Michael F. Price

Michael F. Price (born July 3, 1951) is an American value investor and fund manager who runs the hedge fund MFP Investors LLC.

Early life and education[]

Price was born on July 3, 1951^[2] to a Jewish family^[3] in Glen Cove, New York.^[2] His father ran a chain of clothing stores.^[4] In 1973, he earned a B.A. from the University of Oklahoma.^[5]

Career[]

In 1974, he accepted a job with Max Heine^[4] at Mutual Series. In 1982, he became a full partner^[6] and when Heine died in 1988, became the president and chairman. In 1995, with his mutual fund, he famously took a position in Chase Manhattan Bank of 11 million shares or 6.1% of their stock to force them "to sell divisions or take other actions" to find a buyer to elevate the value of their stock. Chase ultimately was sold to Chemical Banking Corp. on August 28, in a deal valued at more than $10 billion and 70% higher than his initial purchases.^[7] In 1996, Mutual Series was merged into Franklin Templeton Investments. In 1998, Price stepped down from day-to-day fund management duties but continued as chairman of the company, and in 2001, he left the firm to begin his own fund company, MFP Partners, LP.^[8][9]

Philanthropy[]

He has donated tens of millions of dollars to his alma mater, the University of Oklahoma, and to the fraternity of which he was a member, Beta Theta Pi.^[10] The OU College of Business, one of its buildings, and a large endowment bear his name.^[11] The CGTM, which officially opened in June 2008 at the Albert Einstein College of Medicine in the Bronx, bears his name too.

Personal life[]

Price is married and has four children.^[1] He has been a summer resident of Bay Head, New Jersey.^[12]

Often included in the Forbes 400, Price has disputed this claim, stating "you guys make things up about people every year, so you can keep making things up about me."^[9][13]

References[]

Further reading[]

• Klarman, Seth (1991). Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor. New York: HarperCollins. pp. 1–100. ISBN 978-0-887-30510-8.
• Greenwald, Bruce C.N.; Kahn, Judd; Sonkin, Paul D.; van Biema, Michael (2001). Value Investing: From Graham to Buffett and Beyond. New York: Wiley Finance. pp. 245–262. ISBN 978-0-471-46339-9.
• Jean-Jacques, J.Dennis (2002). The Five Keys to Value Investing. New York: McGraw-Hill. pp. xi–24. ISBN 978-0-071-40231-6.
• Welling, Kate; Gabelli, Mario (2018). Merger Masters: Tales of Arbitrage. New York: Columbia University Press. pp. 74–88. ISBN 978-0-231-19042-8.

External links[]

• GuruFocus page for Michael Price
• StockPickr page for Michael Price
• Price College of Business Oklahoma University