Patient Capital Management is a Baltimore asset manager founded in 2020 by Samantha McLemore, CFA — Bill Miller's long-time co-manager (working together since 2002, running the flagship Opportunity Equity strategy since 2014). Continuing the Miller-school contrarian tradition, it practices "time arbitrage": exploiting behavioral mispricing to concentrate in controversial growth names (tech, healthcare, Bitcoin-related) at deep discounts to intrinsic value. Its site preserves Bill Miller's complete 1995-2022 market letters, alongside ongoing quarterly letters and webinars.
This summary introduces a panel discussion published by Patient Capital: Samantha McLemore and Bill Miller, moderated by Marvin McIntyre of Morgan Stanley Wealth Management, engaged in an impromptu conversation reviewing the "Legendary Lessons" from their period of collaboration. The discussion focu