The Future of Coca-Cola

The concept of intrinsic value used to be a lot easier because there were all kinds of stocks that were selling for 50% or less. In the history of Berkshire, we've bought things at 20% of then liquidating value. That game gets much harder now to find something at a discount from a intrinsic value. Those simple systems ordinarily don't work. You've got to get into Warren's kind of thinking and that is a lot harder.