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.
Charlie and I have spent our lives buying simple businesses — candy, insurance, railroads, banks we could understand. Block asks us to underwrite three businesses stapled together: a small-merchant commerce system (Square), a consumer finance app (Cash App, with the Afterpay installment business folded in), and a bitcoin operation that is part brokerage, part treasury speculation, part hardware ambition. The company's own reporting, recast this year into three revenue lines, tells the story plainly: Commerce enablement ($3.34B revenue in Q2, +15%): Square's payment processing, point-of-sale hardware and software, and related services for sellers. This is the business Jack Dorsey founded in 2009 — a genuinely useful invention that let the corner coffee shop accept cards without being fleeced.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-05), 8-K (2026-06-18), 8-K (2026-06-05).
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