Coca-Cola is… sugar water. And somehow it’s also America, Christmas, summertime, friendship and happiness. Today we tell the story of how The Coca-Cola Company amazingly transmogrified a beverage into emotion in all of our collective psyches, and ALSO built one of the most incredible scale economy businesses of all-time. And oh yeah, there’s also cocaine, WW2, Mad Men, Warren Buffett, James Dean, Bill Cosby, Michael Jackson, Michael Ovitz, Steve Jobs, Bill Gates, McDonald’s and Monsanto. So cozy up to the fire with your favorite images of Santa Claus and Polar Bears and enjoy an ice-cold episode of Acquired — always delicious, always refreshing. *Links:* - The Hilltop ad https://youtu.be/1VM2eLhvsSM?si=EGPTNoPaXTMePcyx - Mad Men finale https://youtu.be/GxtZpFl3pPM?si=aZ5L7CO2gUcapMrV - Pepsi Challenge commercials https://youtu.be/mEXEdibXSak?si=9YB060i9BdgHEpYx - Pepsi’s Michael Jackson commercials https://www.youtube.com/watch?v=po0jY4WvCIc - Coke’s Bill Cosby commercials https://www.youtube.com/watch?v=cAhRphhQsmY&t=33s - Two liter bottles inflating https://youtu.be/kU_gH36GG58?si=Suwm9No6HM0-pLOw - Worldly Partners’ Multi-Decade Coca-Cola Study https://worldlypartners.com/businesshistory - For God, Country, and Coca-Cola https://www.amazon.com/God-Country-Coca-Cola-Mark-Pendergrast/dp/0465054684 - Secret Formula https://www.amazon.com/Secret-Formula-Inside-Coca-Cola-Best-Known/dp/1504019857/ - All episode sources https://docs.google.com/document/d/1EAJUc7HRYqOjvwivuYvk06yMXyq8aK4qv39bsPnkINs/edit?usp=sharing *Carve Outs:* - SkiErg https://www.concept2.com/ergs/skierg?srsltid=AfmBOoqW20PnzP0cgbkXHcVWk0FwWZXglXi67XXxBF3vUKxrWX3c2kBj - Super Smash Bros. Ultimate https://www.smashbros.com/en_US/ - Claude https://claude.ai/acquired - Nike Vomero Plus https://www.nike.com/t/vomero-plus-mens-road-running-shoes-5npsVBwT - Hermanos Gutiérrez https://open.spotify.com/artist/73mSg0dykFyhvU96tb5xQV *More Acquired:* - Get email updates and vote on future episodes! https://www.acquired.fm/email - Join the Slack http://acquired.fm/slack - Check out the latest swag in the ACQ Merch Store! https://www.acquired.fm/store 00:00:00 Start 00:00:41 Intro 00:05:52 Patent Medicines & the Birth of an Industry 00:12:13 Dr. John Pemberton & the "Miracle Drug" Cocaine 00:16:40 Creating the Secret Formula (1886) 00:22:14 Frank Robinson's Genius & the First Coupon 00:30:38 Asa Candler & Building a National Brand (1890s) 00:39:49 The $1 Bottling Deal: A Fortuitous Mistake 00:52:21 Protecting the "Real Thing": Lawsuits & the Contour Bottle 01:03:24 Robert Woodruff: The Boss Takes Over (1923) 01:12:06 Creating Lifestyle Advertising & Santa Claus 01:23:58 Standardization, Gas Stations & Early Global Growth 01:32:39 Pepsi: The First Real Competitor Emerges 01:41:11 World War II: The Greatest Sampling Program in History 01:49:25 The Cola Wars Begin & the McDonald's Partnership (1950s) 02:16:10 The Pepsi Challenge (1975) 02:32:03 New Coke: The Worst Marketing Blunder Ever (1985) 02:59:06 Buffett's Investment & the "Total Beverage Company" 03:27:56 Analysis: Why Did Coca-Cola Work? 03:33:22 7 Powers 03:40:13 Quintessence 03:48:21 Carve-Outs + Outro _Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions._