Munger Mode rating: 2 out of 5 — Sell. 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 wonderful businesses, and we have learned to be very careful about confusing a business that is entrenched with a business that is wonderful. State Street is entrenched. It is one of three or four firms on Earth that can custody $58 trillion of assets, its clients almost never leave, and it has operated continuously since 1792. And yet, over the past decade this entrenchment has produced roughly 3% annual revenue growth, a return on equity that averaged 10–12%, and earnings-per-share growth manufactured largely by shrinking the share count by a third.
Recent filings analysed: FWP (2026-08-05), 10-Q (2026-07-30), 8-K (2026-07-23), 8-K (2026-05-26).
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