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 our lives looking for wonderful businesses at fair prices, and we have learned — sometimes expensively — to tell the difference between a wonderful business that has gotten cheap and a formerly wonderful business that the market has correctly repriced. Comcast, we are sorry to say, is the latter. The stock trades at roughly six times earnings and a free cash flow yield north of 15%, numbers that would normally make us reach for the checkbook. But the crown jewel — residential broadband — is now losing both customers and price per customer at the same time, which is the one combination a moat is supposed to make impossible. The media assets are being spun off in an admission that the 2011–2018 empire-building didn't work, the Sky acquisition has been substantially written off and partially sold for scrap, and $90 billion of debt sits ahead of the equity.
Recent filings analysed: 8-K (2026-07-23), 10-Q (2026-07-23), 8-K (2026-06-29), 8-K (2026-06-12).
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