Munger Mode rating: 3 out of 5 — Hold. 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 Blackstone is, without question, one of the most extraordinary financial businesses ever assembled. Steve Schwarzman and Jon Gray have built a fee-collection machine that gathers permanent and semi-permanent capital from the world's most sophisticated investors, and that machine throws off cash with a capital efficiency that would make the proprietor of a See's Candies envious. In Q1 2026 the company produced $3.62 billion of revenue against just $48.3 billion of total assets, generated $1.26 billion of net income, and continued to write dividends and distributions of nearly $2 billion to its owners — all while the underlying alternative asset management franchise widens and deepens each year.
Recent filings analysed: 8-K (2026-07-23), 8-K (2026-06-23), 10-Q (2026-05-08), 8-K (2026-04-23).
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