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Thomas Macpherson  Thomas Macpherson

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  • 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.
  • mungerman 2015-04-01 14:37
    Hi Tom,

    I enjoy reading your investment insights and articles on Gurufocus.  In your 2/20/15 article, you offered to share your valuation summary spreadsheet with readers.  I would appreciate it if you would send a copy to me.

    [email protected]

    Thanks.

    John Archer
  • Dr. Paul Price 2015-02-24 07:35
    Do you live in New Hope?

    I am located in Chadds Ford, PA.  If you are there perhaps we should get together sometime.

    Let me know if you have an interest.

    Paul Price]

    (610) 388-1119
    [email protected]
  • Zejia 2015-02-24 04:06
    Hi Thomas,

    It's Zejia from SA. Hope you remember. What an odd coincidence-I was searching on the stock BAX and the top article that has BAX referenced is your article.  Starting From here, I have read a number of great articles these days. Thanks for introducing Gurufocus. I find it's an useful resource.

    Btw, I am holding BAX as well.

    Cheers,
    Zejia

» More Messages

All Thomas Macpherson's Activities

  • Thomas Macpherson commented on Holly LaFon's article 14 hr ago
    Royce Funds Commentary - The Market and U.S. Economy from a Small-Cap Perspective
    Portfolio Manager and Principal Jay Kaplan discusses current market and economic conditions and what he's hearing from company management teams, the...
    View all 1 comment
    Thomas Macpherson 05-24 21:16
  • Thomas Macpherson commented on Thomas Macpherson's article 21 hr ago
    Know What You Own
    In 16th-century China two businessmen walked to the daily opening of their village marketplace. One of the businessmen carried a bag of silver coins...
    View all 6 comments
    Thomas Macpherson 05-24 13:30
    • Hi Quixote. Than you very much for your comments. We are glad you find the articles interesting and informative. Best - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-23 15:46
    Investor Friendly Management
    In 1955, Senator Estes Kefauver of Tennessee was considering running for president. After a particularly warm reception at an event in New York City,...
    View all 18 comments
    Thomas Macpherson 05-23 16:46
    • Thanks Tony for your comment. Hope you are having a happy and safe holiday weekend. Best. - Tom
  • Thomas Macpherson and haoafu became friends 05-23 15:36
  • Thomas Macpherson commented on Canadian Value's article 05-23 06:51
    Whitney Tilson Presentation – A Dozen Years Of Short Selling
    In its earliest version the hedge fund was exactly that ... hedged. As in hedged against a big market decline. It shouldn't be complicated. Go long...
    View all 1 comment
    Thomas Macpherson 05-23 07:51
    • I find I have a hard time with shorting stocks. The premise is absolutely valid and plays a vital role in the markets. Unfortunately I've never felt comfortable shorting for two reasons - first there is no way to truly manage the unlimited downside risk. Second, the idea of betting on a negative outcome has never appealed to us either from an investing or "moral" perspective. I recognize the latter is not a rational excuse, but we definitely take it into account. Thanks for posting. - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-23 06:44
    Know What You Own
    In 16th-century China two businessmen walked to the daily opening of their village marketplace. One of the businessmen carried a bag of silver coins...
    View all 4 comments
    Thomas Macpherson 05-23 07:44
    • Thanks Hpeterscheck: Thanks for your comment. That's a very interesting approach in regards to evaluating potential holdings. How many companies meet your criteria? Thanks again. Hope you have a great holiday weekend. Best. - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-22 17:02
    Know What You Own
    In 16th-century China two businessmen walked to the daily opening of their village marketplace. One of the businessmen carried a bag of silver coins...
    View all 2 comments
    Thomas Macpherson 05-22 18:02
    • Hi Tony. Thank you very much for your comment. In my humble (and often wrong) opinion, my feeling is there is a potential for more damage than the 2008-2009 crash. During that time, the Fed at least had a few arrows in its quiver such as lowering rates, etc. Most of those have played out so I think highly levered companies are going to find very little running room if/when we see a significant downturn. I hope you have a great weekend as well. My best wishes - Tom
  • Thomas Macpherson commented on The Science of Hitting's article 05-20 17:42
    Spotting Hidden 'Cockroaches' In Investing
    “There’s seldom just one cockroach in the kitchen. You turn on the light and all those others start scurrying around. I couldn’t find the...
    View all 5 comments
    Thomas Macpherson 05-20 18:42
    • I would only add thst as a CEO I've never found a pattern to what industries are most susceptible to the Cockroach Theory. It seems bad eggs are spread across all business from utilities to software companies. Unfortuntely I think its a bottom up problem. At Nintai we generally start with the assumption SOMETHING has to be wrong with management - we just want to avoid the ones that can permanently impair investors' capital. To reach that level of comfort we have to see great communication, crystal clear financials, and great management measurable shills such as allocation of capital, return on equity, and free cash flow management. I dn't think there's any perfect formula, but you simply have to make enough hurdles it makes ir awfully hard for mamagement to slip through in th long term. 
  • Thomas Macpherson commented on The Science of Hitting's article 05-20 10:55
    Spotting Hidden 'Cockroaches' In Investing
