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.
A wonderful toll-collecting business at a fair price. Written in the first person, as we would talk it through at the annual meeting. Warren: ICE is one of the rare businesses where nearly every dollar of revenue is a toll on activity that must happen — hedging a cargo of Brent crude, pricing a municipal bond portfolio at 4 p.m., closing a home mortgage. It has grown net revenue for twenty consecutive years without a single down year, through 2008, through the pandemic, through the 2022-2024 mortgage depression. That is not luck; that is structure. Charlie: The structure is three interlocking monopolies and near-monopolies — energy futures with their own clearing houses, fixed-income data embedded in customer workflows, and the plumbing of the American mortgage market.
Recent filings analysed: 8-K (2026-08-28), 8-K (2026-08-21), 8-K (2026-08-20), FWP (2026-08-12).
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