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.
Current Price: ~$93.80 Charlie and I have spent a long afternoon on Sempra. We will tell you up front: this is a respectable enterprise run by competent people, but it is not a wonderful business by our definition. It is a regulated capital-eater — the kind that swallows three dollars of investor money for every one dollar of incremental earnings, hands you back a coupon, and asks for more. The pivot from a sprawling international infrastructure conglomerate into a focused U.S. T&D pure-play (Texas + California) is sensible, even admirable. The KKR/CPP transaction valuing Sempra Infrastructure at $31.7B enterprise value is a fine piece of work. But sensible strategy on top of an average business does not produce a compounding machine.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-08-06), 8-K (2026-07-09), 8-K (2026-06-09).
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