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 — the kind that earn high returns on capital without leverage, raise prices without losing customers, and compound owners' money for decades while management stays out of trouble. Eversource Energy is not one of them. It is a heavily levered, capital-devouring regulated monopoly whose returns are capped by commissions in three New England states, one of which spent the better part of a decade at open war with the company. Its management burned roughly $3 billion of shareholder capital on an offshore wind adventure that Charlie would have vetoed in about ninety seconds, and the bills from that adventure are still arriving — $194 million pre-tax in the quarter just reported, on a project the company doesn't even own anymore.
Recent filings analysed: 10-Q (2026-08-03), 8-K (2026-07-30), 8-K (2026-07-01), 10-Q (2026-05-07).
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