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.
Charlie and I have spent the better part of a week reading Salesforce's just-filed Q1 fiscal-2027 10-Q (period ended April 30, 2026), the FY26 10-K, the prior four years of disclosures, the proxy statement, the most recent earnings transcript, the Informatica acquisition documents, and what the competition is saying — particularly the noise coming out of Redmond. We have also watched the stock fall roughly a third year-to-date, from around $262 at the start of 2026 to about $176 today, and we have read management's response: the largest accelerated share repurchase in corporate history. Below is what we found. The conclusion, told in advance so you can hold us to it: this is a good business — perhaps even a very good one — trading at a fair price. It is not, in our judgment, a wonderful business at a bargain price. The moat is real but narrower than the marketing suggests.
Recent filings analysed: 8-K (2026-08-05), 8-K (2026-06-02), 8-K (2026-06-01), 10-Q (2026-05-28).
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