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.
Reference Price: $118.63 (close, March 31, 2026); market capitalization ~$81 billion Charlie and I have studied this institution for many decades. We owned it in size for a long stretch, then sold it, and watched from the sidelines as a different management team finally began doing what we had been waiting for someone to do for fifteen years: run the place like the franchise it always quietly was. What follows is our independent appraisal — built from the most recent 10-Q (Q1 2026, filed for the quarter ended March 31, 2026), prior annual disclosures, public commentary by management, and our own arithmetic. We have used no portfolio information from any other investor, living or dead. The conclusions are ours alone. The Bank of New York Mellon is, despite the word "bank" in its title, principally a fee-driven plumbing company for the world's capital markets.
Recent filings analysed: 8-K (2026-06-12), 10-Q (2026-05-01), 8-K (2026-04-23), 8-K/A (2026-04-17).
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