Michael Price [CEO of Mutual Series from 1988 to 1998] was at the forefront of shareholder activism. His and our attitude became that just selling if you weren't happy wasn't the right conclusion. As the owners of the company, shareholders really deserve full credit for what companies are worth. It's not just our right, it's [...]

We like looking at multisegment businesses where it's a bit more complicated to analyze all the parts and there's not an obvious answer to the question of what the entire company is worth. In this context, we pay a lot of attention to private-market values of each segment and trying to understand how underperforming segments [...]

We’ve always put emphasis on finding hidden value and hidden assets. We like looking at multi-segment businesses where it’s a bit more complicated to analyze all the parts and there’s not an obvious answer to the question of what the entire company is worth. In this context, we pay a lot of attention to private-market [...]

What a lot of people don’t realize about distressed investing is that you can do this type of investing in a low-risk way. By analyzing the capital structure and the underlying asset values, you can figure out with some degree of confidence at what point you’re fully covered. If you’re buying at 50 cents on [...]

Change brings uncertainty, so many investors want to wait out that uncertainty until the situation is easier to analyze. We think that uncertainty is what creates opportunities.