YouSaid · the spoken record

Samantha McLemore

lines on the record: 110
first: 2023-04-16
most recent: 2023-04-16
sittings or episodes: 1
sources: podcast

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“Afterwards, you know, this woman said, I want to go out and buy stocks. And she'd been to the event every year. She was involved with one of the, you know, the educational institutions. She's like, I've never done that before. She's in her 50s. So I was like, what made you want to do that? And she was like, Bill, because Bill had said, you know, the markets are down a lot. And I think you can basically, you know, throw a dart and make money from where we are now. You just pick any stock. And so he has a way of communicating with people in a way that really resonates and he can do it at any level, any level where you are. He can communicate with you. You can be at the highest level of academia, PhD, and whatever topic. And he can talk to you about your field and research going on. And he can talk to the average person in a way that makes it compelling for them to make the right decisions. And I find that just amazing.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“You know, again, I think those are the things, and he works on himself, he reads these things, he tries to improve all the time. And I think that's another interesting topic, you know, just improvement and getting better and how that never stops that potential and the plasticity of the brain. And, you know, Bill reading stoicism in a COVID crisis, but then also being the voice of reason that goes on CNBC days from the lows to tell people like this is one of the five best buying opportunities of, you know, my investment career. And it takes a lot of gall when the stocks are falling out of bed to say that. And I was at an event with Bill last fall, a charitable event, and he's been gracious enough to speak at it every year. I'm on the board of the group that puts it together. It raises money for educational institutions.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Can be happy if you have that and satisfied and fulfilled if you can achieve that. And there's plenty of evidence that there's a lot of people extremely wealthy who have none of that and who are miserable. So I think the markets are a great venue for working through, helping you work through a lot of stuff to get to that. That's why I just find the mixture and overlap of these things so interesting. you know, I'm so fortunate to spend my time on it. But yeah, when you look at Bill and his history, I mean, you know, the fact that he had that resilience, that he did it magnanimously. And, you know, I've never, you know, I've never heard Bill throw anyone under the bus say anything negative about anyone else. He fully owns any decision that he makes to the complete degree.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“I agree 100% with that. I mean, I agree that he's brilliant and you can talk to him. And one person described it as, you know, usually with people, it's like peeling an onion. And once you get past a layer. But like him, it's like more and more and more. And so it was a great privilege to work with him. But when I think about, you mentioned being really wealthy or peace of mind. I would choose peace of mind all day. You know, there's plenty of evidence of people.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“And how powerful it is. It's an interesting. I love stats so that it works for 50%. I'd love to have more of that on these different things in terms of, but I think most of them are pretty evidence-based that I've seen in terms of good data to support that, again, working through a lot of these things can far more physical than I would have expected when I started learning about this stuff. Well, you think that's...”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yes, I was raised in a Catholic school, so I am well versed in that. And so, you know, those of us who are in the environment, it takes us many years to work out of it, I think. That's interesting. I haven't heard about that, but there's a lot of these interesting modalities. I've read about tapping and I know a number of smart health practitioners have said some benefit to tapping on different parts of your face while repeating some of these mantras.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“There is a website, there's a neuro emotional technique website, and it has practitioners, so you can search your local area for, it has both information and practitioners. I don't know if there's a good book more on more broadly. I'm sure there is. I haven't read one, but there's a lot of good information on the website.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“When you're having points of stress or worry or concern to really feel those and allow them allow yourself to work through them, which I think is a super helpful tool. I think they've both found, you know, again, I haven't done it with my youngest. It's a little trickier with her. But my older kids, I think, have found it quite helpful. I find that, you know, quite helpful as well. And some people have likened the technique more broadly, my practitioner has likened it. You can go to a therapy session and you can talk for an hour about what's bothering you or try to get to that and then work through it that way. This is a really efficient way to let the body diagnose it. Or if you know something, you can go directly to it that way too. And then it takes a few minutes to clear it. And maybe you need to do a few rounds of this, but it's a highly efficient way to process some of that stuff.