Legendary investor Warren Buffett has reportedly gone nearly five decades without drinking plain water, relying instead on his long-standing favourite, Cherry Coke. The unusual habit was revealed by billionaire hedge fund manager Bill Ackman, who recalled an encounter with the Berkshire Hathaway veteran during a recent podcast appearance.
Speaking on the Equity Mates Investing podcast, Ackman recounted hosting Buffett for dinner at his home several years ago. Knowing about the investor's preference for Cherry Coke, Ackman had stocked up on the beverage before his guest arrived.
However, when they sat down for dinner, Ackman offered Buffett a choice between still and sparkling water. Buffett politely declined both options and opted for his preferred soft drink instead.
Curious about the apparent absence of water from Buffett's diet, Ackman asked whether he ever drank it.
"But I said, you know, 'Don't you drink water?'" Ackman recalled. "And he said, 'Bill, I haven't had water in 48 years.'"
The anecdote, shared in the podcast episode released on October 28, has drawn attention because of Buffett's well-known fondness for sugary drinks and his unusual approach to food and beverages.
Buffett's decades-long love affair with Cherry Coke
Buffett's preference for Coca-Cola products is hardly new. The investor has spoken openly about his consumption of soft drinks over the years and has often joked about the role they play in his diet.
In 2015, he told Fortune magazine that he considered himself "one-quarter Coca-Cola", explaining that the beverage accounted for around a quarter of his daily calorie intake. He said he consumed at least five 12-ounce servings of the drink every day.
Buffett's loyalty to soft drinks dates back to his childhood. He reportedly began drinking Coca-Cola in the 1930s, but spent several decades preferring Pepsi before switching to Cherry Coke.
The change was announced at Berkshire Hathaway's annual meeting in 1986, when Buffett revealed that he had ended 48 years of allegiance to another soft drink. Cherry Coke subsequently became the official beverage at the company's annual gathering.
The switch was also encouraged by Don Keough, then president of Coca-Cola and a former neighbour of Buffett in Omaha. According to investment historian Glen Arnold's book, The Deals of Warren Buffett Volume 2, Keough learnt that Buffett enjoyed cherry-flavoured Pepsi and sent him samples of the then-developing Cherry Coke.
Coca-Cola has also been one of Buffett's biggest investments
Buffett's attachment to the beverage brand extends beyond his personal consumption. Coca-Cola has been among Berkshire Hathaway's most successful long-term investments.
Berkshire began purchasing Coca-Cola shares in 1988 and completed building its stake by the mid-1990s. The investment cost approximately $1.3 billion and gave the conglomerate a holding of around 9% in the beverage company.
The value of that stake has grown substantially over the years. Berkshire's investment was valued at approximately $28 billion at the end of December 2025, while subsequent market gains have pushed its value higher.
The company has also generated considerable dividend income for Berkshire. Coca-Cola has raised its dividend for 64 consecutive years, and its latest annual payout of $2.12 per share translates into approximately $848 million in yearly dividend income for Berkshire's 400 million shares.
Buffett's investment philosophy has long favoured holding businesses for extended periods. His Coca-Cola investment remains a prominent example of that approach.
Buffett's unconventional food preferences
The investor's fondness for Cherry Coke is part of a broader preference for fast food, sweets and familiar comfort meals. Buffett is known for eating McDonald's breakfasts and enjoying hamburgers, hot dogs, chips, popcorn, cookies, sweets and ice cream.
His food preferences have occasionally required special arrangements during his travels. During a 17-day trip to China in 1995 with Microsoft co-founder Bill Gates and his then-wife Melinda, the couple reportedly arranged for hotel chefs to learn how to prepare hamburgers and chips to accommodate Buffett's tastes.
The arrangements extended to a visit to the Great Wall of China, where Cherry Coke was reportedly waiting for Buffett when the group reached the top.
His preferences have also been reflected in Berkshire Hathaway's business interests, which include See's Candies and Dairy Queen, alongside a major investment in Kraft Heinz.
Is the 48-year water claim confirmed?
While Buffett's fondness for Coca-Cola is well documented, the claim that he has avoided drinking water for 48 years comes from Ackman's recollection of a private dinner. The exact date of that dinner has not been disclosed, and Buffett has not independently confirmed the statement.
It is therefore unclear whether the remark was meant literally or was an exaggeration reflecting his preference for soft drinks. Ackman's account also does not establish whether Cherry Coke is the only beverage Buffett consumes or whether he drinks other fluids.
Health experts generally recommend water as a healthy choice for maintaining hydration. Although other beverages and food contribute to daily fluid intake, sugary soft drinks are not considered an ideal substitute for plain water because of their sugar content and associated health risks.
At 96, Buffett remains one of the world's most closely followed business figures. His reported drinking habit has once again attracted attention, offering a glimpse into the personal preferences of an investor whose business decisions and lifestyle have fascinated people for decades.