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 sharpening his pencil and his tongue. Sandisk is the most instructive stock we have examined in years, because it compresses the entire history of commodity-cyclical investing into eighteen months. One year ago this company traded at $43 a share, had just written off $1.8 billion of goodwill, and was losing money selling NAND flash memory into a glutted market. Today it trades at $1,625 — up roughly 429% this calendar year alone — earns 84% gross margins, and just reported $11.4 billion of annual net income. The product did not change. A gigabyte of flash from Sandisk remains functionally identical to a gigabyte from Micron, Samsung, SK Hynix, Kioxia, or YMTC. What changed is the price of that gigabyte, which — driven by an AI datacenter buying panic and coordinated supplier restraint — rose by triple-digit percentages in a single year.
Recent filings analysed: 8-K (2026-09-16), 10-K (2026-08-17), 8-K (2026-08-05), 8-K (2026-05-15).
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