The Meb Faber Show
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Samantha McLemore, Miller Value Partners - We're In Optimism With Pockets Of Euphoria | #329
In episode 329, we welcome our guest, Samantha McLemore founder of Patient Capital Management and a Co-Portfolio Manager at Miller Value Partners. In today’s episode, Samantha shares how sending her resume to someone by the name of Bill Miller led to her starting as an analyst under Bill 20 years ago. We hear how the firm defines value and thinks about its edge in the investment process. Then Samantha walks us through some names in her portfolio and the thesis behind them, including ADT, Stitch Fix, GM, and even some SPACs. As we wind down, we go back in time and have Samantha walk through what was going through her mind as she navigated 2020 and the lessons learned from that experience.
Key Points
- Samantha McLemore shares her journey from college to becoming an analyst under Bill Miller and emphasizes the importance of trying for opportunities despite being told they are impossible.
- The investment approach at Miller Value Partners focuses on long-term value investing, seeking out companies with a significant disconnect between market expectations and fundamental business values, particularly during periods of market volatility.
- Samantha discusses specific investment opportunities and the rationale behind them, highlighting companies like ADT, Stitch Fix, and MetroMile, and explains how they address market misperceptions and offer potential for significant growth.
Resources: Stitch Fix
Chapters
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Transcript
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