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.
Written in the first person by Warren and Charlie, from the regulatory filings, the earnings record, and the competitive facts — nothing borrowed from anyone else's portfolio. Moderna makes medicines out of messenger RNA — mRNA, the molecule that carries genetic instructions to the body's cells and tells them to manufacture a specific protein. Teach the cell to make a piece of a virus, and the immune system learns to fight the real thing. That is a vaccine. The same platform can, in principle, be pointed at cancer or rare diseases. It is genuinely clever science, and we tip our hats to the chemists. But a clever science and a wonderful business are two different animals, and it is our job to keep them separate.
Recent filings analysed: 8-K (2026-07-31), 10-Q (2026-07-31), 8-K (2026-07-08), 8-K (2026-05-11).
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