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.
Warren here, with Charlie looking over my shoulder. Williams owns what may be the single best natural gas pipeline in America — Transco, the artery that feeds the Eastern Seaboard. If we could buy Transco alone, at the right price, we would do it in a heartbeat. But you cannot. You must buy the whole of Williams: the regulated crown jewel bundled together with volume-dependent gathering systems, a commodity marketing book, roughly $31 billion of debt, and a capital budget that consumes every dollar the business generates and then some. And you must buy it at today's price — about $71.5 per share, near an all-time high, roughly 14 times AFFO, about 34 times adjusted earnings, and a 2.9% dividend yield — a valuation that assumes the AI data-center gas boom plays out perfectly and that a company earning high-single-digit returns on capital deserves to trade like one earning twenty.
Recent filings analysed: 10-Q (2026-08-03), 8-K (2026-08-03), 8-K (2026-07-13), 8-K (2026-07-01).
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