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 owned utilities at Berkshire for decades, so let no one accuse us of disliking the category. But we have always been plain about what they are: decent businesses, not wonderful ones. A utility is a toll bridge where the government sets the toll. Exelon, after spinning off its nuclear fleet in 2022, is now the largest pure transmission-and-distribution utility in America — six regulated wires companies serving about 10.7 million customers in Chicago, Philadelphia, Baltimore, Washington D.C., Delaware, and southern New Jersey. It is essential, durable, and competently run.
Recent filings analysed: 8-K (2026-07-30), 10-Q (2026-07-30), 8-K (2026-05-06), 10-Q (2026-05-06).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation