Charlie Munger: Where Coca-Cola Went Wrong

In 1996, Charlie Munger gave a talk titled Practical Thought about Practical Thought, in which he discussed his thoughts on the factors that have helped Coca-Cola become the success it is today. Published in Munger’s unofficial biography, Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, the speech starts with Munger laying out a puzzle: How would you create a business that has the potential to turn a $2 million investment into $2 trillion? In my first article on the speech, I covered Munger’s initial three stages of the process. His final stage was to put the business…