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 considerable time studying Deere & Company, the 189-year-old maker of the green-and-yellow machines that plant and harvest much of the world's food. We approached this analysis with the recent 10-Q for the quarter ended May 3, 2026 in hand, and with a healthy skepticism — because cyclical industrial businesses sit at a particular intersection of the things Charlie and I both admire (long histories, durable customer relationships, dominant brands) and the things that make us cautious (capital intensity, finance subsidiaries, sensitivity to commodity prices we cannot forecast). Our conclusion is that John Deere is a genuinely good business — perhaps even an excellent one within its narrow agricultural niche — but not a wonderful business in the Sees Candy or American Express sense.
Recent filings analysed: FWP (2026-07-10), 8-K (2026-06-01), 10-Q (2026-05-28), 8-K (2026-05-21).
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