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.
Charlie and I have spent our lives distinguishing between wonderful businesses and well-run businesses, and Camden Property Trust is the clearest illustration of the difference we've seen in some time. This is a superbly managed collection of average assets. Ric Campo and his team have run this Houston apartment landlord with honesty, discipline, and genuine capital-allocation intelligence for over three decades — the July 2026 exit from California at $449,000 per apartment while buying back their own stock at an implied valuation far below that is exactly the kind of arbitrage we admire. But an apartment is a commodity. Nobody chooses where to live based on which REIT owns the building, no tenant pays a premium for the Camden name, and rent growth is set by the supply curve of Sunbelt construction cranes, not by anything Camden controls.
Recent filings analysed: 8-K (2026-08-03), 10-Q (2026-07-31), 8-K (2026-07-30), 8-K (2026-06-11).
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