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 have spent a lifetime looking for wonderful businesses run by wonderful people at sensible prices. Constellation Brands gives us one of the three and part of a second. It owns something genuinely rare — a perpetual, exclusive license to sell Modelo, Corona, Pacifico, and Victoria in the United States, and Modelo Especial is the single best-selling beer brand in America by dollars. That is a real asset. But a great asset in the hands of a management team that lit roughly four billion dollars on fire in a Canadian cannabis company, that bought wine brands high and sold them low, and that now runs the whole enterprise on more than ten billion dollars of debt against ninety-seven million dollars of cash — that is a different proposition.
Recent filings analysed: 8-K (2026-07-24), 10-Q (2026-07-01), DEF 14A (2026-06-08), 8-K (2026-05-21).
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