Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent the better part of our careers avoiding banks. We don't like leverage, we don't like opaque balance sheets, and we especially don't like lending money to people who may not pay it back. So when we tell you we've been studying Nubank — a consumer lender in Latin America, no less — you might wonder if we've lost our marbles. We haven't. What David Vélez has built in São Paulo is something we've rarely seen in financial services: a business that gets cheaper to run the bigger it gets, in a market where the incumbents are so bloated and complacent that disruption was practically inevitable. The question, as always, is whether the moat is durable, whether management is honest and capable, and whether the price is right. Nu Holdings, operating as Nubank, is the world's largest digital banking platform by customer count.
Recent filings analysed: 20-F (2025-04-16).
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