Bill Ackman Says Warren Buffett Told Him He ‘Haven’t Had Water in 48 Years,’ Pointing to a Cherry Coke Habit That Berkshire Benefits From

Pershing Square Inc. Chief Executive Bill Ackman said Warren Buffett once told him, in a remark delivered at a dinner table, that he had “not had water in 48 years.” The comment, Ackman said, came in the context of Buffett’s well-known taste for Coca-Cola, specifically what Ackman described as a “Cherry Coke habit.”

Ackman’s account, as reported by Yahoo Finance, frames the anecdote as more than a quirk. He tied the beverage preference to the economics of Berkshire Hathaway’s equity portfolio, arguing that Berkshire benefits from Coca-Cola’s brand reach and customer loyalty. In the same telling, Ackman claimed the Cherry Coke habit now pays Berkshire $848 million a year.

Berkshire Hathaway’s investment in Coca-Cola has long been a cornerstone of its strategy, though Ackman’s latest remarks focus on consumer behavior rather than corporate performance. The anecdote underscores how even everyday preferences can become part of a long-horizon investment thesis, with beverage demand translating into sustained earnings power for a major brand.

The Yahoo Finance report attributes Ackman’s figures to his own characterization of the value flowing to Berkshire from Coca-Cola-related exposure. It does not, in the description available here, provide additional documentation such as the underlying stake size, payout mechanics, or whether the $848 million figure refers to dividends, equity-market value, or another measure.

The episode also highlights how Buffett’s offhand comments often find their way into broader discussions of investing culture. Buffett has for years used plain language to describe compounding and patience, and Ackman’s decision to pair a casual remark about hydration with a specific number about Berkshire’s annual benefit reflects that continuing crossover between personal narrative and market storytelling.

For Berkshire Hathaway, the practical takeaway is that brand franchises can be durable sources of shareholder returns. Coca-Cola’s category position and global distribution have historically made the investment resilient through market cycles, even when consumer preferences shift at the margins.

Still, investors and readers should treat the precise “$848 million a year” framing with caution. The Yahoo Finance excerpt available for this draft does not show the method behind the number or whether it is meant as an estimate. Without details, it is unclear whether Ackman is referencing current dividend income, valuation impact, or a broader contribution from the Coca-Cola position.

What to watch next is whether any follow-up commentary from Ackman, Berkshire, or Coca-Cola further clarifies how the figure is calculated and what components it includes. For Berkshire, the question remains less about an anecdote and more about whether the underlying consumer demand that supports long-term investment returns continues to hold up as tastes, distribution channels, and product mix evolve.