Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent a good deal of time studying Take-Two Interactive. It is a fascinating case study, because nestled inside this company is one of the most extraordinary pieces of intellectual property ever created in entertainment — Grand Theft Auto — wrapped inside a hit-driven, heavily indebted, mobile-diluted package that complicates an otherwise crystalline thesis. The market is currently pricing TTWO with great anticipation of Grand Theft Auto VI, scheduled for release on November 19, 2026. That anticipation is not unreasonable. But our task is not to predict what GTA VI will earn in its first quarter — our task is to figure out what the business is worth over the next two decades, and whether today's price gives us a margin of safety against the things that can go wrong.
Recent filings analysed: 8-K (2026-08-07), DEF 14A (2026-07-27), 10-K (2026-05-22), 8-K (2026-05-21).
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