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 and Charlie. We arrive at our own conclusions from the filings, the earnings calls, the competitors' disclosures, and the last trade — nothing else. Carnival is the largest cruise company on earth, and after a near-death experience it has clawed its way back to record revenue, record customer deposits, and a balance sheet that improves every quarter. Management is doing genuinely good work. We tip our hats to that. But our job is not to applaud effort — it is to judge the business, and a cruise line is a hard business to love. It is brutally capital-intensive, it is cyclical, it carries episodic catastrophe risk that can wipe out a year of earnings overnight, and it possesses only a narrow moat.
Recent filings analysed: 8-K (2026-08-05), 10-Q (2026-06-26), 8-K (2026-05-07), 8-K (2026-04-20).
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