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.
Written in the first person by Warren Buffett and Charlie Munger. Next scheduled event: Q2 2026 results, due before the open on August 18, 2026. Charlie and I have looked at Baidu many times over the years, and each time the arithmetic screams "cheap" while the business whispers "careful." At roughly $103 per ADS, the market values the whole company at about $35 billion. Against that, Baidu reported total cash and investments of RMB 279.3 billion (about $40.5 billion) as of March 31, 2026, and roughly RMB 97 billion (about $13.5 billion) of loans, notes, convertibles, and lease obligations. You are, on paper, buying the operating business for something close to nothing. But we learned long ago — with our cigar-butt days at Berkshire's textile mills — that the market usually charges nothing for a business when it suspects the business is worth about that.
Recent filings analysed: 20-F (2025-03-28).
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