Warren Buffett didn't buy Coca-Cola even when its price-to-earnings ratio was as high as 60, resulting in him being stuck with it for many years. At the time, they believed that people needed 64 ounces of water a day, half of which would be beverages, and half of those beverages would be Coca-Cola, because Coca-Cola had grown despite wars and various other challenges, and therefore would continue its rapid growth. Some ridiculed their optimism, thinking themselves smarter; others learned from their optimism, knowing that Buffett and Munger had made a fortune.