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. We have read Oracle's fiscal 2026 Form 10-K (year ended May 31, 2026), its Q4 earnings release, and the public record since. We reach our own conclusions and rely on no one else's portfolio. Oracle today trades around $175 a share, giving it a market capitalization of roughly $504 billion against about 2.88 billion shares outstanding. The stock has been on a wild ride — from roughly $135 a little over a year ago, to a euphoric peak near $346 last September, and now back down by half. That kind of volatility tells you something: the market has no idea what this company is worth, because the company itself has changed into something it was not three years ago. Here is the uncomfortable truth we keep coming back to. There are two Oracles.
Recent filings analysed: 8-K (2026-09-14), 10-K (2026-06-22), 8-K (2026-06-10), 8-K (2026-05-12).
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