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 always said we would rather buy a wonderful business at a fair price than a fair business at a wonderful price. Cincinnati Financial presents us with a third case: a genuinely good — arguably better than good — business at a price that has gotten ahead of itself. This is a 76-year-old insurance franchise with a distribution moat built on relationships that take decades to replicate, run by honest lifers who have raised the dividend for what will be 66 consecutive years, sitting on a fortress balance sheet with almost no debt. We admire nearly everything about how this company is run.
Recent filings analysed: 10-Q (2026-07-27), 8-K (2026-07-27), 8-K (2026-06-22), 8-K (2026-06-16).
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