Masters in Business Finding Value Investments with Patient Capital's Samantha McLemore
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Dec 19, 2025 Samantha McLemore, founder and CIO of Patient Capital Management, chats about her journey from being an analyst with Bill Miller to running her own firm. She dives into the blend of value and growth investing, highlighting her contrarian approach with companies like Amazon. Samantha also shares her shifting views on Bitcoin and the transformative impact of AI on markets, stressing the importance of patience and embracing discomfort in investing. Plus, intriguing insights on melding Buddhist and stoic principles into her investment philosophy!
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From Campus Pitch To Apprenticeship
- Samantha McLemore got hired at Legg Mason by sending Bill Miller her resume after his campus talk.
- She describes apprenticing next to Miller, attending CEO meetings, and learning on the job.
Value Includes Future Compounders
- Bill Miller argued value should include high-growth compounders because future cash flows drive value.
- McLemore adopted a mixed approach: undervalued names, compounders, and early-stage opportunities.
Keep Maximum Portfolio Flexibility
- Build a portfolio with maximum flexibility to follow the best values wherever they appear.
- Combine attractively valued compounders, classic value names, and early-stage misunderstood companies.