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.
Written in the first person as Warren Buffett and Charlie Munger would approach it. We've spent our lives looking for toll bridges, and Otis owns one of the world's oldest: roughly 2.5 million elevators and escalators under maintenance contract, each one a little annuity that pays every month whether the economy is booming or not, because a building owner cannot legally or practically let an elevator sit broken. The stock has just been marked down about 25% from its 52-week high of $94.57 to $70.77 — near its cheapest valuation since the company was spun out of United Technologies in 2020 — because of a guidance cut, margin pressure in the service business, a moribund Chinese construction market, and the announcement that its two largest European rivals, KONE and TK Elevator, will merge into the world's largest elevator company.
Recent filings analysed: 8-K (2026-09-15), 10-Q (2026-07-23), 8-K (2026-07-22), 8-K (2026-05-29).
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