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.
Authors: Warren Buffett & Charlie Munger Reference Filing: 10-Q for the quarter ended March 31, 2026 (filed May 2026) Reference Price: ~$148 (NYSE intraday, May 8, 2026) Charlie and I have spent considerable time chewing on Apollo Global Management. We will tell you upfront: this is one of the most complicated annual reports we have ever read, and complication of that magnitude is itself a finding. The business sits at the crossroads of two industries we both love — alternative asset management (which earns a tollbooth's economics on other people's capital) and insurance (which generates float we've spent six decades thinking about). On paper, the marriage of Apollo's asset management arm with Athene's retirement-services book is one of the most ingenious financial structures of the past twenty years.
Recent filings analysed: 8-K (2026-08-04), 8-K (2026-07-01), 8-K (2026-06-09), 8-K (2026-05-15).
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