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 businesses that can raise prices without losing customers, that earn high returns on capital through good times and bad, and that don't require heroic reinvestment just to stay in place. Mosaic is the opposite of that on all three counts. It is a well-run collection of mines and chemical plants selling two undifferentiated commodities — phosphate and potash — where the price of the product and the price of the inputs are both set by forces entirely outside management's control. The last six months prove the point with unusual clarity. DAP fertilizer is selling near $800 per ton — historically excellent prices — and Mosaic just reported a $273 million quarterly loss anyway, because sulfur, an input it must buy, tripled in price on Middle East disruptions and Russian export bans.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-04), 8-K (2026-06-15), 8-K (2026-05-29).
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