Michael Price – MFP Investors

Michael Price started his career in 1975 as a research assistant at Heine Securities later known as Mutual Shares, which then had $5 million in assets. By 1988 Michael was the sole owner of the company and he increased the value of assets under management to over $17 billion before selling the business to Franklin Resources Inc. for $670 million in 1996. Michael now manages his wealth through MFP Investors. Both Peter Cundill and Seth Klarman (who began his career working for Michael) have credited Michael with teaching them how to take the net-net concept one step further to value all of a company’s assets. Peter wrote in his journal that he read Outstanding Investors Digest “to find out what Mike Price is doing” on the basis that “good poets borrow and great poets steal”.