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.
Written in the first person by Warren Buffett and Charlie Munger, as requested. We rely on the June 30, 2026 Form 10-Q, recent earnings communications, and current market data. We have used no other investor's portfolio as a crutch — we did the reading ourselves. Charlie likes to say that air conditioning belongs on the short list of inventions that actually improved human life — along with anesthesia and the printing press. Lennox International manufactures and sells the machines that heat and cool American buildings, and it has been doing so since 1895. There is nothing here that requires a physics degree to understand, which is precisely how we like it.
Recent filings analysed: 8-K (2026-07-29), 10-Q (2026-07-29), 8-K (2026-05-28), 8-K (2026-04-29).
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