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.
Written in the voice and through the analytical lens of Warren Buffett and Charlie Munger. Primary sources: Q2 2026 Form 10-Q (period ended June 30, 2026, filed July 31, 2026), recent earnings releases and calls, and current market data. T. Rowe Price is what we'd call a formerly wonderful business — a franchise that earned 45% operating margins and 30% returns on equity for decades doing something genuinely valuable, now fighting a structural tide that management cannot reverse, only manage. The company remains enormously profitable, carries essentially no debt, holds over $7 billion in cash and investments, and returns nearly all its earnings to shareholders. The stock trades at roughly 11 times earnings and yields 4.6%. And yet we arrive at two stars.
Recent filings analysed: 8-K (2026-07-31), 10-Q (2026-07-31), 8-K (2026-05-18), 8-K (2026-05-11).
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