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.
A wonderful toll-collector business at a fair price. The market's AI panic and merger indigestion have knocked a third off the stock, bringing one of the great compounding machines of American finance back to a price we'd call reasonable — though not quite the fat-pitch discount that earns five stars. Charlie always said we should be able to explain a business to a bright ten-year-old. Here goes: Gallagher doesn't insure anybody. It stands between businesses that need insurance and the companies that sell it, collecting a commission on every policy placed — year after year, renewal after renewal. When premiums go up, Gallagher's cut goes up. When a client's business grows, the commission grows. Gallagher never takes underwriting risk; the filing says so plainly — capital for covering losses is provided by the underwriting enterprises, not by Gallagher.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-07-30), 8-K (2026-07-29), 8-K (2026-06-17).
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