Michael Price

Michael Price learned distressed and value investing under Max Heine at Mutual Shares Fund, eventually taking over management of Mutual Series Funds. He built the Mutual Series into one of the most respected special situations and distressed investing franchises in the US. The funds became known for finding value in bankruptcy claims, merger arbitrage, and undervalued companies. Warren Buffett and Charlie Munger have cited Price as one of the exceptional value investors. He sold Mutual Series to Franklin Templeton in 1996. Price subsequently managed his own capital and taught at NYU Stern School. His influence on distressed and special situations investing extended beyond his funds through the many practitioners who learned from him. His analytical rigor in dissecting corporate balance sheets to find liquidation value and hidden assets established a methodological standard for deep-value investing that practitioners still reference decades after his most active period.