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

Jewish Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...

family in

Glen Cove, New York Glen Cove is a Political subdivisions of New York State#City, city in Nassau County, New York, Nassau County, on the North Shore (Long Island), North Shore of Long Island, New York (state), New York, United States. The city's population was 28,3 ...

.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, United States. Founded in 1890, it had existed in Oklahoma Territory near Indian Territory for 17 years before the two territories became the ...

Career

In 1974, he accepted a job with Max Heine 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, 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 financial services holding ...

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 corporation, multinational investment management holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York ...

. 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 to his alma mater, the

. The OU College of Business, one of its buildings, and a large endowment bear his name. Th
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which officially opened in June 2008 at the

Albert Einstein College of Medicine The Albert Einstein College of Medicine is a Private university, private medical school in New York City. Founded in 1953, Einstein is an independent degree-granting institution within the Montefiore Einstein Health System. Einstein hosts Doc ...

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. Often included in the

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 ...

, 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