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 we — Warren and Charlie — would talk it through at the kitchen table in Omaha. If you can't explain a business to a bright teenager in two minutes, you probably shouldn't own it. Paychex takes about ninety seconds. Every payday, roughly 800,000 American small and mid-sized businesses hand Paychex the tedious, terrifying job of paying their people correctly: calculating wages, withholding taxes, remitting money to the IRS and fifty state governments, filing the returns, and not making mistakes — because a payroll mistake is the one error an employer's workforce never forgives.
Recent filings analysed: DEF 14A (2026-09-04), 8-K (2026-07-21), 10-K (2026-07-17), 8-K (2026-06-24).
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