Why has Warren Buffett consistently maintained a significant stake in Coca-Cola stock?

This story begins with Warren Buffett's (or "Old Man Buffett's") investment philosophy. Imagine him as an exceptionally shrewd landlord, but instead of land, he buys "money-printing machine" companies. In his eyes, Coca-Cola is a top-tier money-printing machine.

The main reasons are as follows:

Powerful "Moat": This is what Old Man Buffett values most. Imagine a castle with a wide and deep moat, making it very difficult for enemies to attack. Coca-Cola's moat is its brand. This brand is known almost universally, by everyone. It's not just a beverage; it's a cultural icon. Think about it: how much money and how many years would a new cola brand need to spend to build this kind of global trust and affection to compete with it? It's incredibly difficult.
Simple and Understandable Business Model: Coca-Cola's business, to put it plainly, is very simple: it sells sugar water. Unlike high-tech companies, it doesn't need to constantly burn cash on R&D or worry about technology becoming obsolete. A hundred years ago, it sold this; it still sells this today, perhaps with new packaging or new flavors. This simple, stable business allows Buffett to sleep soundly at night. He often says he only invests in businesses he understands.
Ubiquitous Channels: From skyscrapers in New York to small shops in a remote African village, you can find Coca-Cola almost everywhere. This global distribution network, built over decades, is an enormous intangible asset. For any competitor to establish such a vast network, the cost would be astronomical.
Pricing Power: Because people recognize the brand, if Coca-Cola raises its price slightly each year, say by a few cents, most people won't care and will still buy it. But consider how many billions of bottles it sells globally each year; a few extra cents per bottle adds up to a massive increase in profit. This is the magic of a brand.
Cash Cow: The company's operations don't require much new capital investment, so it generates a large amount of stable cash flow. Most of this money is returned to shareholders through dividends and share buybacks. Buffett's original purchase cost was very low, and now the dividends he receives annually are very substantial, meaning this "money-printing machine" continuously pays him money year after year.

So, for Buffett, Coca-Cola is like a toll booth: once built, as long as there's peace and normal economic development, people will continue to "queue up to pay." All he has to do is hold it long-term and enjoy the continuous returns this great business provides. He didn't buy a stock that would skyrocket in the short term, but rather a "family heirloom" that he could comfortably hold for decades.