Episode 45: Opportunity in Healthcare - The Largest and Most Inefficient Sector in the American Economy -- Richard Patton, Founder of Courage Capital Management

My guest today is Richard Patton. For me, this conversation is a real treat. I’ve known Richard from early in my investment career – over 20 years ago. At that time, Richard was the founder and Portfolio Manager of a Nashville-based event driven hedge fund called Courage Capital. He was then and still remains one of the most interesting and singular investors I’ve had the pleasure of meeting. While he has the education chops from Vanderbilt and Harvard, Richard marches to the beat of his own music. Courage Capital has evolved and focused its expertise on the white space of investment opportunity. That includes music royalties, small business lending and healthcare. As we’ll learn in today’s podcast, healthcare – the largest part of the US economy remains remarkably inefficient. As Richard walks us through his strategy, he has me alternatively laughing, curious, and optimistic as we talk about Nashville, the Small Business Administration, staffing for MRI techs, and how radioactive isotopes are used to treat tumors. Enjoy the conversation.

This podcast was recorded on April 13, 2026. The respective opinions expressed are those of Mr. Patton and Biltmore Family Office, LLC.. The opinions referenced are as of the date of this podcast and are subject to change without notice. This material is for informational use only and should not be considered investment advice. The information discussed herein is not a recommendation to buy or sell a particular security or to invest in any particular sector. Forward-looking statements are not guaranteed. BFO reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. The discussions, outlook and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional.

Biltmore Family Office, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about BFO’s investment advisory services can be found in its Form ADV Part 2, which is available upon request.