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 lives looking for wonderful businesses at fair prices, and we have learned to be suspicious of businesses that look dominant but keep very little of what passes through their hands. Live Nation is the largest live entertainment company on earth. It will sell tickets to more than 800 million people this year through Ticketmaster, put roughly 160 million fans into concerts, and book over $25 billion in revenue. And yet the common stockholder's account at the end of all that motion is remarkably thin: about 3-5 cents of operating profit per revenue dollar in a good year, a balance sheet showing $82 million of parent-company equity against $9.3 billion of debt, and a federal jury that just ruled the company's central competitive advantage was built and maintained illegally.
Recent filings analysed: 10-Q (2026-07-30), 8-K (2026-07-30), 8-K (2026-06-12), 8-K (2026-05-08).
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