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 beside me. We spent the week with Aon's freshly filed second-quarter 10-Q, the July 29 earnings call, and a decade of history on this franchise, and our conclusion is straightforward: this is a genuinely wonderful business — one of the rare ones — trading today at roughly a fair price. The insurance brokerage oligopoly is one of the best business models capitalism has produced: no underwriting risk, no inventory, almost no capital employed, revenue that rides on the world's insurance premiums like a toll collector on a highway that only gets busier. Aon converts roughly 32 cents of every revenue dollar into adjusted operating profit and needs less than two cents of capital spending to do it. Six months ago the market handed out a gift.
Recent filings analysed: 8-K (2026-07-29), 10-Q (2026-07-29), 8-K (2026-07-01), 8-K (2026-05-01).
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