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.
We are writing this the day after The Trade Desk reported its June 2026 quarter, and the market has taken the share price down by more than a fifth in a single session, to a seven-year low, roughly 85% below where it traded a year and a half ago. When a stock falls that far, the question we must ask is the one we always ask: is this a wonderful business at a suddenly wonderful price, or an average business whose true character has been revealed? Our conclusion, reached reluctantly because we admire much of what Jeff Green built, is the latter. The Trade Desk was priced for years as if it possessed a fortress moat.
Recent filings analysed: DEF 14A (2026-09-18), 8-K (2026-09-15), 10-Q (2026-08-06), 8-K (2026-08-06).
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