Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice of Warren Buffett and Charlie Munger, based on the 10-Q for the quarter ended June 27, 2026, the Q3 FY26 earnings materials of August 5, 2026, and current market data. Charlie and I have watched Disney for the better part of sixty years, and for most of that time we admired it from a distance the way you admire a beautiful painting hanging in someone else's house. What we see today is a company emerging from a genuinely miserable decade — a $71 billion acquisition that never earned its keep, a pandemic that shut the parks, a streaming pivot that torched $10+ billion before turning, and a CEO succession soap opera — into something that once again resembles the compounding machine it used to be.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-05), 10-Q (2026-05-06), 8-K (2026-05-06).
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