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To: Jon Koplik who wrote (12599)	7/21/1998 11:20:00 AM
From: bananawind	Read Replies (1) \| Respond to of 152472

Jon...OT..OT..OT [to everyone, I promise this is the last time I beat this dead horse.] The point is would you have been a buyer of Coke in 1981? This kind of brings us full circle in this discussion since we started with investor euphoria and depression over past price action. Consider what KO's stock performance had been for the years leading up to 1981. Take a look at this chart quote.yahoo.com and tell me how enthusiastic you would have been at the time. Buffett knew it was undervalued relative to its earnings and cash generating potential and had the stones to make a huge commitment regardless of what "the market" or the talking heads of the time were saying. The man simply understands what things are worth, and is 100% sincere when he says he couldn't care less if the market closed down for ten years. He does not need Wall Street to validate his valuation methodology. The fundamentals either confirm it or they don't. As for KO's current slow sales growth, Buffett is more interested in what their sales and margins will be ten or fifteen years from now. Finally, it is doubtful he would argue that KO isn't overvalued at today's price. What many miss, however, is that he doesn't give a hoot. Undervalued, overvalued, once he owns it and is convinced of its long term prospects, it just isn't part of the equation. Back on topic for me now. -JLF