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.
Warren here, with Charlie looking over my shoulder. Franklin Resources — soon to be renamed Franklin Templeton, Inc. on August 17, 2026 — is a business we understand thoroughly, run by a family with real skin in the game, paying a well-covered 4% dividend, trading at roughly 11-12 times adjusted earnings, and coming off its best quarter of flows in years: $18.4 billion of long-term net inflows and record AUM of $1.79 trillion. The Western Asset legal nightmare is substantially behind it. And yet we arrive at a two-star rating, because the first question we ask is not "is it cheap?" but "is it a wonderful business?" — and this is not one.
Recent filings analysed: 8-K (2026-08-10), FWP (2026-08-05), 10-Q (2026-07-31), 8-K (2026-07-31).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation