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.
Current Price (intraday, 2026-05-09): ~$128 per share Market Cap (fully diluted): ~$122 billion Shares Outstanding (5/7/2026): 897.9 million common; ~954 million diluted Charlie and I have spent a long time studying the alternative asset management business. For most of our careers, we treated it with suspicion — too much leverage, too many fee layers, too much "heads I win, tails you lose" compensation. But over the last decade we've revised our view, at least for the very best operators. The economics of permanent or near-permanent capital, the compounding of management fees on a growing AUM base, and the ability to sit patiently on dry powder during dislocations create a kind of franchise we've come to admire. KKR sits in the top tier of that franchise.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-07-31), 8-K (2026-07-30), 8-K (2026-05-29).
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