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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

An Independent Investment Manager Dedicated to Serving our Clients

Patient Capital is a newly independent Asset Manager, formerly part of Miller Value Partners. Patient Capital carries on an investment philosophy and process first developed decades ago by legendary investor Bill Miller. Samantha McLemore founded Patient Capital in 2020 after working with Bill for 20 years. Patient Capital is proud to continue to implement, refine, and improve this time-tested approach. The same investment and operations teams supporting the business at Miller Value Partners continue with Patient Capital. Bill Miller serves as a Senior Advisor and minority owner. 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 Blog

06/02/23

Opportunity Equity Strategy Update for 5/19/2023 - 5/26/2023

Meta Rises on Continued Efficiency Gains while Canada Goose Continues Post-Earnings Decline

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News

05/31/23

Patient Capital Finalizes Bill Miller’s Succession Planning Deal

Patient Capital Management, LLC (“Patient Capital”) announced it has completed the acquisition of the Opportunity Equity business from Miller Value Partners (“Miller Value”) as part of legendary investor Bill Miller’s previously announced succession plans.

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Blog

03/22/23

The S&P 500 Remains Far Below Its Highs. Historically That Is a Buy Signal

While the S&P 500 remains below its highs, this might be presenting a good buying opportunity. Samantha McLemore discusses how historically the data suggests buying now might be a good strategy in the long term.

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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

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

Our Offerings

WE STRIVE TO HELP INVESTORS REACH THEIR FINANCIAL POTENTIAL

Mutual Funds

Mutual Funds

Mutual funds for investment accounts, IRAS, or 401K plans/rollovers for individual investors.

Individual Investors

Individual Investors

Investment strategies aimed to compound capital over the long-term.

Institutional Investors

Institutional Investors

Investment management for pension plans, foundations, endowments, other institutional investors and their consultants.

Get In Touch

FOR ANY INQUIRIES, CONTACT PATIENT CAPITAL MANAGEMENT