He argued that the American Health Care Act, which passed the House this past week, amounted to “a huge tax cut for guys like me.” He also said rising health care costs, rather than high taxes, were the biggest drag on American businesses.
“Medical costs are the tapeworm of American economic competitiveness,” he said.
.. Yet Mr. Buffett and Mr. Munger stood by Wells Fargo and other Berkshire investments, including United Airlines and Coca-Cola. When a protester from Germany delivered a long speech decrying Coke, sugar and capitalism itself, Mr. Buffett said he would continue to drink his favorite beverage, Cherry Coke.
.. “Change is painful for a lot of people,” he said. “I think it’s absolutely essential to America that we become more productive, because that’s the only way we increase consumption per capita.”
.. Still, he allowed that he expected Berkshire’s next chief to already be rich after a career of business success. And in answering a question about how much that person would be paid, he took a swipe at compensation consultants who often urge corporate boards to pay their managers extravagant salaries. “If the board hires a compensation consultant, I’m coming back!” he joked.
One of Mr. Quincey’s biggest challenges will be the increasing number of governments weighing special taxes on sugary drinks amid rising obesity and diabetes.
.. “We’d like to go faster’’ in diversifying beyond core soda offerings that include Fanta, Sprite and the namesake cola, Mr. Quincey said Friday. Coke is expanding its selection of low-calorie and zero-calorie beverages, he said, and played down the prospect that it would expand beyond beverages, as rival PepsiCo Inc. has done.
.. But many investors have soured on the company. Coke’s share price has gained 24% over the past five years, less than a third of the gain in the S&P 500.
.. Coke has 20 brands with at least $1 billion each in retail sales, including Simply fruit juices, Powerade sports drinks, Dasani bottled water and Gold Peak tea.
.. Honest Tea, an organic brand Coke acquired under Mr. Kent.
.. The low-key executive is popular in Coke’s management ranks, with a reputation of being a good listener and a calm problem solver. He often wears jeans to work, unlike the more formal Mr. Kent.