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Patience

Wealth is Built Through Time, Not Timing.

Time-Tested Investment Process

Practiced For Over 40 Years.

Partnership Philosophy

We Put Clients First, Always.

ABOUT PATIENT CAPITAL

WE ARE AN INDEPENDENT INVESTMENT MANAGER WITH A PARTNERSHIP PURPOSE.

Patient Capital is a woman-owned and operated independent asset management firm formerly a part of Miller Value Partners. Patient Capital carries on an investment philosophy and process first developed decades ago by legendary investor Bill Miller at Legg Mason. Samantha McLemore founded Patient Capital in 2020 after working with Bill for 20 years. The philosophy and process evolved during their time together at Miller Value Partners. Patient Capital is proud to continue to implement, refine, and improve this time-tested approach. Our long-term, intrinsic value, behaviorally-focused approach has delivered results in a variety of market environments while the world focuses on the near-term, we focus on the long-term, helping our investors build wealth through patience, perseverance, and discipline. We believe the biggest determinant of investor success is Time, not Timing.

"Samantha is one of the most talented investors I know. She exemplifies the characteristics Warren Buffett highlighted as most essential for excellent investors: independent thinking, emotional stability and a keen understanding of individual and institutional behavior."
- Bill Miller

Time, Not Timing

A janitor from Vermont. A secretary. A flutist. A woman actively discriminated against who never made more than $3,150 per year. Every day people have amassed millions by practicing a simple principle. Buying stocks and holding them. Investment success is simple but not easy. Long term compounding works wonders. Practice Time, Not Timing.

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Current Thinking

Insights

Weekly Performance Review

Finn McGinnis | 05/20/24

Opportunity Equity Weekly Update for 5/10/2024 – 5/17/2024

Canada Goose Jumps on Strong Fiscal Q4 Earnings While Amazon Falls on AWS Leadership Transition

Quarterly Commentary

Samantha McLemore | 04/11/24

A Differentiated View on Diversification

Samantha McLemore discusses the first quarter of 2024, and her views moving forward.

Investor Insights

| 04/10/24

"Volatility is Not Risk For Long Term Investors" by Dr George Athanassakos

We wanted to share a letter from Dr. George Athanassakos

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Our Approach

We believe that investment opportunities arise from gaps between economic fundamentals and market expectations. Economic fundamentals determine values, but market expectations dictate opportunities.

“What we're always looking for is some reason to believe the market’s current expectations aren’t reflecting the fundamentals that we see in the business” – Samantha McLemore

See Our Approach

Our process looks to understand the confluence of internal and external factors that drive long-term business value, from capital allocation to embedded expectations to global impact considerations.

01

Returns-Focused

We invest in companies like owners, understanding that true business value can be realized as the time horizon is extended.

02

Long-Term

With conviction in the long-term fundamentals, we tend to invest in companies during periods when expectations drive price dislocations to improve long-term, risk-adjusted return potential.

03

Fundamentals vs Expectations

Our flexible mandate provides the ability to invest across investment styles, security types, industries, sectors, and market capitalizations to identify the best sources of value.

04

Flexible

We are rooted in the understanding that the value of a business is the present value of its future free cash flows, which we attempt to assess and weight under a variety of scenarios.

05

Valuation

Our portfolio construction technique yields a highly differentiated, concentrated portfolio, with high active share.

06

Bottom-Up
Portfolio Contruction

Get In Touch

FOR ANY INQUIRIES, CONTACT PATIENT CAPITAL MANAGEMENT

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