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.
We've spent our lives looking for wonderful businesses, and along the way we've learned to recognize the other kind: the decent-but-average business that looks cheap, pays a nice dividend, and quietly fails to compound. Smucker is that kind of business. It owns some genuinely good brands — Folgers, Jif, Uncrustables, Milk-Bone — but it sits in structurally stagnant categories, its volumes shrink whenever it raises prices, and its management has presided over one of the more remarkable streaks of value-destructive acquisitions in the packaged food industry. Roughly $13 billion has been spent on three major deals since 2015; nearly $3 billion of the most recent one has already been written off, and most of the pet food acquired in the first two was sold back out at a loss.
Recent filings analysed: 10-K (2026-06-09), 10-Q (2026-02-26), 10-Q (2025-11-25), 10-Q (2025-08-27).
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