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.
A wonderful business at a premium price. We would not sell a share we already owned, and we would not buy one more at today's price. We have known this company, in one form or another, since Sam Walton was still driving his own pickup truck around Arkansas counting the cars in competitors' parking lots. It is not an exaggeration to say Sam Walton was one of the great business builders in American history — a man who took a single variety store in Rogers, Arkansas and built, through sheer operating discipline and an almost religious devotion to low cost, the largest retailer on earth. We have said before that if we had to pick one non-insurance business to own forever for its combination of scale, discipline, and cultural durability, Walmart would be on the short list. That admiration for the business has never been in question. Our hesitation, then and now, has always been about price.
Recent filings analysed: 10-Q (2026-08-28), 8-K (2026-08-20), 8-K (2026-06-05), 10-Q (2026-05-29).
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