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.
Charlie and I have spent more time thinking about brokerage and custody businesses than is probably healthy. They are, at their best, glorified toll booths — they sit in the middle of capital flowing between investors and markets, and they collect a small fee on volume, balances, and time. The economics, when scale arrives, can be very nearly as good as a good newspaper used to be. The danger is that everyone in finance eventually concludes the same thing, so the moat must be genuine or the toll gets competed to zero. Schwab's most recent 10-Q (quarter ended March 31, 2026) gives us a clean snapshot of a business that has, in our view, earned its place in the wonderful-business category — though not without scars. We will tell you what we see. The Charles Schwab Corporation is a savings-and-loan holding company that owns three principal subsidiaries: Charles Schwab & Co.
Recent filings analysed: 8-K (2026-07-21), 8-K (2026-06-29), FWP (2026-06-25), 8-K (2026-06-01).
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