Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Market capitalization: ~$73.5 billion (319.5 million shares) Rating: 3 / 5 (★★★☆☆) HOLD. A wonderful business trading at a premium to intrinsic value. We would hold what we own. We would not initiate here. Ross Stores is the second-largest off-price retailer in the United States, behind TJX, and it is one of the simplest good businesses we know of. It buys brand-name apparel and home goods that somebody else made too much of, and sells them in plain strip-center stores at 20 to 60 percent below department-store prices. It has done this profitably for four decades, through five recessions, without a website, without an acquisition, and without a dollar of net debt. The company has just reported its best half-year in its history.
Recent filings analysed: 8-K (2026-09-17), 10-Q (2026-09-01), 8-K (2026-08-20), 10-Q (2026-06-02).
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