Subject: Re: OT: Li Lu & SPGI
“Both MSCI and SPGI are now trading at forward PEs in the high 20s. So if you believe AI tools won’t damage them, then they may be undervalued.”

Interesting wrt Li Lu’s new buys/sell. Fyi, I did briefly hear SPGI discussed in Omaha during a non-Berkshire panel discussion. They discussed the same thinking as you have outlined above with its very strong moat and the widespread dependence of the ratings agencies.

Also, it is interesting Greg mentioned Moody’s as one of the four investees where there will be “limited activity in these holdings”