Charlie Munger：Munger's 1994 USC Talk, Additional Excerpt 21

For example, if you look around at bottler markets, you'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you'd have to know the people involved to fully understand what was happening.

Source： https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Locator：Archived transcript, additional excerpt 21 · Verified：2026-10-19 · Verification：Short excerpt

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