Munger Mode rating: 2 out of 5 — Sell. 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 sixty years telling anyone who would listen that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. Boeing presents the harder puzzle: a business with a reputation for wonderful economics — a global duopoly, a ten-year order book, products no competitor can replicate this side of a decade and $50 billion — that has now gone roughly seven consecutive years without earning its owners a dime. Somebody has to explain that, and the explanation matters more than the backlog. We have read the 10-Q for the quarter ended June 30, 2026, filed this week, along with the second-quarter results released July 28. The stock closed at $221.56 on July 28, giving the common equity a market value of about $175 billion on 790 million shares. Here is what we see.
Recent filings analysed: 8-K (2026-07-28), 10-Q (2026-07-28), 10-Q (2026-04-22), 8-K (2026-04-22).
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