Jan 29, 2021
Many of the guests that I've had on this program are people I've
known for years. We approached those conversations as an
opportunity to explain together to the audience their methods,
philosophies, and approach. Today’s conversation with Samantha
Greenberg is a bit different. Samantha is someone I’ve looked
forward to meeting for some time now as she would come up
constantly in conversations with other investors and I’m happy to
get to know her alongside you.
Samantha Greenberg is Portfolio Manager of Technology, Media
& Telecom investing at Ashler Capital, a Citadel company.
Before joining Ashler Capital, Samantha was Chief Investment
Officer of Margate Capital Management which she founded in 2016, a
partner and TMT/consumer sector head at Paulson & Co. Inc., and
a vice president in the Special Situations Group of Goldman Sachs.
Samantha received her MBA from Stanford University's Graduate
School of Business and graduated from the Wharton School at the
University of Pennsylvania with a BS in Economics.
On this episode, Samantha and I discuss how she developed an
interest in the investment industry, why asset management is a
particularly good field for women, how her experiences at Goldman
and Paulson shaped her investment philosophy, her catalyst-driven
approach, why resources are critical to scaling, the benefits of
extensive data modeling, and so much more!
- Samantha’s early discovery and passion for the markets
- How Samantha’s interest in investing continued throughout her
school years (4:28)
- The experience that drove Samantha’s passion for
- How Samantha’s experience as an internet and media analyst
shaped her passion for tech (7:58)
- Formative experiences from successive market crises in
Samantha’s early career (9:24)
- Learning true process diligence (11:52)
- Critical lessons about catalysts from John Paulson (14:19)
- Samantha’s experiences at Goldman Sachs and Paulson & Co.
in the late 2000s (15:59)
- Why asset management is a great industry for women, despite the
current demographics (19:26)
- Comcast as a powerful example of asymmetry from Samantha’s time
at Paulson (22:55)
- The importance of steady-state valuations (26:28)
- The decision to start Margate Capital (27:58)
- Margate Capital’s investment philosophy (29:47)
- Samantha’s perspective on idea generation (32:07)
- How access to resources acts as a major barrier to entry for
hedge funds (33:27)
- Understanding the rationale behind mispricing (35:58)
- Why a catalytic event is crucial for Samantha (37:24)
- Making decisions about portfolio sizing (38:19)
- Hedging market exposure (40:25)
- Shock testing your portfolio (43:20)
- A case study on value-unlocking catalysts with the Madison
Square Garden Company (45:12)
- The leisure industry is one to watch for the future
- Why Samantha left Margate Capital for Ashler Capital
- How regulatory risk impacts the future of investments in the
technology industry (55:47)
- The current tech trends Samantha is keeping an eye on
- And much more!
Mentioned in this Episode:
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