News & Insights

Investor Insights

04/23/26

1Q26 Quarterly Webinar

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/09/26

“The Worst Brings Out the Best in Us” - Dr. Edith Eger

A volatile quarter. A bull market we still believe in. Here's how we're thinking about it.

Portfolio Activity and Attribution

Christina Siegel Malbon | 04/08/26

1Q26 Portfolio Activity & Attribution

Christina Malbon, CFA, Reviews the Strategy for 1Q26

Quarterly Market Review

Christina Siegel Malbon | 04/01/26

1Q26 Quarterly Market Review

Christina Malbon, CFA Discusses the Market Challenges of Q1 2026

Investor Insights

Samantha McLemore | 02/20/26

AI Buildout Spend Substantial But Sound...So Far

Headlines increasingly frame the overall AI investment as bubble-like.

Investor Insights

Samantha McLemore | 01/27/26

4Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Portfolio Activity and Attribution

Christina Siegel Malbon | 01/16/26

4Q25 Portfolio Activity and Attribution

Christina Malbon, CFA, Reviews the Strategy for 4Q25

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/14/26

The More Things Change, The More They Stay The Same

Staying Cautiously Optimistic

Quarterly Market Review

Christina Siegel Malbon | 01/02/26

4Q25 Quarterly Market Review

Christina Malbon, CFA Discusses the Market Highlights of 4Q 2025

News

Samantha McLemore | 12/24/25

Samantha McLemore on Masters-in-Business with Barry Ritholtz

Samantha McLemore joins Barry Ritholtz on Masters-in-Business Podcast

News

Samantha McLemore | 12/18/25

Samantha McLemore on Barron's Roundtable

Samantha McLemore Discusses Finding Bargains in a Pricey Market

Investor Insights

Samantha McLemore | 10/23/25

3Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/10/25

3Q25 Portfolio Recap

The Opportunity Strategy performed well in the third quarter, gaining 14.6% versus our benchmark, the S&P 500’s 8.1% return.

Portfolio Activity and Attribution

Christina Siegel Malbon | 10/10/25

3Q25 Portfolio Activity & Attribution

Christina Malbon, CFA, Reviews the Strategy for 3Q25

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/09/25

Are We There Yet?

Short answer: Not yet—but we’re getting closer.

Quarterly Market Review

Christina Siegel Malbon | 10/01/25

3Q25 Quarterly Market Review

Christina Malbon, CFA Discusses the Market Highlights of 3Q 2025

Investor Insights

Tyler Grason | 08/12/25

Secular Bull Market Peaks – Are We There Yet?

The concentration and valuation of the market today often draws parallels to the tech bubble. We analyzed the Tech Bubble and the nifty fifty period (late 1960s to early 1970s), both of which marked the end of secular bull markets, to assess the similarities. As to the end of this secular bull market, as Mark Twain said, “The reports of my death are greatly exaggerated.”

Investor Insights

Samantha McLemore | 07/18/25

2Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/11/25

A Gem Cannot Be Polished Without Friction, Nor a Man Perfected Without Trials

Volatility and pain creates opportunity

Portfolio Activity and Attribution

Christina Siegel Malbon | 07/11/25

2Q25 Portfolio Activity and Attribution

Christina Malbon, CFA, Reviews the Strategy for 2Q25

Investor Insights

Samantha McLemore | 07/02/25

A Market Checkup: Clear Bill of Health

Historical Sharp Recoveries Followed By Continued Gains

Quarterly Market Review

Christina Siegel Malbon | 07/01/25

2Q25 Quarterly Market Review

Christina Malbon, CFA Discusses the Market Highlights of 2Q 2025

Investor Insights

Samantha McLemore | 06/11/25

Patience, Endurance, and Knowing Your Why

The most hated rally in history requires perseverance

Investor Insights

Christina Siegel Malbon | 06/09/25

Christina Malbon on CNBC's 'Closing Bell'

Christina Malbon, Patient Capital’s Assistant Portfolio Manager, joined 'Closing Bell' to discuss where we are finding value.

Investor Insights

Samantha McLemore | 04/24/25

1Q25 Quarterly Webinar with Bill Miller

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/15/25

1Q25 Samantha's Quarterly Letter

“Everyone has a plan until they get punched in the face.” Mike Tyson

Portfolio Activity and Attribution

Christina Siegel Malbon | 04/09/25

1Q25 Portfolio Activity and Attribution

Christina Malbon, CFA, Reviews the Strategy for 1Q25

Investor Insights

Tyler Grason | 04/04/25

A Historic Buying Opportunity?

A Historic Buying Opportunity?

Quarterly Market Review

Christina Siegel Malbon | 04/01/25

1Q25 Quarterly Market Review

Christina Malbon, CFA Discusses the Market Highlights of 1Q 2025

News

Samantha McLemore | 03/25/25

Samantha McLemore on CNBC’s Closing Bell

Samantha McLemore on CNBC’s Closing Bell

Investor Insights

Tyler Grason | 03/11/25

The Night is Darkest Before the Dawn

The Night is Darkest Before the Dawn

Investor Insights

Samantha McLemore | 02/28/25

“The Big Money is Made in the Big Moves” -Jesse Livermore

“The Big Money is Made in the Big Moves” -Jesse Livermore

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/13/25

“There is nothing so stable as change.” Bob Dylan

Samantha McLemore's Quarterly Commentary

Portfolio Activity and Attribution

Christina Siegel Malbon | 01/12/25

4Q24 Portfolio Activity and Attribution

Christina Malbon, CFA, Reviews the Strategy for 4Q24

Quarterly Market Review

Christina Siegel Malbon | 01/03/25

Quarterly Market Review 2024

Christina Malbon, CFA Discusses the Market Highlights of 2024

Investor Insights

Samantha McLemore | 12/19/24

What Does the Fed Day Swoon Mean for Markets?

Market Moves Following Fed Disappointment

News

11/05/24

Legendary Lessons: A Discussion with a Renowned Investor and His Successor

Watch Samantha McLemore, Bill Miller, and Marvin McIntyre participate in a panel discussion during the 2024 Forbes Shook Top Advisor Summit in Las Vegas.

News

10/23/24

SHOOK Top Takeaways

Our team attended the Forbes | SHOOK Top Advisor Summit last week. Over two days, we heard from leading investors, economists, financial advisors and industry executives who shared many invaluable insights and perspectives.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/09/24

What Every Portfolio Needs: Underperformers

Samantha McLemore Discusses the Third Quarter of 2024

Portfolio Activity and Attribution

Christina Siegel Malbon | 10/08/24

3Q24 Portfolio Activity and Attribution

Christina Malbon, CFA, Reviews the Strategy for 3Q24

Quarterly Market Review

Christina Siegel Malbon | 10/01/24

Quarterly Market Review 3Q 2024

Christina Malbon, CFA, Discusses the Market Highlights of the Third Quarter

News

09/08/24

Barron's Interview with Samantha McLemore

Samantha McLemore Featured in Barron's

Investor Insights

Tyler Grason | 09/04/24

What Goes Up Must Come Down

What Goes Up Must Come Down

Investor Insights

Tyler Grason | 08/02/24

Markets Have Fear, the Sahm Rule is Here

Markets Have Fear, the Sahm Rule is Here

News

07/19/24

Samantha McLemore on CNBC's 'The Exchange'

Watch Samantha McLemore on CNBC's 'The Exchange'

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/11/24

“It was the best of times, it was the worst of times…”

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

Portfolio Activity and Attribution

Christina Siegel Malbon | 07/10/24

2Q24 Portfolio Activity and Attribution

Christina Malbon, CFA reviews the strategy and changes in the second quarter of 2024.

Quarterly Market Review

Christina Siegel Malbon | 07/03/24

Quarterly Market Review 2Q 2024

Christina Malbon, CFA Discusses the market highlights of the second quarter of 2024

News

Christina Siegel Malbon | 05/23/24

Christina Malbon on “Engaging Alternatives Spotlight

Christina Malbon joined Elana Margulies-Snyderman, on the “Engaging Alternatives Spotlight” podcast to share her outlook for value investing, its opportunities and challenges.

Samantha McLemore's Quarterly Letter

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

We wanted to share a letter from Dr. George Athanassakos

Portfolio Activity and Attribution

Christina Siegel Malbon | 04/10/24

1Q24 Portfolio Activity and Attribution

Christina Malbon, CFA reviews the strategy and changes in the first quarter of 2024.

Investor Insights

Samantha McLemore | 04/05/24

Short Take: Mag 7 Expectations More Substance Than Hype

these are some of the best businesses ever created. Market expectations seem reasonable in aggregate.

Quarterly Market Review

Christina Siegel Malbon | 04/03/24

Quarterly Market Review 1Q 2024

Christina Malbon, CFA Discusses the market highlights of the first quarter of 2024

News

03/13/24

Samantha McLemore on 'The Pomp Podcast"

Samantha McLemore went on ‘The Pomp Podcast’ and shared valuable insights into investing, emphasizing the importance of understanding business fundamentals and market dynamics.

News

03/11/24

Christina Malbon's CNBC Debut

Watch Christina Malbon's CNBC Debut

Investor Insights

Samantha McLemore | 03/01/24

The Power of Patience: Evidence Suggests Continued Market Gains

Good news from our friends at Birinyi Research.

Investor Insights

Christina Siegel Malbon | 02/06/24

Is now the time for Small-Cap Outperformance?

Given small-caps’ significant recent underperformance, many are enthusiastic about their potential to outperform in the future. Is this an easy mean reversion call? Not so fast.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/17/24

"The big money is not in the buying and selling, but in the waiting.” - Charlie Munger

Samantha McLemore discusses the current environment and how we are responding. We also reflect on 2023: what we’ve done well and where we made mistakes

Portfolio Activity and Attribution

Christina Siegel Malbon | 01/17/24

4Q23 Portfolio Activity and Attribution

Christina Malbon, CFA reviews the strategy and changes in the final quarter of 2023.

Investor Insights

Samantha McLemore | 01/09/24

A Generational Buying Opportunity in Classic Value

We believe low multiple stocks (“classic value”) offer a generational buying opportunity.

Quarterly Market Review

Christina Siegel Malbon | 01/02/24

Quarterly Market Review 4Q 2023

Christina Siegel Malbon, CFA, Assistant Portfolio Manager, summarizes the drivers of the market’s positive return for the final quarter of 2023.

News

12/14/23

Samantha McLemore on CNBC's Closing Bell: Overtime

Samantha McLemore joined Closing Bell: Overtime to discuss the current market enviornment.

Time, Not Timing Stories

12/14/23

Geoffrey Holt Amassed a Fortune Through Consistent, Patient Investing

We love stories about people who amass fortunes through the simple principles of living below their means and long term investing that enables the magic of compounding.

Investor Insights

Christina Siegel Malbon, Samantha McLemore | 10/31/23

Trailing Returns Signal Buying Opportunity

“Buy low, sell high” may sound easy, but implementing that strategy is anything but natural. The recent sell-off has triggered a buy signal that’s historically worked very well.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/11/23

On Expectations: Low, Low, Low, Low, Low, Low, Low, Low

Opportunity Equity 3Q23 Commentary

Portfolio Activity and Attribution

Christina Siegel Malbon | 10/11/23

3Q23 Portfolio Activity and Attribution

Christina Malbon, CFA reviews the strategy and changes in the third quarter of 2023.

What We are Reading

10/10/23

Reading List - Fall 2023

Check out what the Patient Capital team has been reading

Quarterly Market Review

Christina Siegel Malbon | 10/05/23

Quarterly Market Review 3Q 2023

Christina Malbon, CFA Discusses the market highlights of the third quarter of 2023.

News

09/29/23

Samantha McLemore Debuts on CNBC

Watch Samantha McLemore's TV Debut on CNBC's The Exchange with Kelly Evans

Investor Insights

Tyler Grason | 08/18/23

Are Copper Stocks Attractive?

We recently did some work on copper stocks to determine whether we believe an investment opportunity exists.

Portfolio Activity and Attribution

Christina Siegel Malbon | 07/21/23

2Q23 Opportunity Equity Portfolio Activity and Attribution

Christina Malbon, CFA reviews the strategy and changes in the second quarter of 2023.

Investor Insights

Christina Siegel Malbon | 07/18/23

Could Much Higher Valuations be Justified?

We wanted to share a noteworthy piece of research discussing a scenario warranting much higher asset valuations.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/14/23

On Growth and Change

Samantha McLemore discusses the second quarter of 2023, and her views moving forward.

Investor Insights

Samantha McLemore | 07/06/23

Good News! History Suggests Continued Market Gains

Samantha McLemore discusses historic forward returns after a bear market, and how there could be reason for optimism.

Quarterly Market Review

Christina Siegel Malbon | 07/05/23

Quarterly Market Review 2Q 2023

Christina Malbon, CFA Discusses the market highlights of the second quarter of 2023.

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.

