Interview With David Marcus Of Evermore Global Advisors: Lessons Learned From Michael Price On Event-Driven Investing [Part 1]

Part one of ValueWalk's interview with David Marcus, co-founder, CEO, and CIO of Evermore Global Advisors. The full audio available for everyone, transcript is for ValueWalk Premium readers. Also, stay tuned for Part II of this interview.

Q1 hedge fund letters, conference, scoops etc


Interview With David Marcus

Transcript

Good morning, podcast listeners, today is a very special episode, I am here live with David Marcus, the co-founder, CEO and CIO of Evermore Global Advisors.  He founded the firm back in 2009, before this he worked at Mutual Series Fund under Michael Price, in 2000 he founded Marcstone Capital Management, a long short Europe focused fund which was funded by a Swedish financer, Jan Stenbeck.  After this he was a managing partner of MarCap Investors where he was seated by Dan Stern of Reservoir Capital.  David graduated Northeastern University in business administration and concentration in finance.  I want to welcome David to the show and I want to welcome all our listeners to a very, very special episode.

Welcome to ValuTalk with Raul.

Alright, so I just wanted to welcome our listeners to a very special episode, I have David Marcus, the CEO founder of Evermore, David, welcome to the show.

Thank you.

Alright, can you just tell me about your background and what led you to finance and investing?

Sure.  I’ve been interested in stock picking and investing really since I was a kid.  I was lucky enough to grow up in a house where my dad and my uncle owned a small brokerage firm, it was so small, it was literally a two man firm.  But they just were always talking about stocks, all the time, and they were always looking for the next IBM and the next Xerox.  And even as a kid I would ask them, “Why do you have to plan the next one, why can’t you buy those stocks?”  And so there was just always debate.  And so from the earliest ages I knew this was an area that was of interest to me, that I wanted to be in.  And I just focused on reading as much material as I could, I’d go to the library on the weekends, I’d get any books about Wall Street, the history of Wall Street, who the players were, if any fund manager wrote a book.  And in those days there were not a lot of books.  I would just try to consume as much as I could, I just was really into just learning as much as I could about the street, the stocks, investing and just how it all kind of worked, especially from the old days, were doing stuff that dated really far back, just again put context on how it all worked.

And then I went to Northeastern University in Boston for college.  And Northeastern is a five year undergrad because by the time you graduate you have done co-ops, which are six month full-time jobs.  And now they have it where you do six months full-time three times by the time you graduate.  So it’s four years of education but another sort of 18 months of working at a company, a bank, a broker, whatever sort of is in the area of your interest.  And I was lucky enough that one of the firms that I worked at, which was a bank in Boston was doing the back office work for Michael Price’s mutual fund, so I didn’t know who Michael was in those days, I was just a dopey college kid.  But I was a customer services rep, I literally answered the phones, but I wanted to do my last co-op or internship in New York City.

My boss recommended me to Michael and his firm and in 1987 I got to work on their customer service team at 26 Broadway, right around the corner from the stock exchange, answering the phones.  It was the greatest period of time to start in the business because in 1987 you had the crash of 87.  So just taking investor calls, hearing it in their voices, they had just made investments, what was going to happen to their money, they were concerned.  And just how Michael and his investment team dealt with crisis and fear and panic.  And I saw that in the midst of the crisis, all he kept thinking about what buying bargains.  And so really I was getting it eaten into my head that in panic there’s opportunity.  So I was very lucky that I started that way and I got to work for really one of the great investors right out of school, even though it was as a customer services rep, I was in the door and I got a good feel.  And then he asked me if I wanted to come back after I graduated a few months later or the next year, by then he moved to New Jersey, the business, and I started there.  And he gave me my shot on the trading desk to be a quant for him and other guys.  And I worked from the trading desk to being a junior analyst, senior analyst and kind of worked my way up.

Yeah, very cool.  So yeah, I just want to know, are there lessons you learned from Michael Price?

Quite a few.

Favorite ones, your most useful ones?

SORRY!

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