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 studied the automobile business for seventy years, and it has taught us one lesson with more consistency than almost any other industry: it is a magnificent product and a terrible business. General Motors today is run by capable, honest people who are doing many sensible things — the share repurchases in particular have been executed with real intelligence. But a good jockey on a bad horse still loses the race. GM sells a largely undifferentiated product in a brutally competitive global industry, requires enormous and perpetual capital reinvestment merely to stay in place, carries $112 billion of finance-company debt and a $14 billion warranty liability, and has written off roughly $11 billion in the past twelve months unwinding a strategy it announced with great fanfare five years ago.
Recent filings analysed: 8-K (2026-07-21), 10-Q (2026-07-21), 8-K (2026-06-04), 8-K (2026-05-26).
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