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.
Erie Indemnity is one of the odder creatures in American finance: a 101-year-old toll collector that runs an insurance company it doesn't own, keeps 25 cents of every premium dollar as its fee, employs no underwriting capital of its own, and earns returns on equity near 30% with zero debt. For decades that arrangement compounded quietly and beautifully. So why only two stars? Because the three questions that matter most — can it raise prices, is the underlying franchise gaining or losing ground, and do the owners of the publicly traded shares actually control anything — all come back with the wrong answer.
Recent filings analysed: 10-Q (2026-07-30), 8-K (2026-07-30), 8-K (2026-05-21), 10-Q (2026-04-23).
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