David LeFevre Dodd (1895 - 1988) was an American economist, financial analyst, collegiate educator, author, and close colleague of Benjamin Graham (1894 - 1976) at Columbia University. 1895 (MDCCCXCV) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Thursday of the 12-day-slower Julian calendar). ... 1988 (MCMLXXXVIII) was a leap year starting on Friday of the Gregorian calendar. ... Benjamin Graham (1894 – 1976) was an influential economist and professional investor who is today often called the Father of Value Investing and the Dean of Wall Street. ... Columbia University is a private university in the Morningside Heights neighborhood of Manhattan in New York City and a member of the Ivy League. ...

The Wall Street Crash of 1929 (Black Thursday) almost wiped out Graham, who had started teaching the year before at his alma mater, Columbia. The Crash inspired Graham to search for a more conservative, safer way to invest. Graham agreed to teach with the stipulation that someone take notes. Dodd, then a young instructor at Columbia, volunteered. Those transcriptions served as the basis for a book that galvanized the concept of Value Investing. The book was called "Security Analysis" (pub. 1934). This book, a thick one, became the Bible for Value Investors. After cooling off from irrational exuberance in the 90s, today, more than ever, Graham and Dodd's approach to Value Investing serves as a compass for legendary investors, one of whom is Warren Buffett, who attended Columbia University (MS Economics '51) specifically to study with the duo. To meet Wikipedias quality standards, this article or section may require cleanup. ... Black Thursday can mean October 24, 1929, the start of the Wall Street Crash of 1929 at the New York Stock Exchange. ... Alma mater is Latin for nourishing mother. It was used in ancient Rome as a title for the mother goddess, and in Medieval Christianity for the Virgin Mary. ... Black Monday (1987) on the Dow Jones Industrial Average A stock market crash is a sudden dramatic loss of value of shares of stock in corporations. ... Value investors buy beaten-down companies whose shares appear cheap when compared to current earnings or corporate assets. ... Security Analysis, written by Benjamin Graham and David L. Dodd in 1934, is an influential book on the subject of financial analysis and fundamental analysis. ... Irrational exuberance is a phrase used by former Federal Reserve Board Chairman Alan Greenspan in a speech given at the American Enterprise Institute during the stock market boom of the 1990s. ... Warren Edward Buffett (born August 30, 1930) is a wealthy American investor and businessman. ... Columbia University is a private university in the Morningside Heights neighborhood of Manhattan in New York City and a member of the Ivy League. ...

Editions of Security Analysis

• 1st ed. (1934) Whittlesey House (the trade division of McGraw-Hill) - LCCN: 34023635
  • Black bound cover (1st printing) was printed by The Maple Press Co., York, PA, for a small distribution in the United States
  • Maroon bound cover (2nd printing) was published that same year for sale abroad
• 2nd ed. (1940) McGraw-Hill - LCCN: 40013028
• 3rd ed. (January 1, 1951) McGraw-Hill (last edition while Graham & Dodd were faculty members of Columbia) - LCCN: 2005270180
• 4th ed. (1962) McGraw-Hill (last edition by Graham & Dodd) Sidney Cottle joins as co author - LCCN: 62017368
• 3rd ed. reprint (May 1976) McGraw-Hill ISBN: 0070239576
• 5th ed. (January 1, 1988) McGraw-Hill (updated by Cottle, Murray, and Block) - ISBN: 0070132356
• reprint of orig. ed. (October 1, 1996) McGraw-Hill - ISBN: 0070244960
• reprint of orig. ed. (February 1, 1997) McGraw-Hill - ISBN: 0070244979
• 2nd ed. reprint (October 10, 2002) McGraw-Hill - ISBN: 007141228X
• 3rd ed. reprint (December 10, 2004) McGraw-Hill - ISBN: 0071448209

