China, Cherry Coke, and the Oracle of Omaha
- Author: Darren Santiago Apr 05, 2017,
Apr 05, 2017, 1:47
Berkshire Hathaway is the largest single shareholder in Coca-Cola, with an investment worth about $17 billion.
People in China are coming face to face with Warren Buffett's love for Cherry Coke.
Cherry Coca-Cola was first launched in the United States in 1985, it was only just introduced to the Chinese mainland on the 10 March. At his company's annual meeting previous year, he said his happiness from drinking the soda outweighs health benefits from eating more vegetables.
Buffett is helping Coke launch the flavored soda in China, a sugary drink the 86-year-old claims is his secret to staying young.
Shaun Rein, founder of the China Market Research Group, said business leaders in China tend to have an "outsized" following, in some case more than sports stars.
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Buffett is also an admirer of the economic prowess of China.
Buffett has often said he drinks five Cokes a day, and joked that he is "one quarter Coca-Cola" because the beverage accounts for 25 percent of his caloric intake. Berkshire Hathaway, in addition to being Coke's biggest shareholder, owns almost 10 percent of Chinese vehicle maker BYD Co.
The drinks giant is now tapping into Buffett's huge popularity among Chinese investors and consumers.
Buffett told Yahoo Finance that he won't receive any direct compensation for the Coke endorsement, but he was happy to help sell the products made by a company he believes in.
"We honestly were surprised when Mr. Buffett agreed to the idea".