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.
Charlie used to say the best businesses are the ones you can explain to your barber. Here it is: Linde takes air — which costs nothing — separates it into oxygen, nitrogen, and argon, and sells it to people who cannot run their businesses without it. It also produces hydrogen, helium, carbon dioxide, and specialty gases. Steel mills need oxygen. Hospitals need medical oxygen. Semiconductor fabs need ultra-high-purity nitrogen and exotic electronic gases. Food companies need CO2 and nitrogen for freezing. Refineries need hydrogen. The raw material is free or cheap; the value is in the plants, the pipelines, the trucks, the cylinders, and above all the contracts. Linde is the largest industrial gas company in the world, formed by the 2018 merger of Praxair (the old Union Carbide gases business Warren has admired for decades) and Linde AG of Germany.
Recent filings analysed: 8-K (2026-07-31), 10-Q (2026-07-31), 8-K (2026-07-30), 8-K (2026-05-13).
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