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 watched the Tisch family run Loews for the better part of six decades, and we say this with genuine respect: this is one of the more rational capital-allocation operations in American business. The family has retired nearly 40% of the shares outstanding over the past decade at prices well below intrinsic value, pays itself modestly, and communicates honestly. If capital allocation alone made a wonderful business, Loews would rate four stars. But it doesn't. Underneath the holding company sit three operating businesses — a mid-tier commercial insurer with a long-term-care albatross around its neck, a capital-intensive natural gas pipeline, and a small hotel chain — none of which possesses the kind of durable moat that compounds wealth over decades. The consolidated enterprise earns a return on equity of roughly 8–9%, which is the arithmetic signature of an average business.
Recent filings analysed: 8-K (2026-08-03), 10-Q (2026-08-03), 8-K (2026-05-12), 8-K (2026-05-04).
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