Subject: Re: MCO/SPGI
Great moat. I personally don't see any AI risk for them as they are all but legally mandated.

But I guess it's a question of "dip relative to what". The price has fallen, but the valuation level is still a good 20% above its own "normal" range which is itself pretty lofty for cheapos like me. e.g., very crudely, 23 times cash flow or 27 times net earnings would give you figures in the $370ish area rather than today's $450ish.

Around 2010-2013 they traded around 12-18 times earnings, and that seemed perfectly normal to everybody at the time. I'd set an alert for prices under $300. But as mentioned, I'm a cheapo.

Jim