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.
An independent appraisal written in the spirit of Warren Buffett and Charlie Munger. We have relied on Delta's June 2026 Form 10-Q, its recent earnings releases and call, competitor filings, and current market prices. We reach our own conclusions and reference no other investor's holdings. We want to say something at the outset that will color everything that follows: Delta is, without much argument, the best-run large airline in the United States, and perhaps the world. Ed Bastian and his team have done a genuinely admirable job. They rebuilt the balance sheet after the pandemic, clawed their way back to an investment-grade credit rating, restored and are now growing the dividend, and built a premium-and-loyalty franchise that most of their competitors can only envy. If we were forced at gunpoint to own one airline for a decade, this would be the one.
Recent filings analysed: 8-K (2026-07-10), 10-Q (2026-07-10), 8-K (2026-06-22), 8-K (2026-06-12).
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