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 on Coupang, because it is the most interesting kind of company: one where the bull case is genuinely seductive. Here is a founder who built, from scratch, the closest thing to Amazon outside of Amazon — an end-to-end logistics machine that delivers to most of South Korea before dawn, with 24.7 million active customers in a country of 52 million. The stock has been cut in half over the past year, from $34 to $16.30, after the largest data breach in Korean history, a $410 million regulatory fine, a $1.2 billion customer compensation program, and the worst operating loss since the company's founding. "Be greedy when others are fearful" — people love to quote that line back at us in situations like this one. But the full test has always been: fearful about a wonderful business.
Recent filings analysed: 10-K (2026-02-26), 10-Q (2025-11-04), 10-Q (2025-08-05), 10-Q (2025-05-06).
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