Acquired
Acquired
Ben Gilbert and David Rosenthal
Coca-Cola
3 hour 53 minutes Posted Nov 24, 2025 at 3:00 am.
Start
Intro
Patent Medicines & the Birth of an Industry
Dr. John Pemberton & the "Miracle Drug" Cocaine
Creating the Secret Formula (1886)
Frank Robinson's Genius & the First Coupon
Asa Candler & Building a National Brand (1890s)
The $1 Bottling Deal: A Fortuitous Mistake
Protecting the "Real Thing": Lawsuits & the Contour Bottle
Robert Woodruff: The Boss Takes Over (1923)
Creating Lifestyle Advertising & Santa Claus
Standardization, Gas Stations & Early Global Growth
Pepsi: The First Real Competitor Emerges
World War II: The Greatest Sampling Program in History
The Cola Wars Begin & the McDonald's Partnership (1950s)
The Pepsi Challenge (1975)
New Coke: The Worst Marketing Blunder Ever (1985)
Buffett's Investment & the "Total Beverage Company"
Analysis: Why Did Coca-Cola Work?
7 Powers
Quintessence
Carve-Outs + Outro
0:00
3:53:35
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Show notes

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.

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‍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.