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.
Current Price: ~$52.66 Market Capitalization: ~$64 billion Written in the voice of Warren Buffett and Charlie Munger, based on the Form 10-Q for the quarter ended June 30, 2026, recent earnings communications, and current market data. We have spent our whole lives around banks. We've owned pieces of the best ones and watched dozens of the rest, and if there is one lesson six decades of bank-watching teaches, it is this: banking is a commodity business in which the only durable advantages are a genuinely low-cost deposit base and a management team that stays sane about credit and interest-rate risk when everyone around them is losing their heads. A bank doesn't have to do anything brilliant to compound. It merely has to avoid doing dumb things with other people's money, decade after decade.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-29), 8-K (2026-07-23), FWP (2026-07-20).
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