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 businesses that own a toll bridge on a river everyone must cross. S&P Global owns two of them. Its credit ratings franchise is one half of a government-blessed duopoly that has endured for a century, and its index business owns the three most valuable letters-and-numbers in finance: "S&P 500." Following the July 1, 2026 spin-off of the Mobility segment, what remains is a purer, higher-margin collection of franchises than the company has been at any point since the IHS Markit merger. The business is wonderful — genuinely wonderful, a word we use sparingly. Management is capable and, refreshingly, is spending its energy undoing the empire-building of the prior decade rather than adding to it. At roughly 24 times forward adjusted earnings, the price is fair rather than cheap.
Recent filings analysed: 8-K (2026-07-28), 10-Q (2026-07-28), 8-K/A (2026-07-06), 8-K (2026-07-06).
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