Ronald Thomas, CFA
Ronald Thomas has a B.A. in economics from Rutgers College, and an MBA in finance/marketing from Cornell University. He is a CFA.
He started following the consumer sector as an equity analyst in 1982 at First City Bancorp in Houston, TX and was there to 1986.
His next major position concentrating on the consumer was at ASB Capital Management, a pension fund manager, in Washington, D.C. from 1990 to 1999. There he added the retailing stocks coverage to the other consumer goods and services. While following the consumer and financial sectors at ASB, he became sector portfolio manager for these sectors. While at ASB, the average per year outperformance of his 3 S&P 500 subsectors, consumer staples, consumer discretionaries, and financials was over 4% greater that the average of these three sub-indexes. He outperformed the consumer staples sub-index by an average of 6.5% per year.
From 1999 to 2002 he was an analyst following the consumer sectors for Colonial Management Associates, a mutual fund manager, in Boston, MA. Barron’s named Colonial Management its “Mutual Fund Family of the Year” for 2000. The largest stock picking outperformance that year was in Mr. Thomas’ consumer sectors, and the remainder of his time there showed significant outperformance.
From 2004 to 2009 he was an analyst/contributor for the Real Money Division of The Street.com for the consumer sectors and for financial stocks with large consumer components. While there he predicted the sub-prime mortgage crises in late 2005 and said that Washington Mutual and the mortgage insurers were going to get into significant trouble. Additionally, he warned that the sub-prime mortgage crises would trigger a major retrenchment by the over-leveraged American consumer, and that all consumer discretionary companies, and most consumer staples companies, were showing unsustainable levels of earnings. He correctly maintained a bearish stance on these consumer companies from 2006 through 2008.