    “There’s seldom just one cockroach in the kitchen. You turn on the light and all those others start scurrying around. I couldn’t find the...
    View all 1 comment
    Thomas Macpherson 05-20 11:55
    • Great article Science. It is mind boggling to see actions like those at BNY. It would be great to see someone create a program for CEOs that includes Allocation of Capital, Honest Communication, What a CEO Does, etc. that could guide future leaders. I'd make this article part of the mandatory reading. Best. - Tom
  • Thomas Macpherson commented on Dhandoisms's article 05-18 19:17
    Michael Kors: On the quest for Value
    Michael Kors is a world-renowned fashion designer and retailer who Mr. Market has gotten depressed about lately. The company has great margins, and...
    View all 1 comment
    Thomas Macpherson 05-18 20:17
    • Hi Dhandoisms: thanks so much for posting this. KORS has been on our watch list for about two years but we've never gotten real comfortable with the company's ability to compound value or the width of its moat. Your article has given me the push to revisit our assumptions and see where we come out. Welcome to GuruFocus and I look forward to seeing future articles from you. Best. - Tom
  • Thomas Macpherson posts: 05-18 08:36
    Know What You Own
    In 16th-century China two businessmen walked to the daily opening of their village marketplace. One of the businessmen carried a bag of silver coins that he brought to his place of business each and every day. The second businessman carried...
    Comment
  • Thomas Macpherson commented on Holly LaFon's article 05-15 16:15
    Seth Klarman Buys Pioneer Natural Resources and KLX in First Quarter
    In the first quarter, Seth Klarman (Trades, Portfolio) purchased a sizable new position in oil and gas company Pioneer Natural Resources Co. (PXD)...
    View all 2 comments
    Thomas Macpherson 05-15 17:15
    • Great comment VGM. This is a situation where you couldn't get a starker contrast in investing methods and outlook.   
  • Thomas Macpherson commented on Brian Flores's article 05-15 16:12
    Munger, Klarman and Buffett on EBITDA
    I was reviewing some of my notes and ran across some of the quotes that I have highlighted regarding commonly used metrics, such as EBITDA, for...
    View all 1 comment
    Thomas Macpherson 05-15 17:12
    • Excellent post Brian. We pound the table against using EBITA as a valuation tool but don't seem to find many like minds in the investment field. Along with pro forma earnings, we think EBITA has skewed the way investors look at companies and how they value them. While we are not a fan, I suppose it's better for us that so many take the opposite view from Buffett, Munger and Klarman. Thanks again. Best - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-15 08:20
    Changes at Nintai Partners
    We are pleased to announce some significant changes at Nintai Partners. As many of you know Nintai began its days as a healthcare consulting shop. We...
    View all 4 comments
    Thomas Macpherson 05-15 09:20
    • Thanks Snow for your comment. It is much appreciated. Like any return there is a lot more behind a simple return number. Perhaps our proudest moment in all these 16 years was our performance in 2008. It confirmed our belief that you outperform by avoiding huge losses and buying financially sound companies. We have a similar feeling now that we had in 2007 and are preparing accordingly. Best. - Tom
  • Thomas Macpherson commented on Brian Flores's article 05-14 17:05
    Nassim Taleb On Belief and Investing
    In his website, www.fooledbyrandomness.com, Nassim Taleb shared a fragment of the 4th chapter of his book, named Is the Pope Atheist? In there, he...
    View all 3 comments
    Thomas Macpherson 05-14 18:05
    • Hi Brian. Thanks so much for posting this. It's this type of writing - a type of consilience - that we find most engaging at Nintai. The idea of bringing together two different ideas/themes and seeing connections is a great help in investing. Thanks again. Really enjoyed it. - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-14 16:15
    Changes at Nintai Partners
    We are pleased to announce some significant changes at Nintai Partners. As many of you know Nintai began its days as a healthcare consulting shop. We...
    View all 2 comments
    Thomas Macpherson 05-14 17:15
    • Hi Roy. This was the book value of the firm not the fund.  Hope this answers your questions. Best. - Tom
  • Thomas Macpherson commented on TheExtraIncome's article 05-13 22:41
    Predictable and Undervalued Companies - Part I
    With these articles, I want to highlight all the companies that according to GuruFocus have a predictable business and are undervalued according to...
    View all 1 comment
    Thomas Macpherson 05-13 23:41
    • Hi Extra. We've owned TNH - which is a subsidiary of CF - since 2008. We've never owned NSR because VRSN was a client. Thanks for posting. Best. - Tom
  • Thomas Macpherson commented on Robert Abbott's article 05-13 13:32
    F5 Networks: Good Fundamentals, Good Prospects
    Twas the day before Christmas 2014, and investors in F5 were already thanking Santa Claus! Over the past two months, their company, F5 Networks, Inc....
    View all 1 comment
    Thomas Macpherson {date}
    • Thanks for posting this Bob. This has been on our watch list for nearly 6 years. Someone made the pitch in our investing review meeting when it was at $74/share. This perhaps was my largest thumb sucking incident (of many) over the past three years. Why couldn't you say something negative to drive down the price? {flink}
  • Thomas Macpherson posts: 05-13 09:30
    Changes at Nintai Partners
    We are pleased to announce some significant changes at Nintai Partners. As many of you know Nintai began its days as a healthcare consulting shop. We used an organizational design to set us apart from any other consulting business. We did this...
    Comment
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