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Working through it, and letting it pass through you. And so it's much better when it's done by a practitioner, but you can do it a little bit on yourself. And so, you know, at least I tried that and I've taught my kids to do that. And I think it's quite helpful for them. So if they're feeling scared, if they're feeling scared, mom, I'm feeling scared. I think someone's going to break in my room at night. And everything I tell them, oh, that's not going to happen. Here's all the reason, you know, all the rational reasons why that's not moving to them. But if they, you know, you kind of put your hand on your forehead and hold your wrist and you close your eyes and you go into that feeling and you just stay there until the feeling passes and then you take a couple of deep breaths and then you can test and see if you're so weakening to that thought. And so it's just a technique to use in the moment.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Well, we do mantra. So, you know, my son after that, my body can heal my body was like his mantra. And he would say in a funny way. And if he starts, like he says it, and it really helped him. And it helped him believe. And he had this complication where, again, he was at risk for another surgery and it's not clear that it's entirely healed. So he continued to tell himself that. And I think it's helped him. And then I don't know if you've heard of this neuroemotional technique. So there's a practitioner, you know, that I see locally who's pretty advanced in this neuroemotional technique. And I love her and I love this technique. But the body can tell, you know, she can tell by doing different things on the body, like moving your fingers if it weakens to certain things. You know, you have these neural networks in the brain. If you have an emotional belief state that's not helping you, it's a way of trying to figure out, A, what is that belief state? And then, you know, through some breathing and feeling and kind of going into that feeling.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“I think that's so important in today's day and age. So, you know, I talk about that a lot to be based on the evidence and inform your view before having a position on something. Again, the power of the mind and mantras and how powerful that can be. I've taught them little tools that they'll use from time to time. So yeah, I think there's a lot of things that you learn as you're in this line of work that can be helpful far more broadly.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“You know, we talked a lot about mantras and repeating things and the power and how your body can heal itself. And he's really probably internalized the most of the power that the mind can have. I mean, I'm always trying to come home and share with them little lessons that I learn, you know, in the day. And I think one of the things, I mean, there's so many things we could go on forever. But one of the first lessons Bill taught was to go directly to the source if you know, if you get information. And that was in 2002, 2003. Today, misinformation is, you know, an even greater thing. And for my kids who are growing up in an age of the internet and social media and the amount of it out there, I'm constantly telling them to look for credible sources, go directly to the source, look for information in different areas that can confirm your understanding of something. Again, this triangulate.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“You know, there are so many overlaps. I think A, just the power of time and more of the stuff that we talked about on Stoicism and the power of the mind, you know, for my daughter specifically, the confidence stuff, again, my four-year-old's too young, but my 11-year-old, I try to teach her that sort of stuff. But I think I shared with them, you know, some of the story about Arnold and his history. And it was just so striking that you can go through such horrible times and then, you know, will yourself to be better? I think it was really transformative to my kids. My son last year had a ruptured appendix. And then he had all these complications, abscesses, and it was really jarring for him to, you know, and it made him much more fearful, I think, about his health. And so”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“To have better judgment, there is broad, again, all of the data I've seen on that sort of thing is similar. And it's that women do a little better because they trade less. Again, they just trade less. So men trade more. They're more confident. They think, you know, and they must be doing the wrong. So something's down, they sell it, they buy something else. You know, they do, they're obviously trading in a way that, but there's a lot of good evidence that doing less helps returns. You know, there's costs to doing that. Again, I think I love that data on the returns, but I think it relates to that, you know, overconfidence piece”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Rate yourself higher. And so, and I've heard some people in the asset allocation world talk about this as it relates to investors and advise women to present themselves differently in a more confident manner. Again, I'm not sure I agree, but that's the optimal solution to that problem. But I do think that, again, if there is some difference there, my guess would most be most women who make it to the CEO level are on the most confident end of the spectrum of women. But if there is some lower confidence, lower presentation that leads into how they're being perceived by the world and lowers those expectations, again, low expectations, I think are always helpful when it comes to investing.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Definitely. And I think the other interesting thing is, you know, Danny Kahneman's done work on confidence and how confidence is the key thing that convinces people of things. And there's a lot of good data and evidence on men having more confidence. You know, the data that I've seen is trading and, you know, overconfidence as it relates to that. So that's where we do have better data. But I think that confidence really helps you sell yourself. And I know plenty of women who undersell themselves. And, you know, one of my friends who works at a big company and she does PowerPoints all the time. And she was applying for this other job and it asked her to rate how she would rate herself on PowerPoints. And she gave herself like a mediocre grade. And her boss came into her and said, what are you doing? You do PowerPoints every day. No one does them more than you. Like, what are you more do you expect to know? Go change that.