Security Analysis, written by Benjamin Graham and David L. Dodd in 1934, is an influential book on the subject of financial analysis and fundamental analysis. ... The McGraw-Hill Companies logo. ... LCCN is an abbreviation for two different but related concepts: Library of Congress Cataloging Newsline, an irregularly published online newsletter about matters relating to Library of Congress Classification (which see). ... The McGraw-Hill Companies logo. ... LCCN is an abbreviation for two different but related concepts: Library of Congress Cataloging Newsline, an irregularly published online newsletter about matters relating to Library of Congress Classification (which see). ... The McGraw-Hill Companies logo. ... LCCN is an abbreviation for two different but related concepts: Library of Congress Cataloging Newsline, an irregularly published online newsletter about matters relating to Library of Congress Classification (which see). ... The McGraw-Hill Companies logo. ... LCCN is an abbreviation for two different but related concepts: Library of Congress Cataloging Newsline, an irregularly published online newsletter about matters relating to Library of Congress Classification (which see). ... The McGraw-Hill Companies logo. ... The International Standard Book Number, or ISBN (sometimes pronounced is-ben), is a unique identifier for books, intended to be used commercially. ... The McGraw-Hill Companies logo. ... The International Standard Book Number, or ISBN (sometimes pronounced is-ben), is a unique identifier for books, intended to be used commercially. ... The McGraw-Hill Companies logo. ... The International Standard Book Number, or ISBN (sometimes pronounced is-ben), is a unique identifier for books, intended to be used commercially. ... The McGraw-Hill Companies logo. ... The International Standard Book Number, or ISBN (sometimes pronounced is-ben), is a unique identifier for books, intended to be used commercially. ... The McGraw-Hill Companies logo. ... The International Standard Book Number, or ISBN (sometimes pronounced is-ben), is a unique identifier for books, intended to be used commercially. ... The McGraw-Hill Companies logo. ... The International Standard Book Number, or ISBN (sometimes pronounced is-ben), is a unique identifier for books, intended to be used commercially. ...

Value Investing

The phrases "Graham and Dodd," "value investing," "margin of safety," and "intrinsic value" are revered by value oriented practitioners. Despite the onset of Modern Portfolio Theory (MPT) in the late 1950s – a theory that peaked throughout the 80s and even gained Nobel recognition in 1990 (co-laureates: Harry Markowitz, Merton Miller, William F. Sharpe) – Value Investing proved to be a formidable style that sharply defied MPT. The University of Chicago was at the center of MPT (see "quantitative analyst") while Columbia has been the mecca for Value Investing for 7-1/2 decades. Many cracks in MPT are now well established, whereas the basics behind Graham & Dodd’s approach to Value Investing are as valid today as when they were first introduced. Value investors buy beaten-down companies whose shares appear cheap when compared to current earnings or corporate assets. ... Definition Margin of safety (safety margin) is the difference between the intrinsic value of a stock (i. ... In options terminology, an option has intrinsic value, if it is in-the-money. ... Capital Market Line Modern portfolio theory (MPT) proposes how rational investors will use diversification to optimize their portfolios, and how an asset should be priced given its risk relative to the market as a whole. ... Nobel, (Swedish pronunciation: nou´bell ), can mean: Nobel Prize - awarded annually since 1901, from the request of Swedish inventor Alfred Nobel Nobel Prize in Physics Nobel Prize in Chemistry Nobel Prize in Physiology or Medicine Nobel Prize for Literature Nobel Peace Prize Laureates/Winners of the Nobel Prize By Country... Harry Max Markowitz (born August 24, 1927) is an influential economist at City University of New York and winner of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1990. ... Merton Howard Miller (May 16, 1923 - June 3, 2000) won the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1990, along with Harry Markowitz and William Sharpe. ... William Forsyth Sharpe (born June 16, 1934) is Professor of Finance, Emeritus at Stanford Universitys Graduate School of Business and the winner of the 1990 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... The University of Chicago is a private university located principally in the Hyde Park neighborhood of Chicago, Illinois. ... A quantitative analyst is a person who works in the financial markets developing mathematical models to assist the activities of traders and risk managers within banks and other large corporate institutes. ...

