Warren Buffett's Berkshire Hathaway Doubles Money in Coca-Cola, American Express, Moody's

Time and dividends are the Oracle of Omaha's secret to consistent returns on his longest-held investments.

Mar. 20, 2026 at 8:06am

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Before retiring as CEO, Warren Buffett saw Berkshire Hathaway reach the trillion-dollar plateau. Buffett's longest-held investments, including Coca-Cola, American Express, and Moody's, have been surefire moneymakers, with Berkshire doubling its initial investment in each every 21 to 30 months thanks to steadily growing dividends.

Why it matters

Buffett's strategy of holding onto companies with well-defined competitive advantages and allowing time and dividends to work in his favor has proven to be a recipe for consistent, long-term returns, even as Berkshire transitions to new leadership under Greg Abel.

The details

Berkshire's cost basis in these stocks is ultra-low: around $3.25 per share for Coca-Cola, $8.49 per share for American Express, and $10.05 per share for Moody's. The dividend income alone from these "forever" holdings is doubling Berkshire's initial investment every 21 to 30 months, thanks to Coca-Cola's 64 consecutive years of payout increases, Moody's 17 straight years, and American Express' 5 consecutive years.

  • Berkshire Hathaway reached the trillion-dollar plateau before Warren Buffett retired as CEO on December 31.
  • Berkshire first invested in Coca-Cola in 1988, American Express in 1991, and Moody's in 2000.

The players

Warren Buffett

Billionaire and former CEO of Berkshire Hathaway, known for his investing prowess and long-term approach.

Greg Abel

The new CEO of Berkshire Hathaway, who has made clear he has no intention of selling Berkshire's "forever" stocks.

Berkshire Hathaway

The conglomerate founded by Warren Buffett, which has acquired roughly five dozen businesses spanning more than half a century.

Coca-Cola

A beverage behemoth that is Berkshire's longest continuously held investment, with a well-defined competitive advantage in marketing and global reach.

American Express

A credit-services titan that benefits from both merchant fees and cardholder fees/interest, with a knack for attracting affluent clientele.

Moody's

A ratings agency with two ideally hedged operating segments - debt-rating and analytics - that thrive in different economic conditions.

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What they’re saying

“Berkshire's new CEO has made clear that he has no intention of selling these forever stocks.”

— Warren Buffett

The takeaway

Buffett's strategy of holding onto companies with competitive advantages and allowing time and dividends to work in his favor has proven to be a recipe for consistent, long-term returns, even as Berkshire transitions to new leadership.