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.
Warren here, with Charlie beside me. Let us begin with a confession: SK hynix is one of the most impressive industrial achievements either of us has ever examined. This company just reported a quarter — 52.6 trillion won in revenue, a 72% operating margin — that would make Standard Oil in its prime blush. It supplies the single most critical component of the artificial intelligence buildout, high-bandwidth memory, and it supplies more of it than anyone else on Earth. Its balance sheet has swung to a fortress net-cash position. Its engineers out-executed the mighty Samsung. And yet we are rating it two stars. Not because we doubt the engineers, and not primarily because of the price — but because of what kind of business this is. Memory chips are the textbook example of a commodity business punctuated by genius phases.
Recent filings analysed: 6-K (2026-07-29).
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