Warren Buffett hasn’t had water in 48 years, says Ackman. His $1.3B bet on his favorite drink now pays $848M a year

Getty Images Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Bill Ackman has called Warren Buffett his "great professor (1)" of the investing business. Buffett's drink order, apparently, still came as a surprise. On an episode of the Equity Mates Investing podcast (2) released Oct. 28, the billionaire founder and CEO of Pershing Square recalled hosting Buffett for dinner at his home "years ago." Knowing his guest's favorite drink, Ackman said he'd stocked up on Cherry Coke (NYSE:KO) — but he still offered Buffett still or sparkling water. Buffett declined and asked for a Coke. "But I said, you know, 'Don't you drink water?'" Ackman recalled. "And he said, 'Bill, I haven't had water in 48 years.