Welcome back to part two of our special 150th episode celebration. If you haven’t listened to part one yet, we highly recommend that you start there. In the first episode, we explored David Marcus’s early years at Mutual Shares, his experience working with the legendary Michael Price, and his journey into deep value investing in the US and Europe. In this second episode, we continue our conversation with David, diving into the second half of his remarkable career. We cover his transition from stock-picker to operator; what it’s like running a family office and managing permanent capital; whether value investing works outside the US and how deep value evolved in Europe in the 1990s and early 2000s; the role of passive and active investing in today’s markets, and where mutual funds fit in; and finally we cover David’s reflections on managing Michael Price’s family office, after his passing. Once again, a huge thanks to Stacy Havener for making this introduction. Enjoy!

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