MUTUAL SERIES FUNDS'
MICHAEL PRICE ET AL.
(continued from preceding page)

   Mutual Shares - which is part of Mutual Series Funds - has been the model of consistent excellence under the leadership of Michael Price. For the last 21 years, the fund has earned a compound annual return of 20.2% after all fees and expenses versus 15.6% per year for the S&P 500 - with far less volatility along the way.
   Part of the formula - investing in bankruptcies and special situations - has been a page straight out of the book of his late mentor and teacher, Mutual Shares' founder, Max Heine. Another part of the formula, acting as catalyst to shake up companies that are mismanaged, undermanaged or that own underutilized assets has more recently come to the fore.

   Since selling his firm to Franklin Resources and joining the Forbes 400, Price has probably adorned the cover of more financial publications than any money manager in recent memory - with Fortune even going so far as to suggest that his name was being used in some quarters as a verb to mean shaking up managements of public companies who had become too comfy at shareholder expense.

   Here are Mutual Shares Fund's annual returns alongside those of the S&P 500. (All figures were provided by Mutual Series Fund, Inc. and Ibbotson Associates.)

Year 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1975-95 1986-95 1991-95 1993-95

Mutual Shares Annual Return +34.1% +55.2% +15.6% +18.1% +42.7% +19.4% + 8.9% +12.9% +36.6% +14.5% +26.7% +17.0% + 6.3% +30.7% +14.9% - 9.8% +21.0% +21.3% +21.0% + 4.5% +29.1% +20.2% +15.0% +19.1% +17.8%

S&P 500 Total Return +37.2% +23.8% - 7.2% + 6.6% +18.4% +32.4% - 4.9% +21.4% +22.5% + 6.3% +32.2% +18.5% + 5.2% +16.8% +31.5% - 3.2% +30.5% + 7.7% +10.0% + 1.3% +37.4% +15.6% +14.8% +16.6% +15.3%

    We're particularly pleased to bring you excerpts from comments by Price and associates Rob Friedman, Larry Sondike, Ray Garea, Jeff Altman and David Winters - at the latest annual meeting of Mutual Series Fund which was held on October 25th plus conversations with Ray Garea, Rob Friedman, Larry Sondike and David Winters from December 2nd right up to press time. We hope that you find their perspectives on a variety of industries and companies plus their insights on some current bargains (believe it or not) as intriguing as we do.

Page 1 of 28

Page: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14
15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28

(Return to Table of Contents)

(continue to the next page)

©Copyright 1996-2008 Outstanding Investor Digest, Inc. All rights reserved.
295 Greenwich St., Box 282, New York, NY 10007 (212) 925-3885