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.
We have spent our lives looking for businesses that collect a toll on an ever-growing river of commerce. BlackRock is the largest toll collector on the largest river in finance: the world's savings. It manages $15.3 trillion — more than the GDP of any country except the United States and China — and earns roughly 20 basis points on it while employing almost no capital to do so. Revenue in the June quarter was $7.1 billion, up 31%; adjusted operating margin hit 45.9%, the best in five years; and clients handed the firm $868 billion of net new money over the trailing twelve months. There are perhaps a dozen businesses of this scale and quality on the planet. It is not without warts.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-07-15), 8-K (2026-06-30), 8-K (2026-05-22).
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