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 voice of Warren Buffett and Charlie Munger, relying on the Q2 2026 Form 10-Q (period ended June 30, 2026, filed with the SEC), recent earnings disclosures, and the current market price. We have spent our lives looking for businesses we can understand, with durable moats, run by able and honest people, available at sensible prices. Cloudflare gives us two of those four things — it is understandable once you strip away the jargon, and it is run by capable, committed founders. What it does not give us is a proven economic moat — one that shows up in owner earnings rather than in adjusted press-release metrics — and it most certainly does not give us a sensible price.
Recent filings analysed: 8-K (2026-08-13), 10-Q (2026-08-06), 8-K (2026-08-06), 8-K/A (2026-07-01).
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