Michael F. Price (July 3, 1951 – March 14, 2022) was an American value investor and fund manager who ran the hedge fund MFP Investors LLC.

Early life and education

Price was born on July 3, 1951, to a

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family in

Glen Cove, New York Glen Cove is a Political subdivisions of New York State#City, city in Nassau County, New York, United States, on the North Shore (Long Island), North Shore of Long Island. At the 2020 United States Census, the city population was 28,365 as of th ...

.New York Times: "Manager's Profile; Michael F. Price" By Carole Gould
June 20, 1993 His father ran a chain of clothing stores.
April 06, 1995 In 1973, he earned a B.A. from the

University of Oklahoma The University of Oklahoma (OU) is a Public university, public research university in Norman, Oklahoma. Founded in 1890, it had existed in Oklahoma Territory near Indian Territory for 17 years before the two Territories became the state of Oklahom ...

Career

In 1974, he accepted a job with

Max Heine Max L. Heine (1911 – March 1988) was a value investor and fund manager in New York City. Biography A Jewish law student in Berlin, Max fled Nazi Germany in 1934 for New York, where he found work in a department store. Sometime in the late 19 ...

at Mutual Series. In 1982, he became a full partner and when Heine died in 1988, became the president and chairman. In 1995, with his mutual fund, he famously took a position in

Chase Manhattan Bank JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fina ...

of 11 million shares or 6.1% of their stock to force them "to sell divisions or take other actions" to find a buyer to elevate the value of their stock. Chase ultimately was sold to Chemical Banking Corp. on August 28, in a deal valued at more than $10 billion and 70% higher than his initial purchases. In 1996, Mutual Series was merged into

Franklin Templeton Investments Franklin Resources, Inc. is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is ...

. In 1998, Price stepped down from day-to-day fund management duties but continued as chairman of the company, and in 2001, he left the firm to begin his own fund company, MFP Partners, LP.

Philanthropy

Price donated tens of millions of

dollars Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, Un ...

to his alma mater, the

, and to the fraternity of which he was a member,

Beta Theta Pi Beta Theta Pi (), commonly known as Beta, is a North American social fraternity that was founded in 1839 at Miami University in Oxford, Ohio. One of North America's oldest fraternities, as of 2022 it consists of 144 active chapters in the Unite ...

. The OU

College of Business A business school is a university-level institution that confers degrees in business administration or management. A business school may also be referred to as school of management, management school, school of business administration, o ...

, one of its buildings, and a large endowment bear his name. Th
CGTM
which officially opened in June 2008 at the Albert Einstein College of Medicine in the Bronx, bears his name too.

Personal life

Price was married and has six children.Forbes: the World's Billionaires: Michael Price
May 2017 He has been a summer resident of

Bay Head, New Jersey Bay Head is a borough in Ocean County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 968,Forbes 400 The ''Forbes'' 400 or 400 Richest Americans is a list published by ''Forbes'' magazine of the wealthiest 400 American citizens who own assets in the U.S., ranked by net worth. The 400 was started by Malcolm Forbes in 1982 and the list is publ ...

, Price disputed this claim to his net worth, stating "You guys make things up about people every year, so you can keep making things up about me." He died following a lengthy illness on March 14, 2022, at the age of 70.

References

External links