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Thomas Macpherson  Thomas Macpherson

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  • PatientValueInvestor 2016-02-17 23:00
    Hi Tom-Just a note to tell you how much I enjoy and learn from your articles. My recent article (about Eaton Vance) was my first-ever article written and published on Gurufocus.com.  I hope to offer many more in the future to add to the community conversation. Anyway, if I ever publish an article and you have an extra moment, I would always appreciate any comment/insight you may have.  As an amateur just trying to do the best I can with investing, I have much to learn--so you ...
  • 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

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All Thomas Macpherson's Activities

  • Thomas Macpherson commented on Thomas Macpherson's article 05-20 06:34
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 18 comments
    Thomas Macpherson 05-20 07:34
    • Hi Michael. I'm out of the office through the weekend but will respond when I get back. If you dsn'y hear from feel free to PM me. Thanks - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-18 13:15
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 16 comments
    Thomas Macpherson 05-18 14:15
    • Hi Michael. Thanks for your comment. A couple of thoughts. While the Big Three make up about 85% of the wholesaler market, there are still sizable players out there - Morris & Dickson ($3.6 billion), H.D. Smith ($3.5 billion), Smith Drug ($2.4 billion), and CuraScript Specialty Distribution ($1.9 billion). Second, specialty drugs will become an increasingly important part of the wholesaler market. While each of the Big Three have their own specialty divisions, there are some smaller wholesalers like Curascripts that have deep therapeutic ties such as oncology. Third, over the past few years wholesalers have really deepened their relationships with the large retailers. Many of the retailers are now asking wholesalers to run their fulfillment and warehousing functions. As an example, AmerisourceBergen took over distribution for the brand-name drugs that had been distributed from Walgreens’ own warehouse network. Beginning in 2014, ABC assumed responsibility for generic products that Walgreens had historically self-distributed. Also that year, McKesson took over the direct store delivery of all brand name and generic drugs for Rite Aid. As you point out, this will likely move to ABC but you get the picture. To answer your question (finally!) I don't think wholesalers will be disintermediated by pharmaceuticals. They simply play too important a role for both upstream and downstream players. Hope this helps. Best. - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-14 20:30
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 14 comments
    Thomas Macpherson 05-14 21:30
    • Hi Grahamites. Thank you for your very kind words. I equally enjoy your articles. Best - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-12 10:22
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 12 comments
    Thomas Macpherson 05-12 11:22
    • Hi Jeff. Thanks so much for your comment. A couple of thoughts. GILD isn't actually that diverse. Sales of GILD's antiviral products (which include products in HIV and liver diseases) were $30.2 billion in 2015, $22.8 billion in 2014 and $9.3 billion in 2013 and represented 93% of revenues in 2015, 92% revenues in 2014 and 83% of revenues in 2013. Sales of their other products were $1.9 billion in 2015, $1.7 billion in 2014 and $1.5 billion in 2013 and represented 6% of revenues in 2015, 7% of revenues in 2014 and 13% of revenues in 2013. Their HCV products are most at risk with Merck pricing Zepatier at roughly $55K and other pricing pressure coming daily. Bottom line is GILD will have an extraordinarily hard time maintining their revenie and finding new sources. Hope this helps.  Best. - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-12 09:35
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 11 comments
    Thomas Macpherson 05-12 10:34
    • Hi Grahamites. I cant say why Buffett and Munger have rarely held healthcare stocks. But then again they've dione pretty good without them! Buffett's comment on Pharma is interesting. On one side you have tremendous moats created by IP patents that run 15-20 years in length. On the other you now have tremendous pricing pressure that has the possibility of partially filling in the moats. The period of 1980-2000 was the golden age for Pharma - blockbuster drug releases, steady price increases, trtemendous earnings growth. Share prices relected this. The past 15 have been much harder. (Prices reflect as well!) Failing R&D, quarterly earnings pressure from Wall Street, cost saving initiatives, etc. Ask any Pharma employee and the last decade has not been easy. To get to your question Ithink Buffett is more correct today than he might have been 30 years ago. Hope this helps. Best. - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-12 07:23
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 8 comments
    Thomas Macpherson 05-12 08:23
    • Thanks Beltran. Glad you liked it. Best - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-11 12:36
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 6 comments
    Thomas Macpherson 05-11 13:36
    • Thanks Science. Glad you like it. Best - Tom
  • Thomas Macpherson commented on Thomas Macpherson's article 05-11 04:19
    The PBM Empire Strikes Back
    I had the privilege of speaking at the GuruFocus Conference in Omaha. The basis of my talk was finding value in health care. In the presentation I...
    View all 4 comments
    Thomas Macpherson 05-11 05:19
    • Thanks Nelson. Glad you enjoyed it. Best - Tom
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