There is a small town in Florida, called Quincy, that does not really have much of a claim to fame. Just another sleepy town in the sunshine state, with not much to do but relax in the sun. What you would not know though from just driving through, is that this small town is filled with the most Coca-Cola millionaires in the whole world. And that is all off the back of one banker’s love for the fizzy drink.
A small town in Florida became the richest town per capita overnight when the shares of Coca-Cola skyrocketed. All because one shrewd businessman urged all his fellow neighbors and townspeople to invest and buy Coca-Cola shares when they were still extremely cheap.
It happened in the midst of the Great Depression of the ‘20s and ‘30s, orchestrated by a banker called Pat Munroe. He noticed that everyone in his town, despite being in poverty or struggling, would always use their very last nickels to buy a bottle of Coca-Cola. And at this time Coca-Cola shares were extremely cheap, they were a steal, you didn’t need millions in your bank to invest with.
So Munroe invested and he did not keep silent, he urged all the people he knew in Quincy to do the same. And many of them, maybe due to the desperation of the time, followed his advice. Buying into Coca-Cola at around $19 per share, and as they were so cheap, Munroe simply kept urging the people to keep buying – which they did.
And it proved to be sound investment advice, his observation and advice paid off big time. In fact, the price of Coke shares going up is what saved the town from the worst of the Great Depression. The traditional farming town was about to keep afloat with the dividends they were receiving from their shares.
Which is what led to at least 67 inhabitants becoming Coca-Cola millionaires. The shares they bought so early allowed them to amass a great fortune which was passed down for generations.