Repeat-Purchase Consumer Moats

Wolf Buffett’s thesis

Own understandable businesses whose brands, distribution networks and membership economics keep households coming back. With attention focused on uncertain AI spending returns, this basket emphasizes established consumer earnings power rather than speculative capital investment. PepsiCo at 14.9x forward earnings and McDonald's at 22.6x provide valuation anchors; the premium-priced franchises require durable execution and offer less margin for disappointment. Input costs, consumer trade-down and