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

- 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.

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