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.
We have spent our careers looking for a business that sits in the middle of a river of commerce and takes a small, unavoidable sip of every gallon that passes. Visa is that business. It owns no receivables, takes no credit risk, holds almost no inventory, and employs fewer than 35,000 people, yet it touched more than $17 trillion of payments and cash volume last fiscal year and converted half of every dollar of net revenue into net income. The moat is a two-sided network sixty years in the making: nearly 5 billion credentials, more than 175 million merchant locations, and roughly 14,500 financial institutions, all of which value the network more because everyone else is already on it.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-28), 8-K (2026-07-15), 8-K (2026-06-26).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation