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.
Written in the voice of Warren Buffett and Charlie Munger, from primary sources: MSCI's Q2 2026 Form 10-Q (quarter ended June 30, 2026), the Q2 2026 earnings release and call of July 21, 2026, and current market data. Charlie liked to say the best businesses are toll roads that someone else paves. MSCI is a toll road on the two great rivers of modern investing: the trillions flowing into index funds, and the institutional obsession with measuring risk and performance. The company does four things: Index (59% of Q2 revenue, $511M): MSCI creates and licenses stock market benchmarks — ACWI, EAFE, Emerging Markets, World, and thousands of variations.
Recent filings analysed: 8-K (2026-08-07), 10-Q (2026-07-21), 8-K (2026-04-23), 10-Q (2026-04-21).
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