Munger Mode rating: 3 out of 5 — Hold. 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 a lifetime saying that the ideal business is one you could understand in an afternoon, run by people you would trust with your wallet, protected by something durable, and available at a sensible price. Raymond James checks the first three boxes more convincingly than most of the five hundred names in the index. It stumbles only at the fourth — and through no fault of its own. Mr. Market has noticed what a good operation this is and has priced it accordingly, right at an all-time high, on earnings that sit atop record markets. Let us walk through why we admire the firm, and why we would nonetheless keep our checkbook in the drawer at $180. Raymond James is, at its core, a simple business wearing a bank holding company's clothes. Founded in St.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-07-22), 8-K (2026-06-24), 8-K (2026-05-27).
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