“It Is The Judgment That Counts” — Michael Price

Michael Price was interviewed in the Spring 2011 issue of Graham and Doddsville, an investment newsletter from the students of Columbia Business School.

Mr. Price began his career in 1973 when he joined Max Heine at Mutual Series.  In 2001, he left the firm to begin his own fund, MFP Investors, LLC.  He earned a Bachelor in Business Administration from University of Oklahoma.

G&D:  You have been involved in distressed and special situation investing for a long time.  How has your strategy evolved and what is the mix today?

Michael Price (MP):      It has evolved indeed.  As a small mutual fund at Mutual Series, we had no say.  We had small amounts of stock.  We could not influence proxy fights.  We always had value and we always had situations involving corporate control.  When the funds got bigger, we realized that we could use our significant influence for the betterment of our position, and that of all the other shareholders.  We did that for a while, and then I got out of the fund business.  Now I am back to a small, family office kind of fund, where we don’t have that clout, but we try and influence directors and officers just because of our point of view that we think is well thought out.  That is how it has evolved.  We don’t take controlled positions.  We don’t try and force things to happen anymore.

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