Nielsen Fields

Portfolio Manager (only my opinion and not investment advice)

[Nielsen Fields @nielfiel]

"We believe free cash flow growth, especially on a per share basis, is most important to maximizing shareholder value in the long term and will be valued only if it is productively invested in the business or returned to shareholders." - $TXN CFO

[Nielsen Fields @nielfiel]

@clubmaliboo Marc Casper at TMO is very well respected and not doing much better. Not sure it’s a management thing. But agree, gone on WAY too long.

[Nielsen Fields @nielfiel]

@Seawolfcap @BillAckman * 1.5%

(60m shares * $75 * 1.5%) / $900m

[Nielsen Fields @nielfiel]

@Seawolfcap @BillAckman Is Pershing Square effectively getting a ~7.5% dividend on their $900m investment? (60m shares * $75 * 15%) / $900m

[Nielsen Fields @nielfiel]

@dkhos @BillAckman @Uber an *investment (not a bet)...

[Nielsen Fields @nielfiel]

@jon_urton @BillAckman This was my immediate thought as well. @BillAckman, will HHH be able to purchase shares of PSH? Any impediments (ignoring intent for a moment) from doing so?

[Nielsen Fields @nielfiel]

What is the average holding period of a stock these days?

[Nielsen Fields @nielfiel]

@clubmaliboo @retaox @WTCM3 Route density. It’s a local monopoly business where CTAS leverages their fixed costs to greater degree than anyone else.

[Nielsen Fields @nielfiel]

@long_equity @TheChaoticQuest Have in the past, not currently.

[Nielsen Fields @nielfiel]

@InvestmentBook1 Curious if you could give me the source for the material? Maybe a link to the Federico Tore substack (I don't see it).

[Nielsen Fields @nielfiel]

@richfalkwallace Yes, would love to see the math here. Thanks.

[Nielsen Fields @nielfiel]

@long_equity FCF / Interest Expense

[Heilbrunn Center for Graham & Dodd Investing @CenterDodd]

Read the latest edition of Graham & Doddsville https://t.co/gOnwxZkfv5

[Nielsen Fields @nielfiel]

@Hedge_FundGirl @Uber Paging @dkhos - got to get these things right if the market is going to trust your ‘24 FCF estimates. Good companies surprise to the upside, not the other way around (and I’m not talking earnings surprises).

[Nielsen Fields @nielfiel]

@Hedge_FundGirl What was the wait time differential? @dkhos

[Investing by the Books Podcast @IB_Redeye]

Book giveaway!

We are giving away 3 copies of @AvnerMandelman’s innovative book: The Advanced Sleuth Investor. To participate:

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[Nielsen Fields @nielfiel]

@marcelolima The retained earnings are reinvested to grow earnings, so I believe you would be double counting if you used earnings yield + earnings growth + change in P/E = TSR.

[Nielsen Fields @nielfiel]

Pop quiz: Who gets to ask the first question at the Markel meeting the Sunday after the Berkshire annual meeting every year (except the first)?

[Nielsen Fields @nielfiel]

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[Compounding Quality @QCompounding]

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[Nielsen Fields @nielfiel]

@ekmokaya Now do the “World Series”