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.
Analysis Date: May 31, 2026 Recent Price: ~$31 per share (52-week range: $29.42 – $63.99) Written in the first person by Warren and Charlie. We rely only on regulatory filings, earnings calls, competitor disclosures, developments since the last filing, and the current market price. We hold no view borrowed from anyone else's portfolio — these conclusions are our own. We have a rule: we only buy what we understand. Tractor Supply passes that test in the first paragraph of its 10-K. This is a big-box retailer for the rural and exurban American — the farmer, the rancher, the horse owner, the homesteader, the suburban refugee with five acres and a chicken coop. The company calls its customer the "Out Here" lifestyle shopper, and it sells that customer everything from livestock feed and fencing to work boots, trailer hitches, log splitters, dog food, and tractor parts.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-07-23), 8-K (2026-05-28), 8-K (2026-05-21).
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