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 whole careers saying roughly the same thing about gold: it gets dug out of the ground in Africa or someplace, then we melt it down, dig another hole, bury it again, and pay people to stand around guarding it. A gold miner is one step better than the metal itself — it at least produces cash flow — but it remains a price-taking, capital-devouring, depleting-asset business with no ability to distinguish its product from anyone else's. Newmont today is that business operating under the most favorable conditions in its 105-year history: gold above $4,000 per ounce, record free cash flow, a fortress balance sheet, and a management team finally returning cash to shareholders with both hands. And that is precisely the problem. When a commodity producer looks this good, you are almost certainly looking at the top of its earnings power, not the middle.
Recent filings analysed: 10-Q (2026-07-23), 8-K (2026-07-23), 8-K (2026-06-15), 8-K (2026-05-13).
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