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 said many times 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. Kraft Heinz is the modern textbook case — and we say that with some humility, because the 2015 merger that created this company was built on a premise that turned out to be wrong: that iconic grocery brands could be run for maximum margin indefinitely without reinvestment, and that the brands themselves would do the work forever. They could not. Eleven years later, the evidence is on the balance sheet in the most unambiguous form accounting allows: $22.6 billion of accumulated goodwill impairments, another $4.9 billion of brand write-downs in the June quarter alone, the Kraft trademark itself written down by $3.4 billion this quarter on top of $1.9 billion last year.
Recent filings analysed: 8-K (2026-08-05), 10-Q (2026-08-05), 8-K (2026-07-27), 8-K (2026-06-18).
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