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.
Charlie and I have spent considerable time over the years admiring Interactive Brokers from across the room. It is the rare financial business that we think genuinely meets our standard for "wonderful" — a company built by an obsessive engineer-founder, defended by an automation moat that compounds with every client account added, run by people whose own money is on the line, and earning pretax margins (77% in the most recent quarter) that, frankly, embarrass most of the businesses we have ever owned. But wonderful businesses do not deserve unlimited prices. At roughly 37 times trailing earnings and an all-time high stock price, the margin of safety has been arbitraged away. We rate IBKR three stars — a "Hold" for those who already own it and a "watchlist" for those waiting for the inevitable cyclical wobble that financial businesses always supply.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-07-31), 8-K (2026-07-31), 8-K (2026-07-21).
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