The Coca-Cola Company
Thesis
Coca-Cola is one of the greatest businesses in the world, epitomizing sustainable competitive advantage. The stock was trading in the low $40s during late 2008 and early 2009, presenting a considerable discount to its intrinsic value at that time, making it a strong investment opportunity.
Did it work?
worked
confidence: high
The long thesis argued Coca-Cola was trading at a considerable discount to intrinsic value in the low $40s during late 2008/early 2009. The stock subsequently returned +124.2%, more than doubling and validating the claim that it was deeply undervalued at the time of the pitch. The strong positive return directly aligns with the long direction, and the value-thesis dynamic (price converging toward intrinsic value) clearly played out.