Michael F. Price Explained
Michael F. Price (July 3, 1951 – March 14, 2022) was an American value investor and fund manager who ran the hedge fund MFP Investors LLC.
Early life and education
Price was born on July 3, 1951, to a Jewish family[1] in Glen Cove, New York.[2] His father ran a chain of clothing stores.[3] In 1973, he earned a B.A. from the University of Oklahoma.[4]
Career
In 1974, he accepted a job with Max Heine at Mutual Series. In 1982, he became a full partner[5] 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.[6] 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.[7] [8]
Philanthropy
Price 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.[9] The OU College of Business, one of its buildings, and a large endowment bear his name.[10] 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 was married and has six children.[11] He has been a summer resident of Bay Head, New Jersey.[12]
Often included in the Forbes 400, Price disputed this claim to his net worth, stating "You guys make things up about people every year, so you can keep making things up about me."[13]
He died following a lengthy illness on March 14, 2022, at the age of 70.[14]
Further reading
- Book: Klarman, Seth . Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor . limited . New York . HarperCollins . 1991 . 978-0-887-30510-8. 1–100 .
- Book: Bruce C.N.. Greenwald. Judd . Kahn. Paul D.. Sonkin. Michael. van Biema. Value Investing: From Graham to Buffett and Beyond. New York . Wiley Finance . 2001 . 978-0-471-46339-9. 245–262 .
- Book: Jean-Jacques, J.Dennis . The Five Keys to Value Investing. New York . McGraw-Hill . 2002 . 978-0-071-40231-6. xi–24 .
- Book: Kate . Welling . Mario . Gabelli . Merger Masters: Tales of Arbitrage . New York . Columbia University Press . 2018 . 978-0-231-19042-8 . 74–88 .
External links
Notes and References
- http://www.forbes.co.il/rating/list.aspx?en6v0tVq=FK Forbes Israel: Jewish Billionaires - Profile of Michael Price
- https://www.nytimes.com/1993/06/20/business/manager-s-profile-michael-f-price.html New York Times: "Manager's Profile; Michael F. Price" By Carole Gould
- https://www.nytimes.com/1995/04/06/business/chase-investor-shows-impressive-record.html New York Times: "Chase Investor Shows Impressive Record" By FLOYD NORRIS
- Web site: MR. PRICE IS ON THE LINE. 9 December 1996. Serwer. Andrew. Fortune. 20 January 2019.
- http://www.findarticles.com/p/articles/mi_qn4182/is_20051212/ai_n15915975 The Oklahoma City Journal Record
- https://www.nytimes.com/1995/08/29/us/banking-s-new-giant-deal-chase-chemical-agree-merge-10-billion-deal-creating.html?pagewanted=all&src=pm&gwh=CCCAE5895B262B9361F4BAAA47521C66 Banking's New Giant: The Deal; Chase And Chemical Agree To Merge In $10 Billion Deal Creating Largest U.S. Bank, New York Times, August 29, 1995
- http://www.franklintempleton.com/retail/jsp_cm/global_nav/company/co_history_mid90s.jsp Franklin Templeton
- Web site: The Forbes 400 The Richest People in America. Forbes. September 2008. 3 February 2018.
- https://web.archive.org/web/19970617002158/http://www.businessweek.com/bwdaily/dnflash/april/nf70425e.htm Business Week
- http://price.ou.edu/about/mfp.aspx About Price College
- https://www.forbes.com/profile/michael-price/ Forbes: the World's Billionaires: Michael Price
- Konrad, Walecia. "HAVENS; Weekender | Bay Head, N.J.", The New York Times, June 13, 2003. Accessed August 23, 2015 "Bay Head is still a retreat for wealthy executives. Summer residents include Roger King, chief executive of CBS Enterprises and King World Productions, and Michael Price, formerly of the Mutual Series mutual fund company."
- Web site: In Pictures: Rich And Under The Radar. 12 December 2006. Forbes. 3 February 2018.
- Web site: Michael Price, well-known value investor, dies at 70. KFGO-FM. 15 March 2022. 15 March 2022.
