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 first person by Warren Buffett and Charlie Munger, from the fiscal Q3 2026 10-Q (quarter ended June 27, 2026), recent earnings disclosures, and current market data. Charlie and I have spent our lives distinguishing between businesses that earn money and businesses that handle money. Tyson Foods handles enormous amounts of money — $55.7 billion of revenue over the trailing twelve months — and keeps remarkably little of it. In the June quarter, Tyson bought and processed $12.9 billion of cattle, hogs, chickens, grain, labor, and packaging to produce $13.9 billion of sales. That is a 6.6% gross margin. Coca-Cola's gross margin is roughly ten times that. When the entire gross spread of a business is thinner than the net margin of a good one, no amount of managerial energy can make it a compounding machine. This is not a bad company.
Recent filings analysed: 10-Q (2026-08-03), 8-K (2026-08-03), 8-K (2026-06-18), 8-K/A (2026-06-17).
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