Morgan PaymentsWorkOSShopifySentry — Link to ACQ Cassette Players, use code “audiophile”Links:Sign up for email updates and vote on future episodes!The Hilltop ad / Mad Men finalePepsi Challenge commercialsPepsi’s Michael Jackson commercialsCoke’s Bill Cosby commercialsTwo liter bottles inflatingWorldly Partners’ Multi-Decade Coca-Cola StudyFor God, Country, and Coca-ColaSecret FormulaAll episode sourcesCarve Outs:SkiErgSuper Smash Bros. UltimateClaudeNike Vomero PlusHermanos GutiérrezMore Acquired:Get email updates and vote on future episodes!Join the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Full Episode
David, I cannot believe we're about to do a four-hour podcast on syrup, sugar, and water. I mean, that's the entire business is just syrup, sugar, and water combined. And it's a $300 billion company.
Well, Ben, you know what I'm going to say to you in response to that. Do you want to sell sugar water for the rest of your life? Or do you want to come with me and change the world?
Ooh, save it, David. Save it.
Who got the truth? Is it you? Is it you? Is it you? Who got the truth now? Is it you? Is it you? Is it you? Sit me down. Say it straight. Another story on the way. Who got the truth?
Welcome to the fall 2025 season of Acquired, the podcast about great companies and the stories and playbooks behind them. I'm Ben Gilbert. I'm David Rosenthal. And we are your hosts. Charlie Munger has a famous thought experiment. It's the 1880s. You want to build a company from scratch that eventually becomes worth $2 trillion, starting with just $2 million.
So you're looking for a $1 million X return, or as Charlie puts it, a Lollapalooza outcome.
Okay.
Of course he does.
Very Charlie.
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