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.
Charlie and I have spent considerable time examining Fox Corporation, a business that emerged from the 2019 Disney acquisition of 21st Century Fox's entertainment assets. What remained — and what we are evaluating today — is a leaner, more focused enterprise built on three pillars that we understand well: live news, live sports, and an increasingly valuable free ad-supported streaming platform called Tubi. At $57 per share, with trailing earnings of nearly $5 per share, record free cash flow approaching $3 billion, and an aggressive share repurchase program that has retired roughly 30% of outstanding stock since inception, this is a business generating substantial cash returns for owners at a valuation that does not demand heroic assumptions.
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