Shameless junk food pusher, Warren Buffet, says future of Coca-Cola is great because ‘happiness’ matters
Junk food makes people happy and therefore must must be good, regardless of all that pesky science that says otherwise.
That is essentially what billionaire investment guru Warren Buffett said recently after buying into a number of junk food companies that manufacture many products that he frequently consumes.
As reported by Bloomberg News, Buffett – whose Berkshire Hathaway, Inc., is the largest investor in Coca-Cola (he likes Cherry Cokes) and owns See’s Candies – reaffirmed earlier confidence in the market for junk food and other sugar-filled treats despite the fact that scores of studies have shown how damaging they are to health.
During Berkshire Hathaway’s annual stockholders meeting in Omaha recently, 84-year-old Buffett told attendees that happiness is vital to longevity and that consumers love Coke products.
“I don’t see smiles on the faces of people at Whole Foods,” he said, citing the grocery chain known for its organic and other healthy offerings.
Happiness is… killing our customers
Last year, Buffett lent financing to a deal by 3G Capital to combine Burger King Worldwide Inc., with Tim Hortons Inc., a coffee-and-doughnut retail chain. H.J. Heinz, which is owned jointly by Berkshire and 3G, agreed earlier this year to purchase Kraft Foods Group Inc, which manufactures Jell-O brand items and Jet-Puffed marshmallows, among other things.
“I like the brands we’re buying,” Buffett said.
Bloomberg News further reported:
Berkshire has 400 million shares of Atlanta-based Coca-Cola, a stake valued at more than $16 billion based on [a recent day’s] closing price. The soft-drink maker’s stock is little changed in the past 12 months while Whole Foods slipped 3 percent.
Translation: Buffett seems to understand that despite the science, Americans by and large love their junk food, and he aims to profit from the addiction.
Sugar is a leading cause of health problems in the United States and around the world. This one small ingredient and its variants can cause heart problems, lead to diabetes (which can lead to all sorts of problems associated with a failing cardiovascular system), stroke and obesity (which causes a host of other health problems related to being overweight).
That doesn’t seem to matter much to a guy like Buffett; he is perfectly okay with profiting from foods that cause so much misery.
Granted, that’s his choice; liberty-minded Americans can take or leave his recommendations and his decision to buy into mega-junk food makers.