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Thomas Macpherson  Thomas Macpherson

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  • Grahamites 2015-08-10 21:46
    Tom I still need to figure out how to use gurufocus's personal space better. I noted your message and thanks for the nice words. I've only had 4 years experiences in value investing so I can guarantee you that you are much more experienced than I am. Maybe we can agree that learning is mutual. Best of wishes at Dorfman!Looking forward to more of your articles.
  • Robert Abbott 2015-06-08 16:42
    Thomas Macphers: Hi Bob. Thanks so much for your very kind note. First, let me say good luck on your new venture. I hope it is everything that will make you happy and
    Omaha sounds like a great idea. Best wishes, Bob
  • Robert Abbott 2015-06-07 19:38
    Hi Tom - I'm about to take a break from writing, with a temporary, full-time job for probably the next six to 12 months. As I withdraw for now, I wanted to let you know your encouraging comments and feedback have been appreciated very much. And your articles have been thought-provoking, including the recent one about moving into cash; it synchs with my own interest in downside protection tactics, with everything from simple stops to option collars. Anyway, keep up the good work; I'll keep readin ...
  • Thomas Macpherson 2015-05-01 07:20
    No problem my friend! I just wanted to hear your feedback and make my writing better. Thanks for your very kind words. My best wishes. Tom
  • ramos285 2015-05-01 04:35
    HI Thomas there is a mixup. Your articles are extraordinary'm always waiting for new articles. I have learned a lot from them. Now after your email already know how to classify with 5 stars so far thought they could only by a star but already know how to put 5 stars. your articles are 5 star all of them.

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All Thomas Macpherson's Activities

  • Thomas Macpherson commented on Sheila Dang's article 02-11 08:38
    Jeff Auxier Takes Plunge in Fastenal, a Stock From Watchlist
    Jeff Auxier (Trades, Portfolio) of Auxier Asset Management picked up eight new holdings during the fourth quarter, including Fastenal (FAST), an...
    View all 1 comment
    Thomas Macpherson 02-11 08:38
    • We've owned Fastenal in the Nintai Charitable Trust since 2004. It's a great company with leadership issues right now but we are comfortable the new team will maintain its focus on lowering costs and return on capital. Glad to see Jeff purchasing shares no matter the size. - Tom
  • Thomas Macpherson posts: 02-10 09:42
    The Samurai Stock Market
    The strong ones in life are those who understand the meaning of the word patience. Patience means restraining one’s inclinations. There are seven emotions: joy, anger, anxiety, adoration, grief, fear and hate,...
    Comment
  • Thomas Macpherson commented on Thomas Macpherson's article 02-09 06:45
    Beating the Crowd by Changing Your Lens
    “Beating the crowd means thinking differently than the crowd. Our own internal thinking should provide us with a competitive advantage by being...
    View all 6 comments
    Thomas Macpherson 02-09 06:45
    • Hi Zejia we generally look at both long and short term deb. For instance in th current Nintai Charitable Trust portfolio we own 22 stocks. Of these, 18 have no reported short or long term debt of any kind. We are more than happy to pay up a little extra for this defensive quality during markets such as 2008-2009. As the adag goes, it's difficult to go bankrupt when you don't have any debt. That said, we will continue to maintain a position in our holdings if they take on debt where we believe the company will achieve adequate return on capital and the new new capital structure does not put the company in any greater financial risk (which is a slightly more detailed conversation. As examples we were happy to see Visa utilize the credit markets to acquire Visa Europe as well as CPSI utilizing some debt for its recent acquisition of Healthland. What we really don't like to see I'd a company I cut debt to please shareholder demands for stock buyback so or increased dividends. This was the number one reason we sold our position in Qualcomm after nearly 11 years. Hope this helps to better understand our thinking on the role of the balance sheet. Best - Tom