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“People from different backgrounds that have different characteristics have a different life and they find different things.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I do think it's true. But I don't, it's not a search strategy. I don't go searching for women CEOs. Again, they make up a greater percentage of the portfolio, and I do agree that I think they're underestimated or maybe expectations are low. But I also think that's the value of diversity. And Bill was really early on the values of diversity on the team, is that women just happen to, you know, we're different in some ways. And the stuff that I look at, I end up finding things, you know, more things that are run by women. And so, or what they say resonates with me in a different way. And then I do more work on the stock and the company. I did look into that. And maybe I should make it a search strategy. I haven't done that so far. I think it just is the value of diversity.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“In life, like with my two kids, they were asking me about Santa Claus Real and my daughter who's older, she was like, I don't know, I mean, on this, this. I don't think you guys really, you know, know what I like. And so my son was just like, he's not. And I'm like, how do you know? And he's like, I just know. He's not. He was entirely confident of his, he did not have more information. He wasn't me. But again, that's an anecdote. But it's a fun one.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“You know, it's so funny. That you ask Bill that I wouldn't have guessed that he would have said that. I haven't had that conversation with him. So it's really interesting. So there's a number of different things here. One, yes, I think it's completely true. And Bill's explicitly talked about it. I think, you know, women are underestimated. And some of my favorite sets, again, I don't know the veracity of this, but I've heard this stat where it was at some women's conference I was listening to and they said if you ask a woman or a group of women, how much do you need to know about a topic to raise your hand and say, yeah, I know about that. I'm expert at that. Or even I'm well equipped to answer that. They said it's like 90%. They need to have covered the whole landscape and know a lot about it. And with men, it's more like 30%. They're like, if I read a few things, have I ever been exposed to this? Oh, yeah, I know something about it. Again, I don't know if that's true. I have not found this study. But, you know, you can see some areas.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“One of the things I loved about working with Bill, and we worked so well together is I always loved the feeling of helping this great master accomplish these great things and growing on my own as a part of that. But I realized I find a lot of fulfillment in that. So you don't just have to do that to people you report to. You can also do that to people who work for you. And so the big challenge. You can help people in many other ways to make good investment decisions. I think you do great work there. I find your work so inspiring because I think you're helping people do that. And I would like to do that as well.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Equal opportunities and women having the confidence. I think some of the stats of women are that, you know, at least in investing, they just don't have the confidence that men have. And actually that can help their results in performance because, you know, they don't trade as much. But I think they're just as well suited to invest if they so choose. And may have many benefits. So I think helping them understand it and that educational aspect. I'm passionate about that. We're building up the team and capabilities. I think that'll be an important part of the approach. I mean, more broadly, just helping people invest better and, you know, hopefully being a voice that can help people make better decisions as we go forward will be important in patients' future. In terms of leadership, I think as I've read about these service leaders, that resonates with me well in terms of the sort of leaders who want to help their people accomplish their objectives.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“That's a great question. And I would say that's still a work in process. I think I'm a slow learner. I like a lot of time. It's the evidentiary threshold thing again that Bill says. Like I like to, you know, really study things, spend a lot of time, get a lot of data. So I was very explicit about reading about that. And really before that, I didn't have any organizational responsibilities. It was all investing. And that suited me just perfectly. You know, I like to sit at my computer and be by myself and read and do research and build models. And so it's a whole new challenge and one that I find very exciting, but that I had to figure out. I knew I was not like Bill. And so I oftentimes compare myself to Bill. And this was an area where we are not alike. And so I had to find my own voice. And I know that I'm very passionate about women and women having.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Integration, which is actually something I was horrible at earlier in my career, and it didn't really matter then as much as it would matter now. I would have had to figure that out of like a work life and I was in the office all the time when I was younger. And so before I had a family, I was fine. That was like my preferred lifestyle. And then when I had kids, everything changed. And so it became much more important to figure out how do I integrate this? How do I stay on top of all my responsibilities? I mean, I'm very fortunate. I try to I try to make all of my home responsibilities. I can't do this completely, but I try, revolving around my children and not a lot of the, you know, homes things. And again, not everyone can do that and has that privilege. I understand that. But I feel very, very fortunate to have a very good situation with that.