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 plan through a "final reality check." To do this, Munger said the business owner must "think in reverse like [Carl] Jacobi."

Think in...

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