Portfolio Activity and Attribution

Christina Siegel Malbon | 04/20/23

1Q23 Portfolio Activity and Attribution

Christina Malbon, CFA reviews the strategy and changes in the first quarter of 2023.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/18/23

Forget Market Forecasts. Trust A Strong Investment Process.

We ended another surprise-filled quarter, which really should be no surprise at all. The future is unpredictable.

Quarterly Market Review

Christina Siegel Malbon | 04/10/23

Quarterly Market Review 1Q 2023

Equities and bonds are off to a good start in 2023. Christy Siegel, CFA summarizes the market’s return drivers in Q1 2023 and the impact as a whole on the year

Investor Insights

Samantha McLemore | 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.

Investor Insights

Christina Siegel Malbon | 01/30/23

Bearish or Bullish, That is the Question

Siegel and McLemore on today’s market and reasons to be more bullish in the new year.

Portfolio Activity and Attribution

Christina Siegel Malbon | 01/27/23

4Q22 Opportunity Equity Portfolio Activity and Attribution

Christina Siegel, CFA Research Analyst reviews the fourth quarter of 2022.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/13/23

“Every new beginning comes from some other beginning’s end.”

Samantha McLemore, portfolio manager of the Opportunity Equity strategy, on today’s market and positioning for a long term portfolio.

Quarterly Market Review

Christina Siegel Malbon | 01/10/23

Quarterly Market Review 4Q 2022

With both major stock and bond indexes ending in the year in red. Christy Siegel, CFA summarizes the market’s return drivers in Q4 2022 and the impact as a whole on the year.

Portfolio Activity and Attribution

Christina Siegel Malbon | 10/21/22

3Q22 Opportunity Equity Portfolio Activity and Attribution

Christina Siegel, CFA Research Analyst reviews the third quarter of 2022.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/18/22

Opportunity Equity 3Q2022 Commentary

Samantha McLemore, portfolio manager of the Opportunity Equity Strategy, on today’s market and positioning for a long term portfolio.

Quarterly Market Review

Christina Siegel Malbon | 10/07/22

Quarterly Market Review 3Q 2022

With both major stock and bond indexes ending in the red, the markets continue to struggle through Q3 2022. Christy Siegel, CFA summarizes the market’s return drivers.

Investor Insights

Tyler Grason | 09/29/22

Back to the 1970s? Reflections & Takeaways for Positioning in Today's Market

Tyler Grason reflects on market worries on inflation and provides positions for today’s market.

Portfolio Activity and Attribution

Christina Siegel Malbon | 07/19/22

2Q22 Opportunity Equity Portfolio Activity and Attribution

Christina Siegel, CFA Research Analyst reviews the second quarter of 2022.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/15/22

Extreme Times: A Once in a Decade Opportunity?

After the S&P 500 posted its worst first half loss in over 50 years, Samantha McLemore discusses the extremes we have seen in the market in her 2Q letter. She discusses historical analogs for this period and explains how she believes the portfolio is positioned for significant upside potential if we're patient.

Quarterly Market Review

Christina Siegel Malbon | 07/08/22

Quarterly Market Review 2Q 2022

The markets still struggled in the second quarter with both major stock and bond indexes ending in the red. Christy Siegel, CFA summarizes the market’s return drivers.

Investor Insights

Samantha McLemore | 07/01/22

Plea(sing) For the Long Term

McLemore discusses potential of long term rewards from market lows.

News

Bill Miller | 06/27/22

Bill Miller’s Interview with Richer, Wiser, Happier Podcast Host William Green

Bill Miller’s Interview with Richer, Wiser, Happier Podcast Host William Green

Portfolio Activity and Attribution

Christina Siegel Malbon | 04/29/22

1Q22 Opportunity Equity Portfolio Activity and Attribution

Christina Siegel, CFA Research Analyst reviews the first quarter of 2022.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/29/22

Exploiting Volatility to Outmaneuver the Market

Opportunity Equity 1Q22 Letter: Samantha McLemore on the buying opportunities in today’s market and portfolio positioning for a long cycle market shift.

Quarterly Market Review

Christina Siegel Malbon | 04/07/22

Quarterly Market Review 1Q 2022

The market struggled in the first quarter with both major stock and bond indexes ending in the red. Christy Siegel, CFA summarizes the market’s return drivers.

Bill Miller's Historical Letters

Bill Miller | 03/22/22

Bill Miller’s Market Perspective: March 2022

Bill Miller on today's market conditions, answering the question where are today's value opportunities?

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/21/22

Has the Great Growth Bull Taken Its Last Gasp?

Opportunity Equity 4Q 2021 Letter: The Market’s patience with perennial money losers seems to have run out. Samantha McLemore discusses macro factors and investor sentiment going into the new year.

Quarterly Market Review

Christina Siegel Malbon | 01/10/22

Quarterly Market Review 4Q 2021

2021 ended on a strong note for all major indices despite ending on rising COVID uncertainty.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/26/21

Optimizing for Long-term Return Potential

Opportunity Equity 1Q 2021 Letter: Despite the strong market this quarter, there were key lessons to be learned.

Bill Miller's Historical Letters

Bill Miller | 10/18/21

Bill Miller 3Q 2021 Market Letter

We believe time, not timing, is key to building wealth in the stock market.

Quarterly Market Review

Christina Siegel Malbon | 10/13/21

Quarterly Market Review 3Q 2021

Macro concerns around the delta variant and China weighed on the market this quarter, producing mixed results.

News

09/30/21

The Wisdom and Experience of Investing Greats

Bill Miller and William Green on the wisdom of great investors. Includes a reading list.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 08/03/21

Fundamentals v Expectations

Opportunity Equity 2Q 2021 Letter

Quarterly Market Review

Christina Siegel Malbon | 07/13/21

Quarterly Market Review 2Q 2021

Christina Siegel, CFA covers the market highlights from 2Q 2021.

Bill Miller's Historical Letters

Bill Miller | 07/09/21

Bill Miller 2Q 2021 Market Letter

Bill Miller reminds us that while forecasting an unknowable future is a fruitless task, understanding the present conditions offers valuable insights.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/27/21

Learn to Earn!

Opportunity Equity 1Q 2021 Letter: Despite the strong market this quarter, there were key lessons to be learned.

Quarterly Market Review

Christina Siegel Malbon | 04/15/21

Quarterly Market Review 1Q 2021

The markets moved higher in the 1st quarter of 2021 while the world entered the race to vaccinate.

Bill Miller's Historical Letters

Bill Miller | 04/14/21

Bill Miller 1Q 2021 Market Letter

Bill Miller uses Sir John Templeton’s helpful framing to understand current investor sentiment.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/22/21

Ain’t No Valuation High Enough to Keep the Market from Lovin’ Growth Stocks!

Opportunity Equity 4Q 2020: Samantha McLemore explains the value opportunity she sees going into the new year in her latest letter.

Quarterly Market Review

Christina Siegel Malbon | 01/13/21

Quarterly Market Review 4Q 2020

Christina Siegel, CFA wraps up market return drivers for 4Q 2020 and the year.

Bill Miller's Historical Letters

Bill Miller | 01/05/21

Bill Miller 4Q 2020 Market Letter

2020 (finally) came to a close and as we look to 2021, we take the approach to understand the current conditions to see the opportunities.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/30/20

Long Term + Value = Winning Potential

Opportunity Equity 3Q 2020 Letter

Bill Miller's Historical Letters

Bill Miller | 10/14/20

Bill Miller 3Q 2020 Market Letter

Bill Miller looks at The Fed’s past and present actions to understand the dynamics between the stock and bond market.

Quarterly Market Review

Christina Siegel Malbon | 10/12/20

Quarterly Market Review 3Q 2020

The markets continued to rise in the COVID-strained environment, while the geo-political scene heated up battles over TikToK and the upcoming US election.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/22/20

Extreme Times Call for Nothing Extreme at All

Opportunity Equity 2Q 2020: Exercising discipline during extreme market swings is the best path towards long-term returns. Samantha McLemore explains.

Bill Miller's Historical Letters

Bill Miller | 07/10/20

Bill Miller 2Q 2020 Market Letter

The market’s behavior since the March 23rd bottom to the July 2nd level has confounded most observers, from the novice investor to the most experienced and savvy.

Quarterly Market Review

Christina Siegel Malbon | 07/09/20

Quarterly Market Review 2Q 2020

While stocks and bonds ended on high notes for 2Q of 2020, the world battled for a path forward in this pandemic-plagued period.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/27/20

Be Greedy When Others Are Fearful

The first quarter of 2020 brought disastrous news of a global pandemic causing stocks, including ours, to suffer immensely. Through the market’s peak on February 19th, things looked okay.

Bill Miller's Historical Letters

Bill Miller | 04/20/20

Bill Miller 1Q 2020 Market Letter

There have been 4 great stock market buying opportunities in my lifetime. The coronavirus has given us the 5th. Here's Bill Miller's latest market perspective.

Quarterly Market Review

Christina Siegel Malbon | 04/09/20

Quarterly Market Review 1Q 2020

An overview of the markets’ movement in the tumultuous and unprecedented 1st quarter of 2020.

News

Samantha McLemore | 03/20/20

Know Your Names, Stay the Course

Samantha McLemore goes back to basics in times turmoil, looking to Ben Graham for insights and staying close to the names in the portfolios.

Bill Miller's Historical Letters

Bill Miller | 03/16/20

How Markets as Complex Adaptive Systems Process COVID-19

Bill Miller reminds us that markets are complex adaptive systems that are constantly processing real-time information.

Bill Miller's Historical Letters

Bill Miller | 03/02/20

Market Uncertainty over Coronavirus

A perspective on the rising concerns over coronavirus and the market turmoil over the past week.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/19/20

The Perils of Rearview Mirror Investing

Opportunity Equity 4Q 2019: It's easy to get caught up in the short-term narrative, but that's rarely the best approach for long-term gains.

Quarterly Market Review

Christina Siegel Malbon | 01/14/20

Quarterly Market Review 4Q 2019

Stocks had a strong 4Q and ended the year on a high note. Christina Siegel recaps the market driver highlights from the quarter and the year.

Bill Miller's Historical Letters

Bill Miller | 01/13/20

Bill Miller 4Q 2019 Market Letter

What’s the reality of the risk in the market versus the general sentiment and how can we think about that differential going forward? Bill Miller's market perspective.

Investor Insights

Samantha McLemore | 11/25/19

How Sensible Capital Allocation Helps Drive A Stock Higher

Contrasting FB and AAPL to see how sensible capital allocation helps drive a stock higher.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/21/19

“All we need is just a little patience”

Opportunity Equity 3Q 2019: One of the most difficult parts of investing is managing emotions that make us want to do the wrong thing at the wrong time.

Bill Miller's Historical Letters

Bill Miller | 10/16/19

Bill Miller 3Q 2019 Market Letter

The market is a swirling cacophony of competing stories, and which ones an investor believes in and acts on determines investment results. Bill Miller's market perspective.

Quarterly Market Review

Christina Siegel Malbon | 10/09/19

Quarterly Market Review 3Q 2019

Value shined in September, but bond proxies led the S&P 500 sector returns for the quarter. Trade wars continued and the Fed lowers rates twice. A summary of the highlights from the 3Q.

News

09/10/19

Navigating Short-term Volatility. An Interview with Samantha McLemore

In a recent interview, Samantha McLemore talks about the challenges and opportunities of being a value investor in volatile markets.

What We are Reading

08/27/19

Reading List - Fall 2019

Back to school is in the air. Here are a few things to add to your fall reading list.

News

08/20/19

Samantha McLemore and Consuelo Mack Talk Long-term Investing

There's a lot packed into this interview - everything from the financial crisis to Amazon to fundamentals versus expectations. Here's an excerpt of the highlights.

Bill Miller's Historical Letters

Bill Miller | 08/02/19

It's About Expectations

A few comments on the Fed's recent rate cut.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/22/19

The Greatly Exaggerated Death of Value Investing

Opportunity Equity 2Q19 Letter: When we talk about value, we focus on the present value of the future free cash flows, which is the value of any business.

Bill Miller's Historical Letters

Bill Miller | 07/10/19

Bill Miller 2Q 2019 Market Letter

Good news, bads news and market news. Bill Miller's current market perspective.

Quarterly Market Review

Christina Siegel Malbon | 07/09/19

Quarterly Market Review 2Q 2019

Recap of 2Q 2019. A choppy quarter with large-caps and growth names leading.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/22/19

It Pays to Be a Price and Value Investor

Opportunity Equity 1Q 2019 Letter: Sir John Templeton distinguishes between outlook/trend and price/value investors. How being the latter, plus a little patience, can pay off over the long term.

Bill Miller's Historical Letters

Bill Miller | 04/17/19

Some Reflections on the Bull at 10

The bull market crossed the 10-year mark on 3/9/19. Bill Miller reflects on how we navigated this period.

