By Robert Ross via Iris.xyz
I bet you’ve never heard of Pat Munroe.
And unless you’re from the Florida Panhandle, I imagine you haven’t heard of Quincy, Florida, either.
But the two can teach us a lot about investing.
See, in the early 1920s, Munroe was a banker in Quincy.
One thing he noticed was no matter how hard the times, people always had money to buy a Coca-Cola.
So he started buying Coca-Cola shares. Not long after, he was telling everyone in town to buy Coca-Cola shares.
He’d even underwrite bank loans backed by Coca Cola stock.
When shares crashed 50% during a conflict with the sugar industry, Pat kept telling people to buy Coca Cola.
And then the Great Depression hit.
Keeping Your Eye on the Long Run
From September 1929 to July 1932, the Dow Jones Industrial Average lost 89% of its value.
But something remarkable happened.
Even though unemployment was near 20% in 1931, Coca-Cola sales fell a mere 2.3%.
As Munroe had learned early on, people would spend their last nickel on a Coca-Cola.
Click here to read more on Iris.