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, from our own independent reading of the Q2 2026 10-Q (period ended June 30, 2026), recent earnings communications, and current market data. As always, we own our conclusions and nobody else's. PPG is a decent business in a genuinely good industry, run by sensible people, trading at a reasonable price. And yet we arrive at two stars. Why? Because our discipline forces us to distinguish between a good business and a wonderful one, and PPG — for all its 143 years of history, its 55 consecutive years of dividend increases, and its global footprint — is the perennial silver medalist in an industry where the gold medalist demonstrates every year what a truly wonderful coatings business looks like.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-28), 10-Q (2026-04-29), 8-K (2026-04-28).
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