Quarterly Market Review

Christina Siegel Malbon | 04/08/19

Quarterly Market Review 1Q 2019

Recap of 1Q 2019. Stocks soared, all S&P sectors were up, the 35-day government shut down and more.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/30/19

Do you know the worst rerun?

Opportunity Equity 4Q 2018 Letter: The only good news about the terrible month and horrible quarter: it’s a rerun of a show we’ve seen before.

Bill Miller's Historical Letters

Bill Miller | 01/10/19

Bill Miller 4Q 2018 Market Letter

It takes courage to be a pig.

Quarterly Market Review

Christina Siegel Malbon | 01/09/19

Quarterly Market Review 4Q 2018

Recap of 4Q 2018 and how the market ended the year.

Bill Miller's Historical Letters

Bill Miller | 11/19/18

Bill Miller: Market Observations

Highlights from our 3Q18 investor call: We try to understand the interaction between actual fundamentals and people’s beliefs about what’s going to happen.

Bill Miller's Historical Letters

Bill Miller | 10/24/18

Rolling Realized Value into New Ideas

Opportunity Equity 3Q 2018 Letter: Selling to fund more opportunistic names marked the activity this quarter.

Bill Miller's Historical Letters

Bill Miller | 10/10/18

Bill Miller 3Q 2018 Market Letter

The most important thing that happened to the stock market this quarter is what happened to the bond market.

Quarterly Market Review

Christina Siegel Malbon | 10/09/18

Quarterly Market Review 3Q 2018

Recap of 3Q 2018 and how the market ended the quarter

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/19/18

"You got to know when to hold 'em"

Opportunity Equity 2Q 2018 Letter: Reversion to the mean is a powerful force in markets, as long-term investors well understand

Bill Miller's Historical Letters

Bill Miller | 07/18/18

Bill Miller 2Q 2018 Market Letter

Scaling the wall of worry as the market climbs higher.

Quarterly Market Review

Christina Siegel Malbon | 07/09/18

Quarterly Market Review 2Q 2018

Recap of 1Q 2018 and how the market ended the quarter

What We are Reading

07/09/18

2018 Summer Reading

A snapshot of what our team's reading right now.

Investor Insights

Samantha McLemore | 05/15/18

Regulating Emotions 3000 feet off the Ground

Alex Honnold's take on risk versus consequence provides perspective for long term investors.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/18/18

The Story Follows the Price

Opportunity Equity 1Q 2018 Letter: The good news about the recent pressure on market pries is that buying at lower prices improves long-term returns.

Bill Miller's Historical Letters

Bill Miller | 04/18/18

Bill Miller 1Q 2018 Market Letter

The market this year looks, acts and feels different, and rightly so.

Quarterly Market Review

Christina Siegel Malbon | 04/05/18

Quarterly Market Review 1Q 2018

Recap of 1Q 2018 and how the market ended the quarter

Investor Insights

Samantha McLemore | 03/27/18

6 Questions on Opportunity Equity

Samantha McLemore covers monetizing volatility, being long-term oriented and viewing growth as an input to value in this short interview.

News

03/13/18

Active versus Passive: A Recap of the Debate between Bill Miller and Charles Ellis

Bill Miller and Mr. Ellis acknowledge that there are challenges to investing in actively managed strategies, and each offer their perspective on how to evaluate managers.

News

Bill Miller | 03/08/18

Bill Miller on Philosophy: An Interview

Philosophy has undoubtedly influenced Bill Miller in his life and career. In this excerpt from a recent interview with APA, Bill talks about it.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/23/18

The Value of Doing Nothing

Opportunity Equity 4Q 2017 Letter: A path to generating superior long-term results is to buy the dips, not sell the strength.

Bill Miller's Historical Letters

Bill Miller | 01/23/18

Bill Miller's 4Q 2017 Market Letter

2017 was a year that surprised and rewarded investors in stocks.

Quarterly Market Review

Christina Siegel Malbon | 01/18/18

Quarterly Market Review 4Q 2017

Highlights of the market movements in 4Q and for the year 2017.

Investor Insights

Christina Siegel Malbon | 11/07/17

The Power of the Millennial

Taking a deeper look at sustainability and factors that may influence how Millennials invest their increasing wealth.

What We are Reading

11/07/17

November 2017 Reading List

A list of what our team is reading and listening to right now.

Bill Miller's Historical Letters

Bill Miller | 11/02/17

“Certitude is not the test of certainty. We have been cocksure of many things that were not so.” - Oliver Wendell Holmes

The Financial industry’s murderers’ row issues their pessimistic opinion on Bitcoin. Here are some reasons to be on the other side of the trade.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/19/17

Still Finding Great Values

Long-term investors must remember Benjamin Graham’s famous insight: “In the short run, the market is a voting machine but in the long run, it is a weighing machine.”

Bill Miller's Historical Letters

Bill Miller | 10/18/17

Bill Miller's 3Q 2017 Market Letter

We continue to be in a bull market.

Quarterly Market Review

Christina Siegel Malbon | 10/16/17

Quarterly Market Review 3Q 2017

Highlights of the market movements in 3Q 2017

Portfolio Activity and Attribution

Christina Siegel Malbon | 07/26/17

Opportunity Equity 2Q 2017 Portfolio Activity and Attribution

Opportunity Equity Highlights and Market Commentary for 2Q 2017

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/26/17

In a World of Trend and Momentum, Long-Term Value Suffers

It again rings true that the best time to invest is after a period of poor performance and to hold on patiently for the long term.

Bill Miller's Historical Letters

Bill Miller | 07/18/17

Nine years into a bull market for stocks and it looks to remain so. Bill Miller shares insights from Reminiscences of a Stock Operator.

Nine years into a bull market for stocks and it looks to remain so. Bill Miller shares insights from Reminiscences of a Stock Operator.

Bill Miller's Historical Letters

Bill Miller | 04/21/17

Finding Value in Patience

In this just-in-time market, long term investors are finding value in patience.

Portfolio Activity and Attribution

Christina Siegel Malbon | 04/21/17

Opportunity Equity 1Q 2017 Portfolio Activity and Attribution

Opportunity Equity Highlights and Market Commentary for 1Q 2017

Bill Miller's Historical Letters

Bill Miller | 04/11/17

Thoughts from Sir John

I am reminded of something Sir John Templeton told me several decades ago. He said that there are two types of investors in the world: “outlook and trend” investors and “price and value” investors.

News

02/27/17

Bill Miller Acquires LMM; Rebrands Fund Family

In a press release dated February 27, 2017, Miller Value Partners announces Bill Miller's Acquisition of LMM and the new name.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 02/24/17

Volatility Is the Price You Pay for Returns

A closer look at how the changes in market structure fuel volatility, and how a long-term investor can still achieve market-beating returns.

Portfolio Activity and Attribution

Christina Siegel Malbon | 01/24/17

Opportunity Equity 4Q 2016 Portfolio Activity and Attribution

Opportunity Equity Highlights and Market Commentary for 4Q 2016

Investor Insights

Christina Siegel Malbon | 01/11/17

Avoiding Bias in DCF Analysis

Valuations and models are just another aspect of investing that is vulnerable to individual biases.

Bill Miller's Historical Letters

Bill Miller | 01/10/17

2017 Outlook

The stock market is not as cheap as it used to be, but is also not as expensive as it is likely to get.

News

Bill Miller | 12/27/16

Bill Miller's Interview with The Investors Podcast

Listen to the full interview and read an excerpt in which Bill discusses how we think about free cash flow yield and total return.

Bill Miller's Historical Letters

Bill Miller | 11/12/16

Donald Trump - The Greatest American Experiment?

The market's initial reaction to Donald Trump's nomination was in line with our expectations, but what about the next four years?

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/19/16

Three Reasons to Be Invested in Opportunity Equity Right Now

We are patient, long-term investors focused on finding intrinsic value, which pays off in volatile markets.

Portfolio Activity and Attribution

Christina Siegel Malbon | 10/19/16

Opportunity Equity 3Q 2016 Portfolio Activity and Attribution

Opportunity Equity Highlights and Market Commentary for Q2 2016

News

Bill Miller | 09/28/16

Bill Miller's Interview with Realtid

In a recent interview with Sweden's Realtid, Bill Miller talks about the current state of markets, potential market reactions to the Fed and political outcomes and where we see opportunity.

Investor Insights

Samantha McLemore | 09/27/16

The (Mis)Perception of Stability

Emotionally strained investors seek stability in their portfolios, but at what expense to their long term performance goals?

What We are Reading

09/14/16

A Snapshot of What We Are Reading - September 2016

A snapshot of what our team's reading right now.

News

Bill Miller | 08/11/16

Bill Miller to Acquire Legg Mason's Stake in LMM LLC

We are excited about this transition. It signifies LMM's move into the future - our commitment to our investment approach and to true active management.

News

Bill Miller | 08/04/16

Our Valuation-Based Investment Approach

An excerpt from Bill Miller's interview with The Motley Fool to discuss his unique valuation-based investment approach and why he's involved with the Santa Fe Institute.

Bill Miller's Historical Letters

Bill Miller | 07/22/16

Three Things You Need to Know about Opportunity Equity

Three things investors should know about Opportunity Equity to understand performance in various market environments.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/15/16

In a World of Trend and Momentum, Long-Term Value Suffers

The market's current structure can cause long-term value to suffer and investors may fall into a losing trap if making decisions based on noisy short-term trends.

Portfolio Activity and Attribution

Christina Siegel Malbon | 07/15/16

Opportunity Equity 2Q 2016 Portfolio Activity and Attribution

Opportunity Equity Highlights and Market Commentary for Q2 2016

Investor Insights

Christina Siegel Malbon | 06/01/16

Firsthand Experience with a Market Panic

The behavior I witnessed in the early days of 2016 made behavioral biases tangible for me.

Bill Miller's Historical Letters

Bill Miller | 05/26/16

The DOL's new rule - A headwind for active managers?

Active managers beware. The new Department of Labor rule will likely have adverse effects for both managers and investors alike.

Bill Miller's Historical Letters

Bill Miller | 05/26/16

Reading the Signals

If we’re on the cusp of a breakout, will it follow the bearish consensus? The data show an alternative outcome.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/19/16

We See... Opportunity

Reacting to market declines by getting more defensive has grown substantially more popular. But, stability is extremely expensive and correlations spike during market weakness, as everyone rushes to sell to “manage risk”.

Portfolio Activity and Attribution

Christina Siegel Malbon | 04/19/16

Opportunity Equity 1Q 2016 Portfolio Activity and Attribution

1Q 2016 Review of major market news and Opportunity Equity’s performance

Bill Miller's Historical Letters

Bill Miller | 04/14/16

Sentiment and Market Timing

Laszlo Birinyi has always written commentary from a unique perspective, based on investor behavior and market history. His recent letter is no different.

What We are Reading

04/07/16

What we're reading this week

A quick poll reveals our team has an interest in a wide range of topics. See what we’re reading this week.

Investor Insights

Samantha McLemore | 03/31/16

Misaligned Incentives

How can we recognize behavioral biases when working with a financial advisor? Maybe my experience can help.

Bill Miller's Historical Letters

Bill Miller | 03/08/16

Few Comments on The Fed

Seeming to skip March, will a potential rate hike in June by the Fed send the market's into another downward spiral? We think probably not.

Investor Insights

Samantha McLemore | 03/01/16

Part II: Opportunity Equity

Though we have no control over short-term price moves, we do use these opportunities to improve the positioning and upside in the strategy overall. This approach has enabled us to outperform the market since inception.

Investor Insights

Samantha McLemore | 02/19/16

Part I: The Market

January started off with its worst performance in over a century. It all happened so quickly on the back of no additional news that much like Anakin Skywalker, I'm left wondering how we got here so quickly.

News

Bill Miller | 02/04/16

Bill Miller on CNBC February 2016

Clips from Bill Miller's guest appearance on CNBC's Squawk Box on February 3, 2016

Bill Miller's Historical Letters

Bill Miller | 01/29/16

Disconnected Fundamentals

For most companies, prices have become disconnected from fundamentals. Our team shares examples.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/26/16

Opportunity Equity: Looking Back at 2015

Opportunity Equity 4Q 2015 Review

Bill Miller's Historical Letters

Bill Miller | 01/08/16

Tough Start to 2016, but Don’t Panic Yet

A week does not a year make.

Investor Insights

Samantha McLemore | 12/03/15

Short Rant: Marissa Mayer

No, I’m not going to echo the same harsh criticism about Marissa Mayer that’s been plastered all over the popular press.

Bill Miller's Historical Letters

Bill Miller | 12/02/15

A Silver Lining in the Dark Cloud of Volatility

Broadly speaking, the financial environment one experienced with other members of one’s birth cohort imprinted sufficiently to affect one’s future asset allocations and views on risk.

Investor Insights

Samantha McLemore | 11/17/15

Price Gouging, Cancer Screenings and an Investing Tip

It’s a good practice to question the facts, but not accepting their existence? That’s another story. Learn to recognize and mitigate behavioral pitfalls.