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Overdrive or stop. And then I remember hearing this story about how Peter never took a vacation. His entire career, he took one vacation, and when he went away, the markets were crashing. He was on the phone. I think he had to fly. I think it was overseas. He had to fly back to the office. He never took another one. And so, you know, that's amazing. I probably wouldn't have been able to do this if I wouldn't have wanted to make that choice if I had done this 20 or 30 years ago when those were the options. I mean, now we have Bloomberg on phones. So again, I'm a phone addict. My kids will tell you I'm on it all the time. We try to put it down at dinner and not pick it up so we have spaces where it's not. But I can be on top of what's going on in the markets and still, you know, duck out for something. And then if I know, if I'm emergency is going on or, you know, the tools we have today, I think make them.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Think that's part of what I struggled with because I knew I never wanted to make that mistake. As soon as I had a child, I was, you know, changed and I had such love for this thing. And I wanted to be with her all the time at the beginning. And so that's part of what led me to have those questions at the beginning. And Bill had always said, you know, about Peter Lynch, that he had left the business. And again, this is where I feel so fortunate to be doing this now. He said you can only be in two modes.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Have to travel a lot less to do that, which is a huge benefit. And so I can sneak out to a game once in a while, although my kids tell me I don't attend enough of their stuff. So it's always, you know, I don't have this, you know, this totally figured out. It's like I'm either missing something here or missing something there, but that's the sort of, you know, I think Jeff Bezos says it's he doesn't like the word balance. It's more about harmony. So again, can I just make everything sort of work harmoniously and fulfill all my obligations. That's sort of, I'm like, if everyone's a little bit upset that I'm not doing, I'm probably balancing it, you know, pretty well.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Trying to only spend my time on the most important things and trying to say no to everything else. And fortunately, I don't know if this is fortunate, but I'm pretty introverted. And so I don't have a need for, you know, a big social calendar. I am just fine spending zero time on that. You know, I do spend some time doing some charitable stuff. I have a great team, you know, at the office and spend very little time on anything organizational. So it's really I try to spend most of my time during the day on investment stuff. And then we'll have a family dinner together. We try to do that every night. I travel sometimes so we can't do that every night. But that's our, you know, time to be together. And really now with remote work, it makes things, you know, so much more efficient. And so I can meet with a lot of companies on Zoom.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“I am fortunate to have a lot of help at home. So, my husband's a teacher. Next year, all three will be at the same school where he is. That's a huge help. I'm super fortunate. I have more help at home. So I feel very fortunate to have that sort of help, but it still is challenging because they are my most important priority. And so I want to make time and space for them. And so I am pretty maniacal.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“I mostly invested in our funds and I have a handful of stocks and a little bit of Bitcoin. I don't do the same leverage thing that Bill does. I also don't have access to the same margin rates that Bill has historically had access to. And I just, one of my things is, you know, I just don't want to ever deal with being a forced seller. So I have a little bit of margin, which I put on in this market in particular, you know, with higher yielding stuff that could, you know, more than pay the rate. And then the securities I own outside are mostly older legacy things and they're names that we own, you know, in the funds too. So names like Amazon or one main financial or far fetch or some of the banks, those sort of things.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Oh, yeah, that's definitely those sort of return statistics, as you said, are not true for every country. And so the risk-reward profiles, you know, very different. Again, when Buffett writes about this, he talks about buy Americans specifically, that was his piece. Now I am, and he's talked about the Golden Goose being here and all the things that have made America in particular so special. I mean, I think diversification makes a lot of sense and can help a lot, you know, in terms of international global sort of diversification, especially some of those markets now are down a lot more. So I bet they're quite attractive too. But the risk profiles, I think, differ across different places.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Do you know, okay, you have 60 years to retirement? So we went through the math of if I put this in your account now, $7,000, and you compounded at 10% a year, which is long-term market returns, what would that be worth in 60 years? It was like 2.1 million dollars. And he was like, you know, a sounded. And he was like, well, can you put it in my account? No, I'm not money that smooth, but I'm not going to do that. But just this power of compounding. It's just so important, and finding signal in the markets and abstracting away from noise is such an essential concept. And it's so difficult to do. So things like those data sets about longer-term returns, I think help you do that when people are so focused on the near-term downside over the next month, three months, you know, the macro stuff that no one has any idea about.