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.
Warren here. This is one of the simplest businesses we've ever examined, and we mean that as the highest compliment. Brown-Forman was founded in Louisville in 1870 when George Garvin Brown had the then-novel idea of selling whiskey in sealed glass bottles so customers could trust what was inside. One hundred and fifty-six years later, his descendants still control the company, and it still does essentially one thing: it makes brown spirits, ages them in barrels, puts trusted names on the bottles, and sells them in about 170 countries. The crown jewel is Jack Daniel's Tennessee Whiskey — one of the most valuable spirits trademarks on earth and the best-selling American whiskey globally.
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