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.
We have spent our careers saying that we'd rather buy a wonderful business at a fair price than a fair business at a wonderful price. Fiserv today presents the third case, the one that tempts so many intelligent people into trouble: a fair-to-average business at what looks like a wonderful price. The stock has fallen roughly 70% from its 52-week high of $168 to about $48.50, and on management's own adjusted numbers it trades at less than six times this year's earnings guidance. That kind of arithmetic will draw a crowd. But cheapness is the last chapter of an investment story, not the first. The first chapter is the business, and the second is the people.
Recent filings analysed: 10-Q (2026-08-07), 8-K (2026-08-06), 8-K (2026-07-07), 8-K (2026-06-23).
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