Michael Price: The Wisdom of Seth Klarman's MentorVW Staff
It’s not often that value investors have an opportunity to hear unedited investment advice from someone who has not only assembled a market-beating track record over decades but has also served as mentor to other accomplished value investors, including Seth Klarman, Meryl Witmer, and David Winters. Investing legend Michael Price spoke at the London Value Investor Conference on May 9, 2013.
The conference, organized by Simon Denison-Smith and Jonathan Mills ofMetropolis Capital and moderated by David Shapiro of Towers Watson, has quickly emerged as the go-to annual event for value investors in Europe and beyond. Profits from the 2013 event went to Place2Be, the leading UK provider of school-based emotional and mental health services.
Michael Price has managed money since 1974 when he joined Mutual Series under Max Heine. Price became partner in 1982 and took over Mutual Series after Heine’s passing in 1988. He amassed a market-beating track record, significantly growing the firm and selling it to Franklin Templeton in 1996. Michael Price now manages a “family office” that continues to file quarterly forms 13F-HR with the SEC. Price’s U.S. equity portfolio, valued at $763 million at the end of Q1 2013, included Alleghany (Y), Citigroup (C), FXCM (FXCM), Hess (HES), Intel (INTC), and McGraw-Hill (MHP) among its largest positions. Alleghany, Citigroup, Intel, and McGraw-Hill have been profiled in The Manual of Ideas, while FXCM was presented as an investment idea by Jake Rosser at Best Ideas 2013.