Investor Insights

Christina Siegel Malbon | 11/03/15

Predictive Economics: A Guise for Snake Oil

Be wary of the economist who claims to know where interest rates are headed, says McCloskey, for “if they are so smart, why aren’t they rich?”

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/21/15

Panic Is Never a Good Strategy

Opportunity Equity 3Q 2015 Review:

Investor Insights

Samantha McLemore | 09/25/15

A Look at Bill's Record

Bill Miller has proven himself a great investor over his 30+ year career, managing multiple strategies with different objectives.

Bill Miller's Historical Letters

Bill Miller | 09/24/15

From the Archives: Optimizing the Chances of Long-Term Gains

As the players in the money game have shortened their time horizons due to the emphasis on short-term performance, their behavior has sometimes come to resemble that of the casino gambler more than that of a rational, long-term investor.

Bill Miller's Historical Letters

Bill Miller | 08/27/15

From the Archives: New Economic Thinking

Instead of looking at the economy as a hydraulic system, or as a system in search of a stable equilibrium, they are exploring the idea that the economy can best be understood as a complex, adaptive system similar to an organism that grows, evolves and adapts to new circumstances. 

Bill Miller's Historical Letters

Bill Miller | 08/17/15

The Path of Least Resistance

Good and bad news will come and go, precipitating rallies and corrections, but until the conditions that presage the end of the bull and the onset of the bear are present, being long US stocks is the way to invest.

Investor Insights

Samantha McLemore | 08/13/15

Game Time: Guess that Company

We have been owners for years due to industry consolidation that appears to have led to a more economically rational management and thus better economics.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/20/15

Seeing More than the Gorilla in Our Midst

Seeing More than the Gorilla in Our Midst - Opportunity Equity 2Q 2015 Review

News

Bill Miller | 07/09/15

Live on Bloomberg - Bill Miller Comments on the NYSE, China and Greece

Live on Bloomberg - Bill Miller Comments on the NYSE, China and Greece

Bill Miller's Historical Letters

Bill Miller | 05/21/15

From the Archives: Sources of Edge

In markets, competitive advantages are three: informational, analytical, or behavioral.

Bill Miller's Historical Letters

Bill Miller | 05/14/15

We Are in a Bull Market

I think that the global outlook correctly is solid, and the U.S. outlook is good, but we're not going to see, in my opinion, the kinds of very significant gains we've seen in many years since 2009...

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/23/15

Opportunity Equity: 1Q2015 Review and Outlook

Opportunity Equity: 1Q2015 Review and Outlook

Bill Miller's Historical Letters

Bill Miller | 03/09/15

Reader Feedback: Where was the stability?

Response to a reader question about our post on Minsky Moments.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 02/06/15

Opportunity Equity: Reviewing 4Q 2014 and Preparing for 2015

The markets traversed a bumpier path in 2014 than the prior year. The S&P 500’s double-digit final return of 13.7% should please investors, but the ride surely did not.

Investor Insights

Samantha McLemore | 01/21/15

The Dream of Home Ownership Remains Alive

Anecdotes do not make research, but they do help shed light on the psychology of some homebuyers.

Investor Insights

Samantha McLemore | 01/16/15

Homebuilders: Disappointment Presents Opportunity

Uncertainties weigh on homebuilder stocks, which have traded off significantly while fundamentals have held in. Even if we don’t see acceleration, the stocks are bargains currently versus the market.

Bill Miller's Historical Letters

Bill Miller | 12/23/14

Part III:

“…it may be futile to even attempt to formulate a comprehensive economic theory. The economy is just too complex to be understood in a comprehensive theoretical way.”

Bill Miller's Historical Letters

Bill Miller | 12/12/14

Part II: The Shifting Paradigm

“The simplifying assumptions of modern economic theory make it mathematically tractable and allow for the construction of elegant and complex models, some of which are perhaps useful. But enabling us to predict economic phenomena is not their strong suit.

Bill Miller's Historical Letters

Bill Miller | 12/04/14

Time Travel in the Minsky Moment: Part 1

Time Travel in the Minsky Moment: Part 1

Bill Miller's Historical Letters

Bill Miller | 12/02/14

Monetize the Vol: Buy Low, Sell High

The recent market pullbacks offer investors an opportunity to put more money to work. However, buying low and selling high is a behavior not typically part of the average investor's toolkit.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 11/20/14

3Q2014 Update: Opportunity Equity

A recap of the Opportunity Equity portfolio for 3Q 2014

Bill Miller's Historical Letters

Bill Miller | 10/08/08

Bill Miller's Historical Letters: 4Q 2007

Bill Miller discusses the Value Equity fund's underperformance in 2007, drawing parallels to past market cycles. He highlights economic tightening, housing market turmoil, and financial stock declines. Despite market fears, Miller sees attractive valuations in housing and financials, suggesting opportunities for long-term investors.

Bill Miller's Historical Letters

Bill Miller | 01/25/04

Bill Miller's Historical Letters: 4Q 2003

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 08/17/03

Bill Miller's Historical Letters: 2Q 2003

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/20/03

Bill Miller's Historical Letters: 4Q 2002

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 08/05/02

Bill Miller's Historical Letters: 2Q 2002

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/23/01

Bill Miller's Historical Letters: 3Q 2001

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/23/01

Bill Miller's Historical Letters: 2Q 2001

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 04/23/01

Bill Miller's Historical Letters: 1Q 2001

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/23/01

Bill Miller's Historical Letters: 4Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/14/00

Bill Miller's Historical Letters: 3Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/21/00

Bill Miller's Historical Letters: 2Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 04/14/00

Bill Miller's Historical Letters: 1Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/18/00

Bill Miller's Historical Letters: 4Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 11/02/99

Bill Miller's Historical Letters: 3Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/12/99

Bill Miller's Historical Letters: 2Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 04/12/99

Bill Miller's Historical Letters: 1Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 02/09/99

Bill Miller's Historical Letters: 4Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/12/98

Bill Miller's Historical Letters: 3Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/12/98

Bill Miller's Historical Letters: 2Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 03/12/98

Bill Miller's Historical Letters: 1Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/16/98

Bill Miller's Historical Letters: 4Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/16/97

Bill Miller's Historical Letters: 3Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/09/97

Bill Miller's Historical Letters: 2Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 05/09/97

Bill Miller's Historical Letters: 1Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/31/97

Bill Miller's Historical Letters: 4Q 1996

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 11/04/96

Bill Miller's Historical Letters: 3Q 1996

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/31/96

Bill Miller's Historical Letters: 2Q 1996

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 05/08/96

Bill Miller’s Historical Letters: 1Q 1996

Bill Miller on the first quarter of 1996, discussing the Value Trust fund's performance and the effectiveness of long-term value investing.

Bill Miller's Historical Letters

Bill Miller | 02/05/96

Bill Miller’s Historical Letters: 4Q 1995

Bill Miller on the fourth quarter of 1995, highlighting the Value Trust fund's 40.8% annual gain, driven by strong corporate profits, falling interest rates, and strategic financial holdings. Reflecting on economic trends and the potential impact of the 1996 election on the market.

Bill Miller's Historical Letters

Bill Miller | 11/03/95

Bill Miller’s Historical Letters: 3Q 1995

Bill Miller on the third quarter of 1995, highlighting the Value Trust fund's 11.08% gain and 35.63% year-to-date return. Discussing strong performance driven by financials and technology stocks, market dynamics, and the importance of long-term investing amid short-term market fluctuations.

Bill Miller's Historical Letters

Bill Miller | 07/26/95

Bill Miller’s Historical Letters: 2Q 1995

Bill Miller on the second quarter of 1995, discussing the Value Trust fund's strong performance, driven by financial holdings and strategic investments, and reflecting on market dynamics and technology sector enthusiasm.

Bill Miller's Historical Letters

Bill Miller | 05/08/95

Bill Miller’s Historical Letters: 1Q 1995

Bill Miller on the first quarter of 1995, discussing the Value Trust fund's performance and strategies amid market fluctuations and the concept of myopic loss aversion.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/09/26

“The Worst Brings Out the Best in Us” - Dr. Edith Eger

A volatile quarter. A bull market we still believe in. Here's how we're thinking about it.

Investor Insights

Samantha McLemore | 02/20/26

AI Buildout Spend Substantial But Sound...So Far

Headlines increasingly frame the overall AI investment as bubble-like.

Investor Insights

Samantha McLemore | 01/27/26

4Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/14/26

The More Things Change, The More They Stay The Same

Staying Cautiously Optimistic

News

Samantha McLemore | 12/24/25

Samantha McLemore on Masters-in-Business with Barry Ritholtz

Samantha McLemore joins Barry Ritholtz on Masters-in-Business Podcast

News

Samantha McLemore | 12/18/25

Samantha McLemore on Barron's Roundtable

Samantha McLemore Discusses Finding Bargains in a Pricey Market

Investor Insights

Samantha McLemore | 10/23/25

3Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/10/25

3Q25 Portfolio Recap

The Opportunity Strategy performed well in the third quarter, gaining 14.6% versus our benchmark, the S&P 500’s 8.1% return.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/09/25

Are We There Yet?

Short answer: Not yet—but we’re getting closer.

Investor Insights

Samantha McLemore | 07/18/25

2Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/11/25

A Gem Cannot Be Polished Without Friction, Nor a Man Perfected Without Trials

Volatility and pain creates opportunity

Investor Insights

Samantha McLemore | 07/02/25

A Market Checkup: Clear Bill of Health

Historical Sharp Recoveries Followed By Continued Gains

Investor Insights

Samantha McLemore | 06/11/25

Patience, Endurance, and Knowing Your Why

The most hated rally in history requires perseverance

Investor Insights

Samantha McLemore | 04/24/25

1Q25 Quarterly Webinar with Bill Miller

Patient Capital Quarterly Webinar

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/15/25

1Q25 Samantha's Quarterly Letter

“Everyone has a plan until they get punched in the face.” Mike Tyson

News

Samantha McLemore | 03/25/25

Samantha McLemore on CNBC’s Closing Bell

Samantha McLemore on CNBC’s Closing Bell

Investor Insights

Samantha McLemore | 02/28/25

“The Big Money is Made in the Big Moves” -Jesse Livermore

“The Big Money is Made in the Big Moves” -Jesse Livermore

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/13/25

“There is nothing so stable as change.” Bob Dylan

Samantha McLemore's Quarterly Commentary

Investor Insights

Samantha McLemore | 12/19/24

What Does the Fed Day Swoon Mean for Markets?

Market Moves Following Fed Disappointment

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/09/24

What Every Portfolio Needs: Underperformers

Samantha McLemore Discusses the Third Quarter of 2024

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/11/24

“It was the best of times, it was the worst of times…”

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

Samantha McLemore's Quarterly Letter

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

Samantha McLemore | 04/05/24

Short Take: Mag 7 Expectations More Substance Than Hype

these are some of the best businesses ever created. Market expectations seem reasonable in aggregate.

Investor Insights

Samantha McLemore | 03/01/24

The Power of Patience: Evidence Suggests Continued Market Gains

Good news from our friends at Birinyi Research.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/17/24

"The big money is not in the buying and selling, but in the waiting.” - Charlie Munger

Samantha McLemore discusses the current environment and how we are responding. We also reflect on 2023: what we’ve done well and where we made mistakes

Investor Insights

Samantha McLemore | 01/09/24

A Generational Buying Opportunity in Classic Value

We believe low multiple stocks (“classic value”) offer a generational buying opportunity.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/11/23

On Expectations: Low, Low, Low, Low, Low, Low, Low, Low

Opportunity Equity 3Q23 Commentary

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/14/23

On Growth and Change

Samantha McLemore discusses the second quarter of 2023, and her views moving forward.

Investor Insights

Samantha McLemore | 07/06/23

Good News! History Suggests Continued Market Gains

Samantha McLemore discusses historic forward returns after a bear market, and how there could be reason for optimism.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/18/23

Forget Market Forecasts. Trust A Strong Investment Process.

We ended another surprise-filled quarter, which really should be no surprise at all. The future is unpredictable.

Investor Insights

Samantha McLemore | 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.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/13/23

“Every new beginning comes from some other beginning’s end.”

Samantha McLemore, portfolio manager of the Opportunity Equity strategy, on today’s market and positioning for a long term portfolio.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/18/22

Opportunity Equity 3Q2022 Commentary

Samantha McLemore, portfolio manager of the Opportunity Equity Strategy, on today’s market and positioning for a long term portfolio.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/15/22

Extreme Times: A Once in a Decade Opportunity?

After the S&P 500 posted its worst first half loss in over 50 years, Samantha McLemore discusses the extremes we have seen in the market in her 2Q letter. She discusses historical analogs for this period and explains how she believes the portfolio is positioned for significant upside potential if we're patient.

