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.
We have always said we like businesses we can explain to a reasonably intelligent person in a few minutes. Elevance Health passes that test, though the accounting takes more patience than the concept. This is the old Anthem — the largest Blue Cross Blue Shield operator in America — collecting premiums from roughly 44.9 million medical members, paying out medical claims, and keeping a thin sliver in between. It holds the exclusive Blue Cross license in California and the Blue Cross Blue Shield license in thirteen other states, including big ones: New York, Ohio, Georgia, Virginia, Indiana, and Wisconsin.
Recent filings analysed: 8-K (2026-07-15), 10-Q (2026-07-15), 8-K (2026-06-10), 8-K (2026-05-13).
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