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.
We have spent our lives looking for toll bridges — businesses that sit astride a river of commerce and collect a fee from everyone who crosses, without having to own the river, the boats, or the cargo. Marsh & McLennan (which rebranded itself simply "Marsh" in January 2026 and changed its ticker to MRSH) is one of the great toll bridges of world commerce. It is the largest insurance broker on earth, and it takes a commission on the placement of commercial insurance and reinsurance without bearing a nickel of underwriting risk. It has done this, in one form or another, since 1871.
Recent filings analysed: 10-Q (2026-07-21), 8-K (2026-06-04), 8-K (2026-05-22), 10-Q (2026-04-16).
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