Investor Insights

Samantha McLemore | 07/01/22

Plea(sing) For the Long Term

McLemore discusses potential of long term rewards from market lows.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/29/22

Exploiting Volatility to Outmaneuver the Market

Opportunity Equity 1Q22 Letter: Samantha McLemore on the buying opportunities in today’s market and portfolio positioning for a long cycle market shift.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/21/22

Has the Great Growth Bull Taken Its Last Gasp?

Opportunity Equity 4Q 2021 Letter: The Market’s patience with perennial money losers seems to have run out. Samantha McLemore discusses macro factors and investor sentiment going into the new year.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/26/21

Optimizing for Long-term Return Potential

Opportunity Equity 1Q 2021 Letter: Despite the strong market this quarter, there were key lessons to be learned.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 08/03/21

Fundamentals v Expectations

Opportunity Equity 2Q 2021 Letter

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/27/21

Learn to Earn!

Opportunity Equity 1Q 2021 Letter: Despite the strong market this quarter, there were key lessons to be learned.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/22/21

Ain’t No Valuation High Enough to Keep the Market from Lovin’ Growth Stocks!

Opportunity Equity 4Q 2020: Samantha McLemore explains the value opportunity she sees going into the new year in her latest letter.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/30/20

Long Term + Value = Winning Potential

Opportunity Equity 3Q 2020 Letter

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/22/20

Extreme Times Call for Nothing Extreme at All

Opportunity Equity 2Q 2020: Exercising discipline during extreme market swings is the best path towards long-term returns. Samantha McLemore explains.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/27/20

Be Greedy When Others Are Fearful

The first quarter of 2020 brought disastrous news of a global pandemic causing stocks, including ours, to suffer immensely. Through the market’s peak on February 19th, things looked okay.

News

Samantha McLemore | 03/20/20

Know Your Names, Stay the Course

Samantha McLemore goes back to basics in times turmoil, looking to Ben Graham for insights and staying close to the names in the portfolios.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/19/20

The Perils of Rearview Mirror Investing

Opportunity Equity 4Q 2019: It's easy to get caught up in the short-term narrative, but that's rarely the best approach for long-term gains.

Investor Insights

Samantha McLemore | 11/25/19

How Sensible Capital Allocation Helps Drive A Stock Higher

Contrasting FB and AAPL to see how sensible capital allocation helps drive a stock higher.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/21/19

“All we need is just a little patience”

Opportunity Equity 3Q 2019: One of the most difficult parts of investing is managing emotions that make us want to do the wrong thing at the wrong time.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/22/19

The Greatly Exaggerated Death of Value Investing

Opportunity Equity 2Q19 Letter: When we talk about value, we focus on the present value of the future free cash flows, which is the value of any business.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/22/19

It Pays to Be a Price and Value Investor

Opportunity Equity 1Q 2019 Letter: Sir John Templeton distinguishes between outlook/trend and price/value investors. How being the latter, plus a little patience, can pay off over the long term.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/30/19

Do you know the worst rerun?

Opportunity Equity 4Q 2018 Letter: The only good news about the terrible month and horrible quarter: it’s a rerun of a show we’ve seen before.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/19/18

"You got to know when to hold 'em"

Opportunity Equity 2Q 2018 Letter: Reversion to the mean is a powerful force in markets, as long-term investors well understand

Investor Insights

Samantha McLemore | 05/15/18

Regulating Emotions 3000 feet off the Ground

Alex Honnold's take on risk versus consequence provides perspective for long term investors.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/18/18

The Story Follows the Price

Opportunity Equity 1Q 2018 Letter: The good news about the recent pressure on market pries is that buying at lower prices improves long-term returns.

Investor Insights

Samantha McLemore | 03/27/18

6 Questions on Opportunity Equity

Samantha McLemore covers monetizing volatility, being long-term oriented and viewing growth as an input to value in this short interview.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/23/18

The Value of Doing Nothing

Opportunity Equity 4Q 2017 Letter: A path to generating superior long-term results is to buy the dips, not sell the strength.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/19/17

Still Finding Great Values

Long-term investors must remember Benjamin Graham’s famous insight: “In the short run, the market is a voting machine but in the long run, it is a weighing machine.”

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/26/17

In a World of Trend and Momentum, Long-Term Value Suffers

It again rings true that the best time to invest is after a period of poor performance and to hold on patiently for the long term.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 02/24/17

Volatility Is the Price You Pay for Returns

A closer look at how the changes in market structure fuel volatility, and how a long-term investor can still achieve market-beating returns.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/19/16

Three Reasons to Be Invested in Opportunity Equity Right Now

We are patient, long-term investors focused on finding intrinsic value, which pays off in volatile markets.

Investor Insights

Samantha McLemore | 09/27/16

The (Mis)Perception of Stability

Emotionally strained investors seek stability in their portfolios, but at what expense to their long term performance goals?

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/15/16

In a World of Trend and Momentum, Long-Term Value Suffers

The market's current structure can cause long-term value to suffer and investors may fall into a losing trap if making decisions based on noisy short-term trends.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/19/16

We See... Opportunity

Reacting to market declines by getting more defensive has grown substantially more popular. But, stability is extremely expensive and correlations spike during market weakness, as everyone rushes to sell to “manage risk”.

Investor Insights

Samantha McLemore | 03/31/16

Misaligned Incentives

How can we recognize behavioral biases when working with a financial advisor? Maybe my experience can help.

Investor Insights

Samantha McLemore | 03/01/16

Part II: Opportunity Equity

Though we have no control over short-term price moves, we do use these opportunities to improve the positioning and upside in the strategy overall. This approach has enabled us to outperform the market since inception.

Investor Insights

Samantha McLemore | 02/19/16

Part I: The Market

January started off with its worst performance in over a century. It all happened so quickly on the back of no additional news that much like Anakin Skywalker, I'm left wondering how we got here so quickly.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 01/26/16

Opportunity Equity: Looking Back at 2015

Opportunity Equity 4Q 2015 Review

Investor Insights

Samantha McLemore | 12/03/15

Short Rant: Marissa Mayer

No, I’m not going to echo the same harsh criticism about Marissa Mayer that’s been plastered all over the popular press.

Investor Insights

Samantha McLemore | 11/17/15

Price Gouging, Cancer Screenings and an Investing Tip

It’s a good practice to question the facts, but not accepting their existence? That’s another story. Learn to recognize and mitigate behavioral pitfalls.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 10/21/15

Panic Is Never a Good Strategy

Opportunity Equity 3Q 2015 Review:

Investor Insights

Samantha McLemore | 09/25/15

A Look at Bill's Record

Bill Miller has proven himself a great investor over his 30+ year career, managing multiple strategies with different objectives.

Investor Insights

Samantha McLemore | 08/13/15

Game Time: Guess that Company

We have been owners for years due to industry consolidation that appears to have led to a more economically rational management and thus better economics.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 07/20/15

Seeing More than the Gorilla in Our Midst

Seeing More than the Gorilla in Our Midst - Opportunity Equity 2Q 2015 Review

Samantha McLemore's Quarterly Letter

Samantha McLemore | 04/23/15

Opportunity Equity: 1Q2015 Review and Outlook

Opportunity Equity: 1Q2015 Review and Outlook

Samantha McLemore's Quarterly Letter

Samantha McLemore | 02/06/15

Opportunity Equity: Reviewing 4Q 2014 and Preparing for 2015

The markets traversed a bumpier path in 2014 than the prior year. The S&P 500’s double-digit final return of 13.7% should please investors, but the ride surely did not.

Investor Insights

Samantha McLemore | 01/21/15

The Dream of Home Ownership Remains Alive

Anecdotes do not make research, but they do help shed light on the psychology of some homebuyers.

Investor Insights

Samantha McLemore | 01/16/15

Homebuilders: Disappointment Presents Opportunity

Uncertainties weigh on homebuilder stocks, which have traded off significantly while fundamentals have held in. Even if we don’t see acceleration, the stocks are bargains currently versus the market.

Samantha McLemore's Quarterly Letter

Samantha McLemore | 11/20/14

3Q2014 Update: Opportunity Equity

A recap of the Opportunity Equity portfolio for 3Q 2014

Bill Miller's Historical Letters

Bill Miller | 03/22/22

Bill Miller’s Market Perspective: March 2022

Bill Miller on today's market conditions, answering the question where are today's value opportunities?

Bill Miller's Historical Letters

Bill Miller | 10/18/21

Bill Miller 3Q 2021 Market Letter

We believe time, not timing, is key to building wealth in the stock market.

Bill Miller's Historical Letters

Bill Miller | 07/09/21

Bill Miller 2Q 2021 Market Letter

Bill Miller reminds us that while forecasting an unknowable future is a fruitless task, understanding the present conditions offers valuable insights.

Bill Miller's Historical Letters

Bill Miller | 04/14/21

Bill Miller 1Q 2021 Market Letter

Bill Miller uses Sir John Templeton’s helpful framing to understand current investor sentiment.

Bill Miller's Historical Letters

Bill Miller | 01/05/21

Bill Miller 4Q 2020 Market Letter

2020 (finally) came to a close and as we look to 2021, we take the approach to understand the current conditions to see the opportunities.

Bill Miller's Historical Letters

Bill Miller | 10/14/20

Bill Miller 3Q 2020 Market Letter

Bill Miller looks at The Fed’s past and present actions to understand the dynamics between the stock and bond market.

Bill Miller's Historical Letters

Bill Miller | 07/10/20

Bill Miller 2Q 2020 Market Letter

The market’s behavior since the March 23rd bottom to the July 2nd level has confounded most observers, from the novice investor to the most experienced and savvy.

Bill Miller's Historical Letters

Bill Miller | 04/20/20

Bill Miller 1Q 2020 Market Letter

There have been 4 great stock market buying opportunities in my lifetime. The coronavirus has given us the 5th. Here's Bill Miller's latest market perspective.

Bill Miller's Historical Letters

Bill Miller | 03/16/20

How Markets as Complex Adaptive Systems Process COVID-19

Bill Miller reminds us that markets are complex adaptive systems that are constantly processing real-time information.

Bill Miller's Historical Letters

Bill Miller | 03/02/20

Market Uncertainty over Coronavirus

A perspective on the rising concerns over coronavirus and the market turmoil over the past week.

Bill Miller's Historical Letters

Bill Miller | 01/13/20

Bill Miller 4Q 2019 Market Letter

What’s the reality of the risk in the market versus the general sentiment and how can we think about that differential going forward? Bill Miller's market perspective.

Bill Miller's Historical Letters

Bill Miller | 10/16/19

Bill Miller 3Q 2019 Market Letter

The market is a swirling cacophony of competing stories, and which ones an investor believes in and acts on determines investment results. Bill Miller's market perspective.

Bill Miller's Historical Letters

Bill Miller | 08/02/19

It's About Expectations

A few comments on the Fed's recent rate cut.

Bill Miller's Historical Letters

Bill Miller | 07/10/19

Bill Miller 2Q 2019 Market Letter

Good news, bads news and market news. Bill Miller's current market perspective.

Bill Miller's Historical Letters

Bill Miller | 04/17/19

Some Reflections on the Bull at 10

The bull market crossed the 10-year mark on 3/9/19. Bill Miller reflects on how we navigated this period.

Bill Miller's Historical Letters

Bill Miller | 01/10/19

Bill Miller 4Q 2018 Market Letter

It takes courage to be a pig.

Bill Miller's Historical Letters

Bill Miller | 11/19/18

Bill Miller: Market Observations

Highlights from our 3Q18 investor call: We try to understand the interaction between actual fundamentals and people’s beliefs about what’s going to happen.

Bill Miller's Historical Letters

Bill Miller | 10/24/18

Rolling Realized Value into New Ideas

Opportunity Equity 3Q 2018 Letter: Selling to fund more opportunistic names marked the activity this quarter.

Bill Miller's Historical Letters

Bill Miller | 10/10/18

Bill Miller 3Q 2018 Market Letter

The most important thing that happened to the stock market this quarter is what happened to the bond market.

Bill Miller's Historical Letters

Bill Miller | 07/18/18

Bill Miller 2Q 2018 Market Letter

Scaling the wall of worry as the market climbs higher.

Bill Miller's Historical Letters

Bill Miller | 04/18/18

Bill Miller 1Q 2018 Market Letter

The market this year looks, acts and feels different, and rightly so.

Bill Miller's Historical Letters

Bill Miller | 01/23/18

Bill Miller's 4Q 2017 Market Letter

2017 was a year that surprised and rewarded investors in stocks.

Bill Miller's Historical Letters

Bill Miller | 11/02/17

“Certitude is not the test of certainty. We have been cocksure of many things that were not so.” - Oliver Wendell Holmes

The Financial industry’s murderers’ row issues their pessimistic opinion on Bitcoin. Here are some reasons to be on the other side of the trade.

Bill Miller's Historical Letters

Bill Miller | 10/18/17

Bill Miller's 3Q 2017 Market Letter

We continue to be in a bull market.

