Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person as Warren Buffett and Charlie Munger. We rely only on regulatory filings, earnings disclosures, competitor filings, developments since the last 10-Q, and the current market price. We use no other investor's holdings or opinions. Every so often a business comes along that is not glamorous, not a household name at the dinner table, and yet sits like a tollbooth astride one of the most durable growth roads in the modern economy. Thermo Fisher is such a business. It sells the picks and shovels of life sciences — the pipettes, reagents, instruments, and outsourced manufacturing that every pharmaceutical company, every biotech, every hospital lab, and every university researcher must buy, again and again, to do their work.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-23), 8-K (2026-05-26), 10-Q (2026-05-01).
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