The Misfits: Mueller Industries (MLI)
It may be a snoozer of a business, but I'm guessing its investors could care less.
Das Kupferbergwerk (The copper mine), Herri Met de Bles, mid 16th century, oil on panel (Uffizi Gallery)
Compared to other investment newsletters that profile companies, I tend to be shorter. Still, even with a condensed profile, I struggled to say much about Mueller Industries (NYSE: MLI).
I have wanted to discuss this one for several months now because the returns from this fabrication and manufacturing company have been spectacular since its IPO in the early 90s. When it comes to the business, though, there isn’t much to say.
Perhaps that is what has made it such a spectacular investment over the past 30 years.
Let’s dig in.