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 a good deal of time with CBRE's second-quarter 10-Q, filed for the period ended June 30, 2026, and with the earnings release the company put out just yesterday. Let us say up front: this is a well-run company, the clear leader in its field, and business is booming right now. Revenue grew 16% in the quarter, core earnings per share jumped 30%, and management raised guidance. The market applauded. And yet, when Charlie and I apply our standard — is this a wonderful business, one with a durable moat and economics that compound effortlessly over decades? — we come away answering no. CBRE is a good business, perhaps the best house in a tough neighborhood.
Recent filings analysed: 8-K (2026-07-29), 10-Q (2026-07-29), 8-K (2026-06-23), 8-K (2026-06-15).
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