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Like, I think this guy named Ronald Dahl from Vermont, and that's why I can remember this one better, but a janitor who, you know, became a multimillionaire just by saving consistently investing in blue chip companies. Again, he passed away. His family had no idea that he had all these millions stashed away and he gave it to charity. And he didn't do that because he was really sophisticated in his knowledge. He did it because he had long, long periods of time, the power of compounding is just so important in markets. I try to teach my kids now who are, you know, 11, 9 try to teach the four-year-old. But, you know, this principle, my son was, you know, we're going to Disney World next week and we heard about this VIP program, which is egregiously expensive. And so we were looking up the price and he was like, mom, do it. You know, that sounds amazing. Do it. And I was like, you know, it's at the high end, $7,000. I was like,”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Knows what's going to happen with recession and inflation, like no one knows. And so all that talk is noise. And actually what you do know is that when the market's down and when you're long term, you know, the historical evidence is overwhelmingly in favor of very strong long-term returns. And so I think one, we want to make sure that our investors understand. I just think it's so powerful for anyone, any individual investor to understand. You know, if you just put it away and you buy more at lower prices, so a systematic investment program or even better, do the buffet thing have cash on, evidence isn't as clear that you should keep any cash on the sidelines. Like oftentimes the numbers don't work out. But if you systematically invest over time and put anything more you can in markets that are down, that's so powerful. And what I love and what we've written about are these stories about individual people.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think I remember learning those stats, and it was one of those transformative events for me as I thought about investing. Because, you know, half of days, if you're going to invest for a day, I mean, no one will tell you you should put it in the equity market. It's a gamble. It's a coin toss. You could make money, you could lose money. Who knows? But the stats on 20 year period or even 10-year periods, you know, 100% of 20-year periods, when do you get 100% odds? I mean, not saying perspective would be, but historically, I mean, even the worst of periods in America, you know, made money and 10-year periods, and again, you look at even over five-year periods. So it's just, it's so crucial. And I think we talk a lot about time, not timing. Again, the whole world, the media so focused on timing and giving you data that no one can predict the future. No one.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“And then he compounded over two, three, five. He was very clear in that piece that he had no idea in the short term what the market went to. But he compounded over, even if you could even have a one-year time horizon, it bounced back and you made more on the other side and over, you know, two, three, five, ten years, you compounded well above long-term market rates. And so in this sort of environment, again, we keep talking about that because the market's down. And if you buy it, it could go to new lows. You know, no one knows what's going to happen or where it's ultimately going to bottom. But the amazing thing to me is you don't even have to be that long term when we're down this much. You know, the odds that you're going to go down a lot more could have go down 30% or could. That'd be, I think, unlikely from here. But, you know, again, 90 plus 5% plus over a one year, it'll be up a lot more than average. I mean, it's amazing to me that people don't talk about that more. They focus all on the.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“He wrote about be fearful when others are greedy, greedy when others are fearful and how the best time to buy is during horrible periods. And he talked about the depression and the wars and the buying opportunities there. And years later at an event, I'm not sure if it was a Berkshire meeting, but someone asked him, how did you know that that was the right time to buy? And he said, you know, I don't know time, I know price. And if you look actually, so that was October of 2008, the market was down like 25 to 30 percent more to the bottom in March. So in the short term, it looked and felt like, although I'm not sure Buffett cared, a terrible mistake. I just, you know, if you were to buy then, then you had this 20 to 30 percent loss over, you know, less than six months. But if you could even hold for a year, I think his one-year return was like 24%.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“I was just going to say, I think one of you look at again, many of the best investors, one of my favorite stories or things to remember is, you know, Buffett, obviously an amazing, accomplished career. And he wrote, I mean, he fulfills such a special role for the world, I think, but he wrote in October of 2008 by American I am. And I think that was in the New York Times, his piece on buying America.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, no, I think so. I agree. I was so struck by his story because of how extreme it was and how extreme what he accomplished on the other side and his belief states about belief states, about willing yourself to do certain things and the power of that. I mean, there couldn't be a better story to share with my kids about, you know, they mostly don't want to listen to me when I share stories like this with them, but about how to transform your life really through your mind. And we just understand so little about it. But I think it's powerful. And so obviously that has a lot of applicability to investing.