Samir Patel on Using AI Intelligently Within the Investment Process

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Nov 13, 2025

Samir Patel, the founder and portfolio manager of Askeladden Capital, reveals how COVID reshaped his investment strategies, prompting a deep dive into AI. He discusses merging human judgment with AI, leveraging it to enhance due diligence and expedite research processes. Patel compares various AI tools, highlighting their unique capabilities, and emphasizes AI's role in identifying second-order opportunities. He also shares insights on how AI democratizes research for smaller funds, allowing them to expand their portfolios efficiently and manage increased workloads.

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INSIGHT

AI As A Force Multiplier For Value Investing

Samir approached AI by first asking how it affects his portfolio companies and his firm’s process.
He concluded AI is one of the greatest tools for value investing when used to augment human judgment.

INSIGHT

Human Judgment Remains Central

AI magnifies the importance of asking the right questions and structuring judgment.
The human+machine combination preserves human causal reasoning while leveraging AI scale.

INSIGHT

Trait Adaptivity Explains AI Strengths

Samir frames AI vs humans with mental models like trait adaptivity and CPUs vs GPUs.
He stresses AI excels at massive parallel pattern matching while humans provide causal reasoning and judgment.

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In this episode, co-hosts Elliot Turner and John Mihaljevic welcome Samir Patel, the founder and portfolio manager of Askeladden Capital, a long-only small/micro-cap value investing firm based in the Dallas–Fort Worth area.

Samir discusses the use of AI in the investment process. Samir explains how and why he uses certain AI tools and approaches through the lens of mental models, including trait adaptivity, focus, and cognitive biases.

Enjoy the conversation!

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Further reading:

Poor Ash's Almanack (latticework of 100+ mental models)
Deep dive on AI and its implications for value investing
Letter on how AI is driving improvements in productivity

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Samir Patel is the founder, principal, and portfolio manager of Askeladden Capital Management LLC, an investment firm he established in 2015. Based in Texas, the firm employs a research-driven, value-investing philosophy and focuses on a concentrated, long-only strategy in small and micro-cap securities. Patel is also known for his shareholder activism, having publicly engaged with companies like MiX Telematics and AstroNova to advocate for changes intended to increase shareholder value. Prior to founding Askeladden, he worked as a research analyst at Bonanza Capital.

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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.

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About the Co-Hosts:

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.