Bill Miller's Historical Letters

Bill Miller | 07/18/17

Nine years into a bull market for stocks and it looks to remain so. Bill Miller shares insights from Reminiscences of a Stock Operator.

Nine years into a bull market for stocks and it looks to remain so. Bill Miller shares insights from Reminiscences of a Stock Operator.

Bill Miller's Historical Letters

Bill Miller | 04/21/17

Finding Value in Patience

In this just-in-time market, long term investors are finding value in patience.

Bill Miller's Historical Letters

Bill Miller | 04/11/17

Thoughts from Sir John

I am reminded of something Sir John Templeton told me several decades ago. He said that there are two types of investors in the world: “outlook and trend” investors and “price and value” investors.

Bill Miller's Historical Letters

Bill Miller | 01/10/17

2017 Outlook

The stock market is not as cheap as it used to be, but is also not as expensive as it is likely to get.

Bill Miller's Historical Letters

Bill Miller | 11/12/16

Donald Trump - The Greatest American Experiment?

The market's initial reaction to Donald Trump's nomination was in line with our expectations, but what about the next four years?

Bill Miller's Historical Letters

Bill Miller | 07/22/16

Three Things You Need to Know about Opportunity Equity

Three things investors should know about Opportunity Equity to understand performance in various market environments.

Bill Miller's Historical Letters

Bill Miller | 05/26/16

The DOL's new rule - A headwind for active managers?

Active managers beware. The new Department of Labor rule will likely have adverse effects for both managers and investors alike.

Bill Miller's Historical Letters

Bill Miller | 05/26/16

Reading the Signals

If we’re on the cusp of a breakout, will it follow the bearish consensus? The data show an alternative outcome.

Bill Miller's Historical Letters

Bill Miller | 04/14/16

Sentiment and Market Timing

Laszlo Birinyi has always written commentary from a unique perspective, based on investor behavior and market history. His recent letter is no different.

Bill Miller's Historical Letters

Bill Miller | 03/08/16

Few Comments on The Fed

Seeming to skip March, will a potential rate hike in June by the Fed send the market's into another downward spiral? We think probably not.

Bill Miller's Historical Letters

Bill Miller | 01/29/16

Disconnected Fundamentals

For most companies, prices have become disconnected from fundamentals. Our team shares examples.

Bill Miller's Historical Letters

Bill Miller | 01/08/16

Tough Start to 2016, but Don’t Panic Yet

A week does not a year make.

Bill Miller's Historical Letters

Bill Miller | 12/02/15

A Silver Lining in the Dark Cloud of Volatility

Broadly speaking, the financial environment one experienced with other members of one’s birth cohort imprinted sufficiently to affect one’s future asset allocations and views on risk.

Bill Miller's Historical Letters

Bill Miller | 09/24/15

From the Archives: Optimizing the Chances of Long-Term Gains

As the players in the money game have shortened their time horizons due to the emphasis on short-term performance, their behavior has sometimes come to resemble that of the casino gambler more than that of a rational, long-term investor.

Bill Miller's Historical Letters

Bill Miller | 08/27/15

From the Archives: New Economic Thinking

Instead of looking at the economy as a hydraulic system, or as a system in search of a stable equilibrium, they are exploring the idea that the economy can best be understood as a complex, adaptive system similar to an organism that grows, evolves and adapts to new circumstances. 

Bill Miller's Historical Letters

Bill Miller | 08/17/15

The Path of Least Resistance

Good and bad news will come and go, precipitating rallies and corrections, but until the conditions that presage the end of the bull and the onset of the bear are present, being long US stocks is the way to invest.

Bill Miller's Historical Letters

Bill Miller | 05/21/15

From the Archives: Sources of Edge

In markets, competitive advantages are three: informational, analytical, or behavioral.

Bill Miller's Historical Letters

Bill Miller | 05/14/15

We Are in a Bull Market

I think that the global outlook correctly is solid, and the U.S. outlook is good, but we're not going to see, in my opinion, the kinds of very significant gains we've seen in many years since 2009...

Bill Miller's Historical Letters

Bill Miller | 03/09/15

Reader Feedback: Where was the stability?

Response to a reader question about our post on Minsky Moments.

Bill Miller's Historical Letters

Bill Miller | 12/23/14

Part III:

“…it may be futile to even attempt to formulate a comprehensive economic theory. The economy is just too complex to be understood in a comprehensive theoretical way.”

Bill Miller's Historical Letters

Bill Miller | 12/12/14

Part II: The Shifting Paradigm

“The simplifying assumptions of modern economic theory make it mathematically tractable and allow for the construction of elegant and complex models, some of which are perhaps useful. But enabling us to predict economic phenomena is not their strong suit.

Bill Miller's Historical Letters

Bill Miller | 12/04/14

Time Travel in the Minsky Moment: Part 1

Time Travel in the Minsky Moment: Part 1

Bill Miller's Historical Letters

Bill Miller | 12/02/14

Monetize the Vol: Buy Low, Sell High

The recent market pullbacks offer investors an opportunity to put more money to work. However, buying low and selling high is a behavior not typically part of the average investor's toolkit.

Bill Miller's Historical Letters

Bill Miller | 10/08/08

Bill Miller's Historical Letters: 4Q 2007

Bill Miller discusses the Value Equity fund's underperformance in 2007, drawing parallels to past market cycles. He highlights economic tightening, housing market turmoil, and financial stock declines. Despite market fears, Miller sees attractive valuations in housing and financials, suggesting opportunities for long-term investors.

Bill Miller's Historical Letters

Bill Miller | 01/25/04

Bill Miller's Historical Letters: 4Q 2003

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 08/17/03

Bill Miller's Historical Letters: 2Q 2003

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/20/03

Bill Miller's Historical Letters: 4Q 2002

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 08/05/02

Bill Miller's Historical Letters: 2Q 2002

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/23/01

Bill Miller's Historical Letters: 3Q 2001

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/23/01

Bill Miller's Historical Letters: 2Q 2001

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 04/23/01

Bill Miller's Historical Letters: 1Q 2001

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/23/01

Bill Miller's Historical Letters: 4Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/14/00

Bill Miller's Historical Letters: 3Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/21/00

Bill Miller's Historical Letters: 2Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 04/14/00

Bill Miller's Historical Letters: 1Q 2000

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/18/00

Bill Miller's Historical Letters: 4Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 11/02/99

Bill Miller's Historical Letters: 3Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/12/99

Bill Miller's Historical Letters: 2Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 04/12/99

Bill Miller's Historical Letters: 1Q 1999

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 02/09/99

Bill Miller's Historical Letters: 4Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/12/98

Bill Miller's Historical Letters: 3Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/12/98

Bill Miller's Historical Letters: 2Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 03/12/98

Bill Miller's Historical Letters: 1Q 1998

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/16/98

Bill Miller's Historical Letters: 4Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 10/16/97

Bill Miller's Historical Letters: 3Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/09/97

Bill Miller's Historical Letters: 2Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 05/09/97

Bill Miller's Historical Letters: 1Q 1997

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 01/31/97

Bill Miller's Historical Letters: 4Q 1996

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 11/04/96

Bill Miller's Historical Letters: 3Q 1996

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 07/31/96

Bill Miller's Historical Letters: 2Q 1996

Bill Miller Historical Letter

Bill Miller's Historical Letters

Bill Miller | 05/08/96

Bill Miller’s Historical Letters: 1Q 1996

Bill Miller on the first quarter of 1996, discussing the Value Trust fund's performance and the effectiveness of long-term value investing.

Bill Miller's Historical Letters

Bill Miller | 02/05/96

Bill Miller’s Historical Letters: 4Q 1995

Bill Miller on the fourth quarter of 1995, highlighting the Value Trust fund's 40.8% annual gain, driven by strong corporate profits, falling interest rates, and strategic financial holdings. Reflecting on economic trends and the potential impact of the 1996 election on the market.

Bill Miller's Historical Letters

Bill Miller | 11/03/95

Bill Miller’s Historical Letters: 3Q 1995

Bill Miller on the third quarter of 1995, highlighting the Value Trust fund's 11.08% gain and 35.63% year-to-date return. Discussing strong performance driven by financials and technology stocks, market dynamics, and the importance of long-term investing amid short-term market fluctuations.

Bill Miller's Historical Letters

Bill Miller | 07/26/95

Bill Miller’s Historical Letters: 2Q 1995

Bill Miller on the second quarter of 1995, discussing the Value Trust fund's strong performance, driven by financial holdings and strategic investments, and reflecting on market dynamics and technology sector enthusiasm.

Bill Miller's Historical Letters

Bill Miller | 05/08/95

Bill Miller’s Historical Letters: 1Q 1995

Bill Miller on the first quarter of 1995, discussing the Value Trust fund's performance and strategies amid market fluctuations and the concept of myopic loss aversion.

Investor Insights

04/23/26

1Q26 Quarterly Webinar

Patient Capital Quarterly Webinar

Investor Insights

Samantha McLemore | 02/20/26

AI Buildout Spend Substantial But Sound...So Far

Headlines increasingly frame the overall AI investment as bubble-like.

Investor Insights

Samantha McLemore | 01/27/26

4Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Investor Insights

Samantha McLemore | 10/23/25

3Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Investor Insights

Tyler Grason | 08/12/25

Secular Bull Market Peaks – Are We There Yet?

The concentration and valuation of the market today often draws parallels to the tech bubble. We analyzed the Tech Bubble and the nifty fifty period (late 1960s to early 1970s), both of which marked the end of secular bull markets, to assess the similarities. As to the end of this secular bull market, as Mark Twain said, “The reports of my death are greatly exaggerated.”

Investor Insights

Samantha McLemore | 07/18/25

2Q25 Quarterly Webinar

Patient Capital Quarterly Webinar

Investor Insights

Samantha McLemore | 07/02/25

A Market Checkup: Clear Bill of Health

Historical Sharp Recoveries Followed By Continued Gains

Investor Insights

Samantha McLemore | 06/11/25

Patience, Endurance, and Knowing Your Why

The most hated rally in history requires perseverance

Investor Insights

Christina Siegel Malbon | 06/09/25

Christina Malbon on CNBC's 'Closing Bell'

Christina Malbon, Patient Capital’s Assistant Portfolio Manager, joined 'Closing Bell' to discuss where we are finding value.

Investor Insights

Samantha McLemore | 04/24/25

1Q25 Quarterly Webinar with Bill Miller

Patient Capital Quarterly Webinar

Investor Insights

Tyler Grason | 04/04/25

A Historic Buying Opportunity?

A Historic Buying Opportunity?

Investor Insights

Tyler Grason | 03/11/25

The Night is Darkest Before the Dawn

The Night is Darkest Before the Dawn

Investor Insights

Samantha McLemore | 02/28/25

“The Big Money is Made in the Big Moves” -Jesse Livermore

“The Big Money is Made in the Big Moves” -Jesse Livermore

Investor Insights

Samantha McLemore | 12/19/24

What Does the Fed Day Swoon Mean for Markets?

Market Moves Following Fed Disappointment

Investor Insights

Tyler Grason | 09/04/24

What Goes Up Must Come Down

What Goes Up Must Come Down

Investor Insights

Tyler Grason | 08/02/24

Markets Have Fear, the Sahm Rule is Here

Markets Have Fear, the Sahm Rule is Here

Investor Insights

04/10/24

We wanted to share a letter from Dr. George Athanassakos

Investor Insights

Samantha McLemore | 04/05/24

Short Take: Mag 7 Expectations More Substance Than Hype

these are some of the best businesses ever created. Market expectations seem reasonable in aggregate.

Investor Insights

Samantha McLemore | 03/01/24

The Power of Patience: Evidence Suggests Continued Market Gains

Good news from our friends at Birinyi Research.

Investor Insights

Christina Siegel Malbon | 02/06/24

Is now the time for Small-Cap Outperformance?

Given small-caps’ significant recent underperformance, many are enthusiastic about their potential to outperform in the future. Is this an easy mean reversion call? Not so fast.

Investor Insights

Samantha McLemore | 01/09/24

A Generational Buying Opportunity in Classic Value

We believe low multiple stocks (“classic value”) offer a generational buying opportunity.

Investor Insights

Christina Siegel Malbon, Samantha McLemore | 10/31/23

Trailing Returns Signal Buying Opportunity

“Buy low, sell high” may sound easy, but implementing that strategy is anything but natural. The recent sell-off has triggered a buy signal that’s historically worked very well.

Investor Insights

Tyler Grason | 08/18/23

Are Copper Stocks Attractive?

We recently did some work on copper stocks to determine whether we believe an investment opportunity exists.

Investor Insights

Christina Siegel Malbon | 07/18/23

Could Much Higher Valuations be Justified?

We wanted to share a noteworthy piece of research discussing a scenario warranting much higher asset valuations.

Investor Insights

Samantha McLemore | 07/06/23

Good News! History Suggests Continued Market Gains

Samantha McLemore discusses historic forward returns after a bear market, and how there could be reason for optimism.

