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.
Warren here, with Charlie's ghost at my shoulder as always. Ameriprise is a company we admire more the longer we study it, and one the market has persistently misfiled. It carries an insurance company's SIC code and an asset manager's baggage, but roughly two-thirds of its earnings now come from one of the finest wealth management franchises in America — 10,000 sticky advisors managing $1.2 trillion of client money at a 29-30% pretax margin, growing fees at double digits. Management, led by Jim Cracchiolo since the 2005 American Express spinoff, has run one of the great quiet capital-allocation shows in financial services: the share count has shrunk from roughly 246 million at spinoff to 88 million today, adjusted return on equity now runs near 55%, and the company returns roughly 90% of its earnings to owners every year without straining a fortress balance sheet.
Recent filings analysed: 10-Q (2026-08-04), 8-K (2026-07-23), 8-K (2026-06-09), FWP (2026-06-04).
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