Munger Mode rating: 3 out of 5 — Hold. 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 two things: a business with a durable competitive advantage, and a price that leaves room for error. Bank of America today gives us the first and denies us the second. This is the finest large deposit franchise in America next to one or two others — two trillion dollars of deposits, a quarter of it costing the bank nothing at all, gathered from 69 million customers who almost never leave. Brian Moynihan has run it conservatively for sixteen years and has retired roughly a third of the shares outstanding along the way, much of it bought at prices we would have been delighted to pay ourselves. But the stock closed at $61.99 on July 31 — an all-time high, up nearly 40 percent from its 52-week low of $44.75 — and now trades at 2.1 times tangible book value and about 14 times trailing earnings that sit at a cyclical sweet spot.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-24), 8-K (2026-07-14), 8-K (2026-05-06).
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