Celebrating 150 Episodes: A Journey Through Deep Value Investing

It’s out 150th episode this week and we celebrate this milestone with a special two-part conversation with David Marcus, who was kindly introduced to us by Stacy Havener. David began his career in 1987 at Mutual Shares working under the legendary investors Max Heine and Michael Price. Mutual Shares was the boutique where Seth Klarman launched his career in the late 1970s. This episode is particularly meaningful as we have long wanted to pay tribute to Michael Price, following his passing a couple of years ago. David’s career is one of the most impressive and dynamic that we have featured on the Value Perspective. After rising through the ranks at Mutual Shares, he stayed on when Michael Price sold the firm to Franklin Templeton in 1996. He remained at Franklin Templeton until 2000, when he launched his own hedge fund with backing from Swedish billionaire Jan Stenbeck. After Stenbeck’s passing, David was asked by the family to help restructure their assets, leading him to establish one of Europe’s first family offices in the early 2000s. He stayed with them until 2009 when he launched his long-only fund Evermore. Following Michael Price’s passing, David was once again called upon, this time to structure and manage the Price family office, a role he held until his retirement at the end of 2024. In the first part of our conversation, we cover David’s first years at Mutual Shares; what it was like to work with Michael Price; a fantastic anecdote on real-life deep value investing; a journey to discovering European deep value investing; and finally, the most important and long-lasting lesson he learnt from Michael Price. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam 

Important information. This podcast is for investment professionals only.

Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. 

Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. 

Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised. 

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.