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 likes to say that you should turn problems upside down, so let us do that. The question is not whether AIG is better than it was in 2008 — of course it is, that bar is on the floor. The question is whether AIG, in the spring of 2026, is a wonderful business we would happily own forever, or merely a decent one we are tempted to own because the headline numbers look prettier than they used to. We have lived through the AIG saga since the Hank Greenberg era, watched it implode in the financial crisis, watched Bob Benmosche drag it back from the dead, and watched Peter Zaffino spend the last several years scrubbing the place clean. The transformation is real. But "transformed" and "wonderful" are not the same word, and our discipline is to know the difference.
Recent filings analysed: 8-K (2026-08-06), 8-K (2026-05-14), 10-Q (2026-05-01), 8-K (2026-04-30).
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