63 min listen
Samantha McLemore, Founder and Managing Member, Patient Capital Management
FromAlpha Exchange
ratings:
Length:
52 minutes
Released:
Jan 5, 2021
Format:
Podcast episode
Description
Mentored at Legg Mason under the tutelage of legendary investor Bill Miller, Samantha McLemore is a student of finding value in corporate equities. Now the founder and managing member of Patient Capital Management, Samantha shares her perspectives developed over two decades and through several cycles of the value factor. Our conversation is an exploration of Samantha’s framework, keenly focused on finding opportunity based on valuation and with a long horizon in mind. In Samantha’s world, embracing out of favor securities allows capital to be put work when and where others are reluctant to and sets the stage for achieving long term excess returns. In this context, she recounts her purchase of UBER during the early days of the 2020 lockdown, seeing potentially strong upside relative to what she deemed as manageable downside risk. We talk more broadly about the underperformance of the value factor in recent years as Samantha notes that the high growth segments of the market are in demand in an environment where investors have become less sensitive to valuation. For her, some of these high flying stock prices warrant caution, especially as a vaccine provides the potential that business as we once knew it becomes more the norm rather than the exception. And in this context, Samantha and her team are looking closely at the cruise line sector, again embracing disruption and volatility in pursuit of long term alpha. I hope you enjoy this episode of the Alpha Exchange, my discussion with Samantha McLemore.
Released:
Jan 5, 2021
Format:
Podcast episode
Titles in the series (100)
Eric Peters, One River Asset Management: Beginning his career in Chicago trading corn futures in the late 1980’s, Eric Peters moved into the sharp elbowed world of bond futures trading on the CBOT and then went to a bank, prop trading rates and derivatives through the 1990’s. His perspectives on the exchange rate mechanism crisis in 1992 and the bond market massacre in 1994 provide significant insight on the way in which policy frameworks invite risk taking that can ultimately lead to instability. Utilizing many of these lessons on risk, Eric founded One River Asset Management, a firm that delivers bespoke solutions to institutional investors, helping them navigate markets in the post-crisis era. As 2018 comes to a close, Eric sees a long period of adjustment to a higher volatility regime in both the risk asset complex as well as inflation. by Alpha Exchange