Michael Price is a lesser-known investor, with a unique approach to investing. He got his start in 1975 at Mutual Shares and went on to produce a market-beating track record.

Max Heine started a small fund company in 1949. He set up a single no-load fund called Mutual Shares to invest money for friends and family. But it wasn’t your typical mutual fund. Heine had a unique approach to racking up big returns for his investors. He went anywhere he could find value.

Under Heine’s tutelage, Price learned how to find dollars for fifty cents. He’s followed Heine’s playbook ever since.

Their philosophy begins and ends with the preservation of capital. It’s accomplished through strict discipline to portfolio construction. A portion of the portfolio is always invested in assets that move independently of the market because it helps to reduce drawdowns.

It’s not for everyone either. Price’s strategy requires a particular set of skills and a strong stomach because it often takes him places, like bankruptcies, that few investors want to go.

Over the years, Price has shared more about his and Max Heine’s investment approach. Continue Reading…