Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses that a customer would find painful to leave, run by people who think like owners, bought at prices that leave room for error. Amazon clears the first two tests with room to spare. Amazon Web Services is one of the widest-moat enterprises on earth, and the retail franchise has become a toll road on American commerce that collects rent in three currencies: seller fees, advertising, and Prime subscriptions. Management is honest, founder-influenced, and paid in a way we approve of. The third test, price, is where we must be careful. At $252 the shares sit close to our base estimate of intrinsic value, and the company is at this moment spending more cash on plant than it generates, funded for the first time in its history by a large debt program. That combination earns four stars rather than five.
Recent filings analysed: 8-K (2026-09-14), 10-Q (2026-07-31), 8-K (2026-07-30), 8-K (2026-07-09).
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