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 voice and through the lens of Warren Buffett and Charlie Munger. Sources: SEC Form 10-Q for the quarter ended June 30, 2026, Q2 2026 earnings materials, competitor filings and calls, and current market data. Warren: We've spent a lifetime looking for businesses that a ham sandwich could run, because sooner or later one will. Centene is the opposite case — a business where even very good managers periodically get run over by forces entirely outside their control: state legislatures, CMS actuaries, Congress, and the arithmetic of adverse selection. The company just reported a superficially excellent quarter — $1.1 billion of net earnings against a $253 million loss a year ago — and the stock fell on the news. The market has learned what we already knew: with Centene, you are never sure what you own. Charlie: The 2025 annus horribilis tells you everything.
Recent filings analysed: 8-K (2026-07-29), 8-K (2026-07-28), 10-Q (2026-07-28), 8-K (2026-06-22).
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