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 when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. International Paper in 2026 is the cleanest test of that maxim we have seen in years. Andy Silvernail is a genuinely capable operator running a genuinely mediocre business, and the stock — even after falling roughly 20% from its highs — is priced as though the operator wins. History says the business wins. This is an average, capital-devouring, commodity enterprise trading at a premium to its own demonstrated earning power, with a dividend that current free cash flow does not cover. Two stars. The business itself could not be simpler to understand: International Paper makes corrugated boxes and the containerboard that goes into them.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-07-30), 8-K (2026-07-17), 8-K (2026-05-11).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation