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.
When most folks hear "Nasdaq," they picture a stock ticker scrolling across a tower in Times Square. That picture is about fifteen years out of date. What Adena Friedman has built — deliberately, acquisition by acquisition — is something closer to a toll-collecting technology company wrapped around an exchange, and we always like a business where the tolls keep coming whether the traffic is happy or scared. The company reports in three segments, and each one is understandable enough to explain to a reasonably attentive grandchild: Capital Access Platforms ($621 million of revenue in Q2 2026) is the franchise most people recognize. It includes the listing business — 4,659 securities listed on The Nasdaq Stock Market and 5,768 companies across its U.S., Nordic, and Baltic exchanges, representing roughly $45.7 trillion of combined U.S.
Recent filings analysed: 8-K (2026-07-23), 10-Q (2026-07-23), 8-K (2026-07-01), 8-K (2026-06-16).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation