Bill Thomas, R.I.P.

Former Capital Southwest Chairman and CEO William Thomas has passed away at age 80. I first heard of Thomas in the early 1990s when reading an interview with Marty Whitman of Third Avenue Value Fund. Whitman called owning Capital Southwest stock "hanging out with Bill Thomas" -- and he said he'd been "hanging out" for 15 years at that time. (Third Avenue remains a shareholder of Capital Southwest.)

I've been something of a follower of Thomas and Capital Southwest since then. I first posted about Thomas and his unique shareholder letters in 2006. I missed several opportunities to buy the stock, but I corrected that mistake earlier this year.

Bill Thomas was a principled leader, exemplary businessman, friend of shareholders and a true gentleman. And he was all those things while never seeking the spotlight or the attention of the media.

Thomas served as a U.S. Army officer for more than five years and was awarded the Bronze Star, Purple Heart and Korean Service medal with five battle stars for heroic actions during the Korean War. During the 45 years that Thomas served at Capital Southwest, the company's split-adjusted net asset value increased over 100-fold. In addition to his natural business acumen, Thomas placed a significant emphasis on fiscal stewardship, patience and integrity of its business managers, which contributed greatly to the financial stability and growth of the company.

Rest in peace, Mr. Thomas.