RWH025: Patient Capital W/ Samantha McLemore

<p>In this episode, William Green chats with Samantha McLemore, the founder of Patient Capital Management. After graduating magna cum laude from Washington &amp; Lee University, she was hired by investing legend Bill Miller &amp; spent 20 years working with him. They co-managed Miller Opportunity Trust, a top-performing mutual fund, for a decade until Bill recently retired &amp; anointed her as his successor. Here, Samantha shares what she’s learned over the last two decades about how to outperform by thinking differently &amp; developing a behavioral edge.</p><p><br></p><p><strong>IN THIS EPISODE YOU’LL LEARN:</strong></p><p>00:00 - Intro</p><p>03:09 - How Samantha McLemore &amp; Bill Miller met while she was an undergraduate.</p><p>09:53 - How an insurance settlement from a dog bite sparked her interest in investing.</p><p>16:55 - What it was like being with Bill as the market crashed after 9/11.</p><p>24:32 - Why Samantha &amp; Bill love to invest during times of fear, pessimism, &amp; panic.</p><p>27:43 - Why Bill &amp; Samantha are betting on Bitcoin despite Warren Buffett’s skepticism.</p><p>41:52 - What Samantha looks for when investing in early-stage companies.</p><p>45:48 - Why it’s rational to be a long-term bull about US stocks.</p><p>50:31 - Why it’s critical to focus on valuation, regardless of how good a company may be.</p><p>57:44 - What she’s learned from spending time with Amazon founder Jeff Bezos.</p><p>01:12:19 - How the global financial crisis almost led her to quit the investment business.</p><p>01:20:14 - What’s helped her to handle the stress of being a money manager.</p><p>01:41:22 - How Samantha invests her own money.</p><p>01:42:16 - How she manages her time as a fund manager &amp; mother of three young kids.</p><p>01:45:54 - What Peter Lynch said about the necessity of always being “in overdrive.”</p><p>01:47:49 - Why Samantha likes to invest in companies run by women.</p><p>01:56:37 - How Fidelity’s female customers outperformed male customers by trading less.</p><p><em>Discl