This week, we speak with Samantha McLemore, Miller Value Partners. She is the co-portfolio manager of the Miller Opportunity Trust and related strategies, and founder/CIO of Patient Capital Management. For the 10 years ending 1/31/22, LMNOX returned 16.42% and was in the top 1% of its Mid-Cap category. She has worked with Bill Miller since their days together at Legg Mason.
We discuss the lessons learned during the financial crisis, how it was different from the dot-com implosion, and why you cannot blindly “buy the dip.”
She explains why understanding long cycles is so important to investors, who can at various times add to or subtract from their risk and volatility tolerance.
A list of her favorite books is here; A transcript of our conversation is available here later this week.
You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business next week with Sebastien Mallaby, whom we previously had on as a guest (MiB is here) discussed “More Money Than God: Hedge Funds and the Making of a New Elite.” His new book is a must-read, a powerful tour de force on the history of the VC: “The Power Law: Venture Capital and the Making of the New Future.”
Samantha McLemore Favorite Books
The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel
Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts by Annie Duke
Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life by William Green
The Halo Effect: . . . and the Eight Other Business Delusions That Deceive Managers by Phil Rosenzweig
When Things Fall Apart: Heart Advice for Difficult Times by Pema Chodron
The Book of Hope: A Survival Guide for Trying Times by Jane Goodall and Douglas Abrams
My American Journey by Colin Powell
Principles: Life and Work by Ray Dalio