Searching For Wonderful Businesses: Encore Wire
In a previous article I discussed Hingham Institution for Savings (HIFS), a regional bank that has produced exceptional shareholder returns over the long term in spite of operating in the highly commodified industry of retail banking. Differences in management culture and operational structure at Hingham Institution for Savings account for these superior results, placing the business in a class of its own, apart from the decidedly mediocre retail banking sector as a whole. This type of situation, in which an exceptional business may be found inhabiting an