It is a truth universally acknowledged, that a fortune amassed must, in time, be put to work. Thus, we find ourselves observing the curious spectacle of Berkshire Hathaway, a vast engine of capital once steered by the venerable Mr. Buffett, now navigating the treacherous waters of succession. He, having declared his intention to relinquish the helm (though not, it seems, the view from the quarterdeck), leaves behind a legacy – and a portfolio – worthy of careful scrutiny. One might almost deem it a stage upon which the follies and wisdom of investment are played out.
To peruse the company’s filings with the SEC – those quarterly missives detailing its holdings – is akin to reading a playbill. We are presented with a cast of characters – the companies in which Berkshire has invested – and invited to judge their performances. Two, in particular, demand our attention – not for any exceptional novelty, but for the sheer, enduring quality of their… well, their persistence. Let us, with a touch of ironic detachment, examine their roles in this ongoing drama.
Act I: The Effervescent Kingdom of Coca-Cola
First, we have Coca-Cola, a purveyor of sweetened water, elevated to the status of a global institution. A most curious phenomenon, is it not? To amass such wealth by selling a beverage that offers little more than temporary refreshment! Yet, one cannot deny its staying power. For sixty-four years, the company has bestowed upon its shareholders a rising dividend – a feat of consistency that would impress even the most exacting of stage managers.
They are, it seems, masters of the art of appearing generous while subtly enriching themselves. This year, the quarterly payout has been augmented by a mere four percent, to fifty-three cents a share. A pittance, perhaps, in the grand scheme of things, but enough to appease the shareholders and maintain the illusion of prosperity. They have earned their place among the ‘Dividend Kings’ – a rather grandiose title for a company that peddles sugary drinks, but one they wear with a certain… aplomb.
Currently, the shares yield 2.8% – a respectable return, though hardly enough to fund a lavish lifestyle. Still, it surpasses the meager offerings of the S&P 500 index. And despite its venerable age – the first bottle was sold in 1886, a veritable antiquity – Coca-Cola shows no signs of decline. Indeed, its revenue grew by five percent last year, fueled by a combination of price increases and, alas, continued consumer demand. The company’s success is not due to innovation, but to the simple art of making people crave what they do not need.
Though troubled times may beset the world – the Iran war and rising oil prices casting a shadow over all – Coca-Cola continues to gain market share. A testament, perhaps, to the enduring power of habit, or simply to the effectiveness of its marketing. One suspects that when the economic climate improves, and weary consumers rediscover their spending habits, Coca-Cola’s sales will swell even further.
Act II: The Domino’s Deliverance
Now, let us turn our attention to Domino’s Pizza, a company built on the principle of delivering sustenance with astonishing speed. A modern marvel, one might say, though hardly a source of culinary delight. Yet, it has flourished, consistently growing its sales for decades. Its fourth-quarter U.S. sales rose by 3.7%, while its international locations saw a modest increase of 0.7%. A testament to the universal appeal of convenience, if nothing else.
With over 22,000 restaurants in 90 countries, Domino’s has established a global network of delivery. And, remarkably, it continues to expand, opening 172 new locations in the U.S. and 604 internationally last year. The beauty of this operation lies in its simplicity: nearly all locations are franchised, allowing the company to grow without investing a fortune in assets. It simply collects royalties on each pizza sold – a most elegant arrangement.
This, of course, generates a considerable amount of free cash flow, which the company generously shares with its shareholders in the form of dividends. The board recently announced a fifteen percent increase in the quarterly payout, to $1.99 a share. A gesture of confidence, no doubt, but also a shrewd way to keep investors content. The dividend yield now stands at two percent – a modest return, perhaps, but one that will undoubtedly appeal to those seeking both capital appreciation and a steady income. It is a performance worthy of applause, though one suspects the true artistry lies not in the pizza itself, but in the company’s mastery of the franchise model.
Thus, the play continues. These two companies, Coca-Cola and Domino’s Pizza, stand as enduring symbols of the modern capitalist drama – a spectacle of wealth, convenience, and, if one is inclined to be cynical, a touch of absurdity. One can only wonder what the next act will bring.
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2026-03-15 09:23