Q: Anheuser-Busch (BUD ) -- what do you think? What about Coca-Cola (KO )?
A: Mr. Buffett's recent purchase of BUD was interesting to me. Yes, Busch has that moat quality that he covets. But by his own admission, it was not a springing bargain. The beer and beverage market is very mature now, and many of these established companies, such as Busch and Coca-Cola, are going to be lucky to get unit volume growth above 3% per year.