RWH025: Patient Capital W/ Samantha McLemore

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 16 April 2023

⏱️ 134 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, William Green chats with Samantha McLemore, the founder of Patient Capital Management. After graduating magna cum laude from Washington & Lee University, she was hired by investing legend Bill Miller & spent 20 years working with him. They co-managed Miller Opportunity Trust, a top-performing mutual fund, for a decade until Bill recently retired & anointed her as his successor. Here, Samantha shares what she’s learned over the last two decades about how to outperform by thinking differently & developing a behavioral edge. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:09 - How Samantha McLemore & Bill Miller met while she was an undergraduate. 09:53 - How an insurance settlement from a dog bite sparked her interest in investing. 16:55 - What it was like being with Bill as the market crashed after 9/11. 24:32 - Why Samantha & Bill love to invest during times of fear, pessimism, & panic. 27:43 - Why Bill & Samantha are betting on Bitcoin despite Warren Buffett’s skepticism. 41:52 - What Samantha looks for when investing in early-stage companies. 45:48 - Why it’s rational to be a long-term bull about US stocks. 50:31 - Why it’s critical to focus on valuation, regardless of how good a company may be. 57:44 - What she’s learned from spending time with Amazon founder Jeff Bezos. 01:12:19 - How the global financial crisis almost led her to quit the investment business. 01:20:14 - What’s helped her to handle the stress of being a money manager. 01:41:22 - How Samantha invests her own money. 01:42:16 - How she manages her time as a fund manager & mother of three young kids. 01:45:54 - What Peter Lynch said about the necessity of always being “in overdrive.” 01:47:49 - Why Samantha likes to invest in companies run by women. 01:56:37 - How Fidelity’s female customers outperformed male customers by trading less. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Samantha McLemore’s investment firm, Patient Capital Management. Samantha McLemore’s Opportunity Trust mutual fund. Listen to William Green’s podcast interview with Daniel Goleman & Tsoknyi Rinpoche or watch the video here. Listen to William Green’s podcast interview with Arnold Van Den Berg or watch the video here. Website with information about Neuro Emotional Technique (NET). “Thoughts of a Philosophical Fighter Pilot” by Jim Stockdale. “The Mindful Self-Compassion Workbook” by Kristin Neff & Christopher Germer. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Sun Life AFR The Bitcoin Way AT&T Sound Advisory Industrious Range Rover iFlex Stretch Studios Meyka Yahoo! Finance Vacasa Briggs & Riley Public American Express USPS Shopify Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.9	Hi there, welcome back to the Richard Weiser Happier Podcast.
0:07.0	My guest today is a renowned investor named Samantha Macklemore, who spent the last 20
0:12.6	years working with Bill Miller.
0:14.7	As I'm sure you know, Bill is one of the most famous investors of our time, not least
0:20.2	because he pulled off the unprecedented feat of beating the market for 15 years running.
0:26.5	Bill first met Samantha back in 2001 during a visit to his alma mater, Washington and
0:32.5	Lee University, where she was an undergraduate student.
0:36.3	As luck would have it, I happened to be there on the day they met as I was travelling with
0:41.0	Bill at the time and writing a profile of him for Fortune magazine.
0:45.5	In any case, Bill hired Samantha right out of college and trained her to become an extremely
0:50.9	accomplished analyst and portfolio manager.
0:54.0	For the last decade, they co-managed a top performing mutual fund called Miller Opportunity
0:59.5	Trust.
1:00.5	Then, at the end of 2022, Bill retired after four decades in the investment business.
1:06.3	Who did he anoint as his hand-picked successor?
1:10.2	You guessed it, Samantha Macklemore.
1:13.0	She's now the sole manager of the fund they ran together.
1:16.4	She's also the founder of her own investment fund, which is called Patient Capital Management.
1:21.8	Bill is a major investor both in her fund and her investment fund.
1:26.8	As you can imagine, it's no small feat to earn the confidence and backing of a legendary
1:32.0	investor like Bill Miller.
	...

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