Buffett's methodology was straightforward, and in that sense 'simple.' It was not simple in the sense of being easy to execute. Valuing companies such as Coca-Cola took a wisdom forged by years of experience; even then, there was a highly subjective element. A Berkshire stockholder once complained that there were no more franchises like Coca-Cola left. Munger tartly rebuked him. 'Why should it be easy to do something that, if done well two or three times, will make your family rich for life?
Buffett's investment approach is characterized by its straightforwardness, which can be viewed as simple in theory. However, executing this strategy is anything but easy. Valuing major companies like Coca-Cola requires deep expertise developed over many years, and the process is often subjective. This complexity highlights the difficulties involved in identifying valuable investments.
An example of this can be seen when a Berkshire shareholder lamented the scarcity of franchise opportunities akin to Coca-Cola. Charlie Munger responded sharply, questioning why such a profitable endeavor should be easily attainable. His response underscores the notion that achieving significant wealth through successful investments is challenging, but ultimately worthwhile.