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.
Written in the voice and through the analytical lens of Warren Buffett and Charlie Munger, based on the Q2 2026 Form 10-Q (period ended June 30, 2026), the Q2 2026 earnings call, the pending Dominion Energy merger documents, and current market data. Charlie always said the first job is to know what kind of animal you're looking at. NextEra is two animals stitched together, and only one of them is simple. Florida Power & Light (FPL) is the animal we understand in our sleep: a regulated electric monopoly serving roughly 12 million people across most of Florida. It generates, transmits, and distributes electricity under rates set by the Florida Public Service Commission. Customers pay monthly, roughly 90% of revenue is tariff-based retail sales, and the state grants FPL a service-territory monopoly in exchange for capped returns.
Recent filings analysed: 8-K (2026-09-14), 8-K (2026-09-03), 8-K (2026-08-25), 8-K (2026-08-11).
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