       
  • Thomas Macpherson commented on Sheila Dang's article 02-07 04:00
    Soros: China Will Be Root Cause of Another 2008
    Investors’ concerns over the economic situation in China may not be overblown, as the country is now the root cause that will lead to another 2008,...
    View all 3 comments
    Thomas Macpherson 02-07 04:00
    • Great comment! I was somewhat confused by these mixed messages as well.
  • Thomas Macpherson commented on The Science of Hitting's article 02-06 16:43
    A Case of Misguided Dividend Growth
    When ConocoPhillips (COP) reported first-quarter 2015 results in April of last year, there was no question that it was going to be an ugly...
    View all 1 comment
    Thomas Macpherson 02-06 16:43
    • Hi Science. We've faced a similar situation in our only oil and gas holding - Computer Modeling Group (CMDXF). We thought the play as a business services company would isolate us somewhat against the pure risk of oil as commodity. Boy were we ever wrong. The rapid drop in oil prices and CMDXF's share price show a pretty marked correlation. While the company continues to generate returns on capital far in excess of its cost of capital, the dividend is definitely ar risk. Simply put, high ROC does not guarantee cash flow to met dividend requirements. It was an important learning for us. We will likely be long-term shareholders (meaning greater than 10 years) but we continue to learn a little bit each day. Thanks again for a frank and honest assessment to an issue that touches many, many investors. Best. - Tom
  • Thomas Macpherson commented on The Science of Hitting's article 02-04 06:42
    Why I'm Moving Slowly as Markets Fall
    With the Standard & Poor's 500 down roughly 5% in January and continuing to move lower in the early days of February, I’ve noticed an uptick in...
    View all 5 comments
    Thomas Macpherson 02-04 06:42
    • Hi Paul: As usual astutute comments! I won't go into too much detail as Science has pretty well addressed your points. But I wouild say I agree with your assessment completely. During 2015 the Nintai Charitable Trust sold nearly 50% of its holdings at what we thought were extravagent prices. We reallocated some of these funds to existing holdings (that looked undervalue) but the remainder left us with a considerable cash balance. Since that time we have aggressively deployed the cash with a particular emphasis in late January. However, to your point we have absolutely no idea when stock prices peak or trough. We simply buy share in companies at a significant discount to our estimated intrinsic value and then hold for years. We sell them at what we consider a significant premium to that value. FactSet was an example where we sold the entire position where others we took some profit but continue to hold a position. Using this approach, we think our long term performance has provided adequate returns to our investors   
  • Thomas Macpherson commented on The Science of Hitting's article 02-03 12:42
    Why I'm Moving Slowly as Markets Fall
    With the Standard & Poor's 500 down roughly 5% in January and continuing to move lower in the early days of February, I’ve noticed an uptick in...
    View all 1 comment
    Thomas Macpherson 02-03 12:42
    • Great article as always Science. We agree completely. Over the past year, we've reduced the cash position the Nintai Charitable Trust from roughly 20% of AUM to nearly 8% as of last week. Looking at the several opportunities still on our watch list, their prices would need to drop roughly 25-30% (even after the moves of early 2016) before we would consider dipping our toes into their proverbial investment broth. In addition, prices would need to drop roughly 15% from where we are now before we would be looking to add to existing holdings. (This is a rough approximation. It is different for each holding). It can sometimes seem like agony to watch markets drop as you hear that inner voice saying "steady now....wait for it". But the truly successful investors seem to have an almost inhuman ability to wait for that long, rolling period of capital deployment. Sorry to run on here but this is an immensely important issue at the Nintai Charitable Trust. Thanks again for a great article. Best. - Tom 
  • Thomas Macpherson commented on Holly LaFon's article 02-03 06:46
    Ron Baron Responds to Market's Volatile Start to 2016
    We’ve been getting a lot of inquiries lately regarding the market’s unusually volatile start to 2016. My response is simple. Stay calm and...
    View all 1 comment
    Thomas Macpherson 02-03 06:46
    • We couldn't agree more with Ron. A heart and stomach focused on your business case, your assumptions, and your valuations are essential to keeping perspective. Combining these with a long term view and having patience, we believe these factors will - in general - assure adequate returns. 
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