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.
We have spent our lives distinguishing between businesses that are doing well and businesses that are wonderful. Invesco today is a business doing well — record inflows, a genuinely clever value unlock in the QQQ conversion, a balance sheet being repaired, and a stock that has risen roughly 55% in a year. But doing well at the top of a bull market is not the same as being wonderful. This is a mid-tier asset gatherer in a structurally commoditizing industry, with no pricing power (its fee rate declines every single year), a decade-long record of near-zero earnings growth despite assets under management tripling, and a balance sheet still scarred by $8.4 billion of goodwill from acquisitions that destroyed value. The current management team is the best Invesco has had in years, and the stock is not statistically expensive at about 11 times forward earnings.
Recent filings analysed: 8-K (2026-08-11), 10-Q (2026-08-04), 8-K (2026-07-28), 8-K (2026-07-10).
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