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 first person by Warren Buffett and Charlie Munger, from the Q2 2026 10-Q (period ended June 30, 2026), the July 29, 2026 earnings release and call, and current market data. All conclusions are our own. Equinix is that rare thing in the real estate business: a company whose product gets more valuable the more customers use it. It rents space, power, and cooling in 260-plus data centers across 75 metros — but the real business is the 500,000-plus cross-connects running between customers inside those buildings. Once a bank, a cloud provider, and a hundred networks are wired to each other on your floor, nobody wants to leave, and the next customer has one more reason to arrive.
Recent filings analysed: 8-K (2026-08-06), FWP (2026-07-31), 8-K (2026-07-29), 10-Q (2026-07-29).
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