Investor Insights

Samantha McLemore | 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.

Investor Insights

Christina Siegel Malbon | 01/30/23

Bearish or Bullish, That is the Question

Siegel and McLemore on today’s market and reasons to be more bullish in the new year.

Investor Insights

Tyler Grason | 09/29/22

Back to the 1970s? Reflections & Takeaways for Positioning in Today's Market

Tyler Grason reflects on market worries on inflation and provides positions for today’s market.

Investor Insights

Samantha McLemore | 07/01/22

Plea(sing) For the Long Term

McLemore discusses potential of long term rewards from market lows.

Investor Insights

Samantha McLemore | 11/25/19

How Sensible Capital Allocation Helps Drive A Stock Higher

Contrasting FB and AAPL to see how sensible capital allocation helps drive a stock higher.

Investor Insights

Samantha McLemore | 05/15/18

Regulating Emotions 3000 feet off the Ground

Alex Honnold's take on risk versus consequence provides perspective for long term investors.

Investor Insights

Samantha McLemore | 03/27/18

6 Questions on Opportunity Equity

Samantha McLemore covers monetizing volatility, being long-term oriented and viewing growth as an input to value in this short interview.

Investor Insights

Christina Siegel Malbon | 11/07/17

The Power of the Millennial

Taking a deeper look at sustainability and factors that may influence how Millennials invest their increasing wealth.

Investor Insights

Christina Siegel Malbon | 01/11/17

Avoiding Bias in DCF Analysis

Valuations and models are just another aspect of investing that is vulnerable to individual biases.

Investor Insights

Samantha McLemore | 09/27/16

The (Mis)Perception of Stability

Emotionally strained investors seek stability in their portfolios, but at what expense to their long term performance goals?

Investor Insights

Christina Siegel Malbon | 06/01/16

Firsthand Experience with a Market Panic

The behavior I witnessed in the early days of 2016 made behavioral biases tangible for me.

Investor Insights

Samantha McLemore | 03/31/16

Misaligned Incentives

How can we recognize behavioral biases when working with a financial advisor? Maybe my experience can help.

Investor Insights

Samantha McLemore | 03/01/16

Part II: Opportunity Equity

Though we have no control over short-term price moves, we do use these opportunities to improve the positioning and upside in the strategy overall. This approach has enabled us to outperform the market since inception.

Investor Insights

Samantha McLemore | 02/19/16

Part I: The Market

January started off with its worst performance in over a century. It all happened so quickly on the back of no additional news that much like Anakin Skywalker, I'm left wondering how we got here so quickly.

Investor Insights

Samantha McLemore | 12/03/15

Short Rant: Marissa Mayer

No, I’m not going to echo the same harsh criticism about Marissa Mayer that’s been plastered all over the popular press.

Investor Insights

Samantha McLemore | 11/17/15

Price Gouging, Cancer Screenings and an Investing Tip

It’s a good practice to question the facts, but not accepting their existence? That’s another story. Learn to recognize and mitigate behavioral pitfalls.

Investor Insights

Christina Siegel Malbon | 11/03/15

Predictive Economics: A Guise for Snake Oil

Be wary of the economist who claims to know where interest rates are headed, says McCloskey, for “if they are so smart, why aren’t they rich?”

Investor Insights

Samantha McLemore | 09/25/15

A Look at Bill's Record

Bill Miller has proven himself a great investor over his 30+ year career, managing multiple strategies with different objectives.

Investor Insights

Samantha McLemore | 08/13/15

Game Time: Guess that Company

We have been owners for years due to industry consolidation that appears to have led to a more economically rational management and thus better economics.

Investor Insights

Samantha McLemore | 01/21/15

The Dream of Home Ownership Remains Alive

Anecdotes do not make research, but they do help shed light on the psychology of some homebuyers.

Investor Insights

Samantha McLemore | 01/16/15

Homebuilders: Disappointment Presents Opportunity

Uncertainties weigh on homebuilder stocks, which have traded off significantly while fundamentals have held in. Even if we don’t see acceleration, the stocks are bargains currently versus the market.

Weekly Performance Review

Finn McGinnis | 04/27/26

Opportunity Equity Strategy Update for 4/17/2026 – 4/24/2026

UnitedHealth Rises on Strong Earnings While QXO Falls on Acquisition

Weekly Performance Review

Finn McGinnis | 04/20/26

Opportunity Equity Strategy Update for 4/10/2026 – 4/17/2026

Citi Rises on Earnings Beat While Energy Names Fall with Crude

Weekly Performance Review

Finn McGinnis | 04/14/26

Opportunity Equity Strategy Update for 04/02/2026 – 04/10/2026

Amazon Rallies on Shareholder Letter While Biogen Extends Acquisition-Driven Losses

Weekly Performance Review

Finn McGinnis | 04/07/26

Opportunity Equity Strategy Update for 03/27/2026 – 04/02/2026

Royalty Pharma Rises on New Deal While Biogen Falls on Acquisition Announcement

Weekly Performance Review

Finn McGinnis | 03/30/26

Opportunity Equity Strategy Update for 3/20/2026 – 3/27/2026

Precigen Rises on Strong Guidance While Coinbase Falls on Clarity Act Draft

Weekly Performance Review

Finn McGinnis | 03/24/26

Opportunity Equity Strategy Update for 3/13/2026 – 3/20/2026

Citi Climbs on Regulatory Proposal while QXO Falls on Tighter Monetary Policy Commentary

Weekly Performance Review

Finn McGinnis | 03/16/26

Opportunity Equity Strategy Update for 3/06/2026 – 3/13/2026

Energy Names Rise with Crude While Norwegian Falls on Global Travel Concerns

Weekly Performance Review

Finn McGinnis | 03/10/26

Opportunity Equity Weekly Update for 2/27/2026 – 3/6/2026

Coinbase Follows Bitcoin Higher While Norwegian Slides on Weak Guidance

Weekly Performance Review

Finn McGinnis | 03/02/26

Opportunity Equity Weekly Update for 2/20/2026 – 2/27/2026

Chime Rises on Strong Earnings While Nvidia Falls Despite Earnings Blowout

Weekly Performance Review

Finn McGinnis | 02/23/26

Opportunity Equity Weekly Update for 2/13/2026 – 2/20/2026

Norwegian Rises on Activist Involvement While Biogen Terminates a Phase 2 Study

Weekly Performance Review

Finn McGinnis | 02/17/26

Opportunity Equity Weekly Update for 2/6/2026 – 2/13/2026

QXO Rises on Kodiak Acquisition While Mattel Falls on Earnings Miss

Weekly Archive

Finn McGinnis | 02/10/26

Opportunity Equity Weekly Update for 1/30/2026 – 2/06/2025

Biogen Rises on Earnings Beat While Hyperscalers Fall on CAPEX Concerns

Weekly Performance Review

Finn McGinnis | 02/03/26

Opportunity Equity Weekly Update for 1/23/2026 – 1/30/2026

Meta Rises on Strong Earnings while Managed Care Organizations Fall on Medicare Advantage Advance Notice

Weekly Performance Review

Finn McGinnis | 01/27/26

Opportunity Equity Weekly Update for 1/16/2026 – 1/23/2026

Seadrill Rises on Contract Awards while Crypto Names Follow Bitcoin Lower

Weekly Performance Review

Finn McGinnis | 01/21/26

Opportunity Equity Weekly Update for 1/09/2026– 1/16/2026

Tempus Rises on Revenue Beat While QXO Falls on EBITDA Miss

Weekly Performance Review

Finn McGinnis | 01/13/26

Opportunity Equity Weekly Update for 1/02/2026 – 1/09/2026

QXO Rises on Capital Raise while Nvidia Announces Six New Chips

Weekly Performance Review

Finn McGinnis | 01/06/26

Opportunity Equity Weekly Update for 12/26/2025 – 1/02/2026

Precigen Jumps on Competitor’s Setback While QXO Falls on Soft Survey Data

Weekly Performance Review

Finn McGinnis | 12/29/25

Opportunity Equity Weekly Update for 12/19/2025 – 12/26/2025

Nvidia Rises on Strategic Groq Deal while Precigen Falls on Insider Selling

Weekly Performance Review

Finn McGinnis | 12/23/25

Opportunity Equity Weekly Update for 12/12/2025 – 12/19/2025

UBS Rises on Potential Capital Standards Compromise While Coinbase Falls Despite Product Showcase Event

Weekly Performance Review

Finn McGinnis | 12/18/25

Opportunity Equity Weekly Update for 12/05/2025 – 12/12/2025

Dave and Busters Rises on Improving Trends While Royalty Pharma Falls on Insider Sales

Weekly Performance Review

Finn McGinnis | 12/09/25

Opportunity Equity Weekly Update for 11/28/2025 – 12/05/2025

Meta Rises on Spending-Cut Plans While Sofi Falls on Equity Raise

Weekly Performance Review

Finn McGinnis | 12/02/25

Opportunity Equity Weekly Update for 11/21/2025 – 11/28/2025

Alphabet and Meta Rise on Potential Chip Partnership while Nvidia Drops on Possible Competition

Weekly Performance Review

Finn McGinnis | 11/25/25

Opportunity Equity Weekly Update for 11/14/2025 – 11/21/2025

Alphabet Hits All-Time High on Gemini 3 Release While Nvidia Falls Despite Strong Earnings

Weekly Performance Review

Finn McGinnis | 11/17/25

Opportunity Equity Weekly Update for 11/07/2025 – 11/14/2025

Precigen Jumps on Positive Commentary while Crypto Names Follow Bitcoin Lower

Weekly Performance Review

Finn McGinnis | 11/10/25

Opportunity Equity Weekly Update for 10/31/2025 – 11/07/2025

Expedia Jumps on a Beat and Raise While Norwegian Slides on a Weak Guide

Weekly Performance Review

Finn McGinnis | 11/03/25

Opportunity Equity Weekly Update for 10/24/2025 – 10/31/2025

Illumina Jumps on a Beat and Raise While Meta Falls Despite Strong Earnings

Weekly Performance Review

Finn McGinnis | 10/27/25

Opportunity Equity Weekly Update for 10/17/2025 – 10/24/2025

General Motors Climbs on a Beat and Raise While QXO Slides on Weak Roofing Data

Weekly Archive

Finn McGinnis | 10/20/25

Opportunity Equity Weekly Update for 10/10/2025 – 10/17/2025

PrecigenPrecigen Rises on Long-Term Data While Crypto Names Follow Bitcoin Lower

Weekly Archive

Finn McGinnis | 10/14/25

Opportunity Equity Weekly Update for 10/3/2025 – 10/10/2025

Delta Rises on Strong Earnings while Alibaba Falls on Trade Tensions

Weekly Archive

Finn McGinnis | 10/07/25

Opportunity Equity Weekly Update for 9/26/2025 – 10/3/2025

Crypto Names Rise with Bitcoin while Precigen Falls on Insider Selling

Weekly Performance Review

Finn McGinnis | 09/30/25

Opportunity Equity Weekly Update for 9/19/2025 – 9/26/2025

Alibaba Climbs on AI Initiatives while Precigen Chairman Sells Shares

Weekly Archive

Finn McGinnis | 09/22/25

Opportunity Equity Weekly Update for 9/12/2025 – 9/19/2025

Alphabet Continues to Climb on Antitrust Ruling while Dave & Buster’s Falls on Earnings

Weekly Archive

Finn McGinnis | 09/16/25

Opportunity Equity Weekly Update for 9/5/2025 – 9/12/2025

UnitedHealth Rises on Strong 2027 Star Ratings while QXO Falls on Contractor Survey