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Amazing. I mean, and he had some great recommendations for books that I, you know, that I picked up, The Power of Now and one of the back pain books about really willing the story about how he grew up and ended up in the orphanage, right? Was in really bad physical shape and then sort of willed himself to get better and compete at climbing ropes and that sort of thing”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I agree. I do all of that mantras. And I meditate for 20 minutes a day, but I'll do breathing for a minute or something later in the day. So I think those things are so powerful and can be so helpful. And the other, one of my other favorite episodes and people that you've written about Arnold”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“That's amazing That's my life goal right there, is to reach. So far from that state, but that always amazes me stories like that.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yes, no, you're right. I should have a better perspective on that, and any amount is helpful. I loved that episode of yours. I thought it was a fabulous episode. And you had someone else on with him, right? Soak me.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“I find it really helpful. You know, again, I do it once a day. It's hard to find the time to do it twice a day. You're supposed to do it twice a day. And I heard Seinfeld say during his time, you know, working and creating the show, he did it once a day. And when he stopped, he started doing it twice a day. And he found that so much more helpful. So I'd be better off if I did it more, but I find it extremely helpful.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“After the markets had a 25% decline, the average one year return is much higher than average. It's like 18% versus 12% over the whole data period. And your 97% likely to make money, at least given the data set that we looked at. So doing those sorts of things when it gets ugly, when it gets harder, when you might be more at risk of making a poor decision and getting scared by the environment, I think is helpful in sharing that knowledge and data with people, you know, repeating things to yourself about returns or, you know, no fear. I think those sort of practices are really important for the vast majority of people and everyone can benefit from that. I mean, I know Ray Dalia has talked a lot about meditation and the benefit he's had from that.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“I've grown up in an environment of optimists. And so Bill, you know, people like to joke or he jokes that he has two modes. Bullish or very bullish. And his partner, Ernie Keeney, who started the value trust with him and came in to work almost every day until he was like 92. He was amazing. He was an amazing man and he was so optimistic and he would sit at our investment meetings and he would tell us about all the wonderful things going on in the world. So last year as the markets crashing, I felt there was a vacuum of this sort of perspective. And so, you know, just that's when we started looking at, okay, the market's done a lot. We've entered bear market territory back to, you know, kind of what I learned when I first started. What does that imply for markets going forward from here? Are returns higher? Are you more likely to make money? And that data was highly supportive of yes. You know, you actually are. If you buy”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“There's a number of a lot of people like to talk to Bill about do you feel the fear? Do you actually feel it or do you not feel it? And are investors wired differently? The great value investors, are they wired differently? And at one point, people were considering conducting an MRI study, which I think would be super interesting. And so, you know, again, I don't know what the answer is. As I said, Bill has guts of steel. So I know he feels a lot less than most people. But it's not that there's zero feelings because like I said, when things get really extreme, again, doing things like reading Stoic passages, like we would be reading them and sharing them with each other again, I can only remember doing that in March 2020. So that was like an extreme time or, you know, meditating or for me doing things that keep me focused on things that I think will help me do the rational thing. So in this period after this sell-off, A.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that's amazing. I'm going to have to read that one. But that's the sort of stuff I love. And I love that piece of the story where he kept repeating it to himself. Because I know I think you've had conversations with a number of people. And I know.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so that is my very favorite quote. I love that. I love that image of stillness in the storm and then the storm calms around you. So I think, you know, like I said, reading it when things get challenging, I took up meditation. I love meditation, learning about breathing techniques. So actually doing things to compensate or offset and manage and mitigate, you know, A, it helps you focus more, but it also calms you down and improves your decision making and what can be a very stressful environment. So, I mean, if you have any good stoicism recommendations, I cannot claim to be an expert there at all.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT
“Things he had very strong opinions on. And any specific example that I would talk to him, he would say, like, you're much better. You'd have a lot of good reasons why I was much better off staying here. I think he never tried to change my perception. I mean, the challenges were what they were. You can see the magnitude of the challenges. So he didn't try to persuade me that it wasn't a very challenging business, that you had to be entirely committed to. But he did help me find tools to deal with that. you know, like the stoicism and the different readings and those sort of things.”
2023-04-16 · We Study Billionaires · RWH025: Patient Capital W/ Samantha McLemore · IDENTIFIED FROM THE TRANSCRIPT