Weekly Archive

Finn McGinnis | 09/09/25

Opportunity Equity Weekly Update for 8/29/2025 – 9/5/2025

Alphabet Jumps on Antitrust Ruling while Nvidia Extends Post Earnings Slide

Weekly Archive

Finn McGinnis | 09/03/25

Opportunity Equity Weekly Update for 8/22/2025 – 8/29/2025

Alibaba Rises on Cloud Momentum while Crypto Names Fall with Bitcoin

Weekly Performance Review

Finn McGinnis | 08/25/25

Opportunity Equity Weekly Update for 8/15/2025 – 8/22/2025

Precigen Rises on Treatment Pricing while Nvidia Falls Ahead of Earnings

Weekly Archive

Finn McGinnis | 08/19/25

Opportunity Equity Weekly Update for 8/8/2025 – 8/15/2025

Precigen Rises on FDA Approval while Energy Names Follow Crude Lower

Weekly Archive

Finn McGinnis | 08/12/25

Opportunity Equity Weekly Update for 8/1/2025 – 8/8/2025

Nvidia Climbs on Hyperscaler Capex Outlook while Crocs Slides on Weak Guidance

Weekly Archive

Finn McGinnis | 08/06/25

Opportunity Equity Weekly Update for 7/25/2025 – 8/1/2025

Meta Climbs on Strong Earnings while UnitedHealth Slips on Weak Guidance

Weekly Performance Review

Finn McGinnis | 07/29/25

Alphabet Rises on Strong Earnings while Mattel Falls on Lowered Guidance

Alphabet Rises on Strong Earnings while Mattel Falls on Lowered Guidance

Weekly Archive

Finn McGinnis | 07/23/25

Opportunity Equity Weekly Update for 7/11/2025 – 7/18/2025

Citi Rises on Strong Earnings while Dave & Busters Appoints a New CEO

Weekly Performance Review

Finn McGinnis | 07/16/25

Opportunity Equity Weekly Update for 7/3/2025 – 7/11/2025

Delta Rises on Strong Earnings while CVS Falls on Omnicare Fine Headlines

Weekly Performance Review

Finn McGinnis | 07/09/25

Opportunity Equity Weekly Update for 6/27/2025 – 7/3/2025

QXO Rises on Bullish Initiation Report While Alibaba Falls on Price War Concerns

Weekly Archive

Finn McGinnis | 07/01/25

Opportunity Equity Weekly Update for 6/20/2025 – 6/27/2025

Mega Caps Drive S&P 500 to an All-Time High While Energy Names Slide with Crude

Weekly Performance Review

Finn McGinnis | 06/24/25

Opportunity Equity Weekly Update for 6/13/2025 – 6/20/2025

QXO Rises on Proposed Acquisition While Alphabet Falls on Pending Antitrust Fine

Weekly Performance Review

Finn McGinnis | 06/17/25

Opportunity Equity Weekly Update for 6/6/2025 – 6/13/2025

Energy Names Follow Crude Higher while UBS Falls on Capital Requirement Proposals

Weekly Archive

Finn McGinnis | 06/09/25

Opportunity Equity Weekly Update for 5/30/2025 – 6/6/2025

Norwegian Rises on Improved Bookings Trends while S4 Falls on Lowered Revenue Expectations

Weekly Archive

Finn McGinnis | 06/02/25

Opportunity Equity Weekly Update for 5/23/2025 – 5/30/2025

United Airlines Rises on New Partnership while Coinbase Follows Bitcoin Lower

Weekly Archive

Finn McGinnis | 05/28/25

Opportunity Equity Weekly Update for 5/16/2025 – 5/23/2025

Canada Goose Rises on Strong Earnings while Royalty Pharma Falls on Drug Price Headlines

Weekly Archive

Finn McGinnis | 05/20/25

Opportunity Equity Weekly Update for 5/09/2025 – 5/16/2025

Coinbase Rises on S&P 500 Inclusion while New Fortress Falls on Earnings Miss

Weekly Archive

Finn McGinnis | 05/14/25

Opportunity Equity Weekly Update for 5/02/2025 – 5/09/2025

Crocs Rises on Strong Earnings While Alphabet Falls on Search Trial Testimony

Weekly Archive

Finn McGinnis | 05/06/25

Opportunity Equity Weekly Update for 4/25/2025 – 5/02/2025

QXO Rises on Completed Acquisition while General Motors Falls on Lowered Guidance

Weekly Archive

Finn McGinnis | 04/29/25

Opportunity Equity Weekly Update for 4/17/2025 – 4/25/2025

Coinbase Follows Bitcoin Higher While QXO Falls on Capital Raise

Weekly Performance Review

Finn McGinnis | 04/15/25

Opportunity Equity Weekly Update for 4/4/2025 – 4/11/2025

The Magnificent 7 Moves Higher while Biogen Falls on Leqembi Guidance Cut

Weekly Archive

Finn McGinnis | 04/08/25

Opportunity Equity Weekly Update for 3/28/2025 – 4/4/2025

QXO Continues to Rise Following their Definitive Merger Agreement while Market Craters on Global Tariff Concerns

Weekly Archive

Finn McGinnis | 04/01/25

Opportunity Equity Weekly Update for 3/21/2025 – 3/28/2025

S4 Capital Rises on Earnings while Royalty Pharma Falls on Tax Headlines

Weekly Archive

Finn McGinnis | 03/26/25

Opportunity Equity Weekly Update for 3/14/2025 – 3/21/2025

IAC Rises on Upcoming Angi Spin while QXO Enters Into Definitive Merger Agreement to Acquire Beacon Roofing

Weekly Archive

Finn McGinnis | 03/18/25

Opportunity Equity Weekly Update for 3/7/2025 – 3/14/2025

Peloton Rises on Upgrade while Coinbase Follows Bitcoin Lower

Weekly Archive

Finn McGinnis | 03/11/25

Opportunity Equity Weekly Update for 2/28/2025 – 3/7/2025

Biogen Rises on Leqembi Sales Growth while Kosmos Follows Crude Prices Lower

Weekly Archive

Finn McGinnis | 03/04/25

Opportunity Equity Weekly Update for 2/21/2025 – 2/28/2025

General Motors Rises on Dividend Increase while Seadrill Falls on Earnings Miss

Weekly Archive

Finn McGinnis | 02/25/25

Opportunity Equity Weekly Update for 2/14/2025 – 2/21/2025

Alibaba Rises on Strong Earnings while Norwegian Falls on Tax Concerns

Weekly Performance Review

Finn McGinnis | 02/19/25

Opportunity Equity Weekly Update for 2/7/2025 – 2/14/2025

Alibaba Rises on Strategic Partnership while Illumina Continues to Fall Following Earnings

Weekly Archive

Finn McGinnis | 02/11/25

Opportunity Equity Weekly Update for 1/31/2025 – 2/7/2025

Expedia Rises on Strong Earnings while Alphabet Falls on CAPEX Guide

Weekly Archive

Finn McGinnis | 02/10/25

Opportunity Equity Weekly Update for 1/24/2025 – 1/31/2025

Alibaba Rises on Latest AI Model while Nvidia Falls on DeepSeek Concerns

Weekly Archive

Finn McGinnis | 01/28/25

Opportunity Equity Weekly Update for 1/17/2025 – 1/24/2025

Dave & Buster’s Gains on Improved Expectations for Restaurant Industry while Kosmos Energy Followed Brent Prices Lower

Weekly Archive

Finn McGinnis | 01/22/25

Opportunity Equity Weekly Update for 1/10/2025 – 1/17/2025

Citi Rises on Strong Earnings while QXO Falls on Rejected Offer

Weekly Archive

Finn McGinnis | 01/14/25

Opportunity Equity Weekly Update for 1/3/2025 – 1/10/2025

Royalty Pharma Rises on Corporate Restructure while Alibaba Follows the Hang Seng Lower

Weekly Archive

Finn McGinnis | 01/07/25

Opportunity Equity Weekly Update for 12/27/2024 – 1/3/2025

Kosmos Rises on First Gas while Sofi Falls on Downgrade

Weekly Archive

Finn McGinnis | 01/02/25

Opportunity Equity Weekly Update for 12/20/2024 – 12/27/2024

Kosmos Follows Crude Prices Higher while Coinbase Follows Bitcoin Lower

Weekly Archive

Finn McGinnis | 12/24/24

Opportunity Equity Weekly Update for 12/13/2024 – 12/20/2024

Bank of America Turns Bullish on Expedia while Coinbase Follows Bitcoin Lower

Weekly Archive

Finn McGinnis | 12/18/24

Opportunity Equity Weekly Update for 12/6/2024 – 12/13/2024

Alphabet Jumps on Quantum Computing Advancements while Dave & Busters Falls on Earnings Miss

Weekly Performance Review

Finn McGinnis | 12/10/24

Opportunity Equity Weekly Update for 11/29/2024 – 12/6/2024

Amazon Rises on AWS Event while Energy Names Follow Crude Lower

Weekly Archive

Finn McGinnis | 12/03/24

Opportunity Equity Weekly Update for 11/22/2024 – 11/29/2024

Dave and Buster’s Rises on Turnaround Initiatives while General Motors Falls on Tariff Threat

Weekly Archive

Finn McGinnis | 11/26/24

Opportunity Equity Weekly Update for 11/15/2024 – 11/22/2024

QXO Rises on Potential M&A while Alphabet Falls on DOJ Proposal

Weekly Archive

Finn McGinnis | 11/19/24

Opportunity Equity Weekly Update for 11/8/2024 – 11/15/2024

Coinbase Jumps in Sympathy with Bitcoin while IAC Falls Despite a Topline Beat

Weekly Archive

Finn McGinnis | 11/12/24

Opportunity Equity Weekly Update for 11/1/2024 – 11/8/2024

Coinbase Jumps in Sympathy with Bitcoin While Green Thumb Falls on Election Concerns

Weekly Archive

Finn McGinnis | 11/06/24

Opportunity Equity Weekly Update for 10/25/2024 – 11/1/2024

Amazon Rises on Improved Margins While Crocs Falls on HeyDude Woes

Weekly Archive

Finn McGinnis | 10/31/24

Opportunity Equity Weekly Update for 10/18/2024 – 10/25/2024

General Motors Rises on Strong Earnings While Coinbase Follows Bitcoin Lower

Weekly Archive

Finn McGinnis | 10/22/24

Opportunity Equity Weekly Update for 10/11/2024 – 10/18/2024

United Airlines Rises on Strong Earnings while CVS Falls on Management Change

Weekly Archive

Finn McGinnis | 10/14/24

Opportunity Equity Weekly Update for 10/4/2024 – 10/11/2024

Norwegian Jumps as Citi Gets Bullish While Dave and Buster’s Falls Despite Insider Buying

Weekly Archive

Finn McGinnis | 10/08/24

Opportunity Equity Weekly Update for 9/27/2024 – 10/4/2024

Kosmos Follows Crude Higher while Coinbase Follows Bitcoin Lower

Weekly Archive

Finn McGinnis | 10/01/24

Opportunity Equity Weekly Update for 9/20/2024 – 9/27/2024

Alibaba Rises on China’s Stimulus Package while Energy Names Follow Crude Prices Lower

Weekly Archive

Finn McGinnis | 09/24/24

Opportunity Equity Strategy Update for 9/13/2024 - 9/20/2024

Citi Rose on The Fed’s Rate Cut while S4 Capital Fell Despite Improved Margins

Weekly Archive

Finn McGinnis | 09/17/24

Opportunity Equity Weekly Update for 9/6/2024 – 9/13/2024

Nvidia Gains on Continued Strong Demand While Citigroup Fell on Higher Costs

Weekly Archive

Finn McGinnis | 09/10/24

Opportunity Equity Weekly Update for 8/30/2024 – 9/6/2024

Limited News on Top Contributors while OneMain Falls Despite Strong Branch Traffic

Weekly Archive

Finn McGinnis | 09/04/24

Opportunity Equity Weekly Update for 8/23/2024 – 8/30/2024

SOFI Rises on Positive MPL Data while NVDA Falls Despite Strong Earnings

Weekly Archive

Finn McGinnis | 08/27/24

Opportunity Equity Weekly Update for 8/16/2024 – 8/23/2024

Peloton Rises on Cost Improvements while Energy Names Follow Crude Prices Lower

Weekly Archive

Finn McGinnis | 08/20/24

Opportunity Equity Weekly Update for 8/9/2024 – 8/16/2024

Amazon Rises on Strong Retail Sales Report while Precigen Reiterates BLA Submission Plans

Weekly Archive

Finn McGinnis | 08/12/24

Opportunity Equity Weekly Update for 8/2/2024 – 8/9/2024

Expedia Rises on B2B Growth while Seadrill Falls on Rig Delays

Weekly Archive

Finn McGinnis | 08/05/24

Opportunity Equity Weekly Update for 7/26/2024 – 8/2/2024

Meta Rises on a Strong Q2 Results while OneMain Financial Falls on Macro Weakness

Weekly Archive

Finn McGinnis | 07/30/24

Opportunity Equity Weekly Update for 7/19/2024 – 7/26/2024

Everi Jumps on Acquisition Announcement while General Motors Reports Strong Earnings

Weekly Archive

Finn McGinnis | 07/23/24

Opportunity Equity Weekly Update for 7/12/2024 – 7/19/2024

Western Alliance Jumps on Strong Q2 Print while Amazon Hosts a Record-Breaking Prime Day

Weekly Archive

Finn McGinnis | 07/16/24

Opportunity Equity Weekly Update for 7/5/2024 – 7/12/2024

Expedia Rises on Increased Web Traffic while Delta Falls on Narrow Earnings Miss

Weekly Archive

Finn McGinnis | 07/09/24

Opportunity Equity Strategy Update for 6/28/2024 - 7/5/2024

Tech Names Reach All-Time Highs while OneMain Falls on Weakening Branch Traffic

Weekly Archive

Finn McGinnis | 07/03/24

Opportunity Equity Weekly Update for 6/21/2024 – 6/28/2024

Energy Names Followed Crude Prices Higher while General Motors Announced Two Executive Changes

Weekly Archive

Finn McGinnis | 06/24/24

Opportunity Equity Weekly Update for 6/14/2024 – 6/21/2024