Value Investors see securities as either priced correctly, under priced, or over priced. By contrast, MPT proponents insist that, by definition under the efficient market hypothesis, a realized price of a stock is the correct price. Value investor purists reject the usefulness of Capital Asset Pricing Model (CAPM), in part, because it wrongly extrapolates historical volatility as a proxy for risk. Ergo, value investors see MPT metrics -- such as standard deviation, beta (relative standard deviation), alpha (excess return), and the Sharpe ratio (risk adjusted return) -- as inadequate and even misleading. This article or section seems not to be written in the formal tone expected of an encyclopedia entry. ... The capital asset pricing model (CAPM) is used in finance to determine a theoretically appropriate required rate of return (and thus the price if expected cash flows can be estimated) of an asset given that assets non-diversifiable risk. ... CAPM may stand for Capital Asset Pricing Model Certified Associate in Project Management This page expands a four-letter combination which might be any or all of: an abbreviation, an acronym, an initialism, a word in English, or a word in another language. ... In mathematics, extrapolation is a type of interpolation. ... The word proxy is derived from proximity and can mean more than one thing: a person authorized to act for another person, or upon request by another person (see for example proxy murder) a proxy war is a war where two powers use third parties as a substitute for fighting... Risk is the potential impact (positive or negative) to an asset or some characteristic of value that may arise from some present process or from some future event. ... In probability and statistics, the standard deviation is the most common measure of statistical dispersion. ... For other uses, see Beta (disambiguation). ... Alpha may refer to: The Greek letter alpha Alpha (letter), a letter in the Greek alphabet. ... The Sharpe ratio is a measure of risk-adjusted performance of an investment asset, or a trading strategy. ...

While Columbia resisted de-emphasizing Value Investing during the throes of the MPT renaissance, wide popularity of Value Investing among academicians and MBA students surged to a higher plateau under Professor Bruce C. Greenwald, a star professor, who invigorated the academic aspects of an erstwhile vocational disipline. The success of Warren Buffett's Berkshire Hathaway is a statistical three-sigma event unto itself. But, not including Buffett, the success of numerous other investment funds and practitioners who applied Value Investing theories is a statistical anomaly. (Statistical reference to the magnitude of success is an ironic metric since Value Investing ignores the use of sophisticated statistics that is used in MPT). Greenwald overhauled and relaunched the Value Investing curriculum in spring 1994. Today, Value Investing enjoys broad appeal among academicians and investors around the world. Professor Greenwald is Robert Heilbrunn Professor of Finance and Asset Management and Finance and Economics and Director of the Heilbrunn Center for Graham and Dodd Investing. Master of Business Administration (MBA) is a tertiary degree in business management. ... Warren Edward Buffett (born August 30, 1930) is a wealthy American investor and businessman. ... Berkshire Hathaway (NYSE: BRKa, NYSE: BRKb) is a company headquartered in Omaha, Nebraska, USA, that oversees and manages a number of subsidiary companies. ... A graph of a bell curve in a normal distribution showing statistics used in educational assessment, comparing various grading methods. ...

Academic Timeline

• 1920: Bachelor of Science, University of Pennsylvania
• 1921: Master of Science, Columbia
• 1922 - 1925: Instructor of Economics, Columbia
• 1925 - 1930: Instructor of Finance, Columbia
• 1926 - 1945: In charge of courses in Business and Economics, Columbia
• 1930: PhD, Columbia
• 1930 - 1938: Assistant Professor of Finance, Columbia
• 1938 - 1947: Associate Professor, Columbia
• 1947 - 1961: Professor, Columbia
• 1948 - 1952: Associate Dean, Columbia Business School
• 1961: Retired as Professor Emeritus Finance, Columbia

A Bachelor of Science (B.S., B.Sc. ... The University of Pennsylvania (Penn is the moniker used by the university itself ) is a private, nonsectarian research university located in Philadelphia, Pennsylvania. ... A masters degree is an academic degree usually awarded for completion of a postgraduate course of one or two years in duration. ... PhD usually refers to the academic title Doctor of Philosophy PhD can also refer to the manga Phantasy Degree This is a disambiguation page — a list of pages that otherwise might share the same title. ... Columbia Business School Columbia Business School (part of Columbia University), officially named the Columbia University Graduate School of Business, and also known as CBS, was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students. ... A professor is a senior teacher and researcher, usually in a college or university. ...

Honorary Degree

• May 17, 1984: On the 50th Anniversary of publishing "Security Analysis", Michael I. Sovern, President of Columbia University, awarded David LeFevre Dodd a Doctor of Letters, an honorary degree for applying financial theories with brilliant results in a highly competative world of investments. President Sovern bestowed the honor during Columbia's 230th commencement exercises.

Security Analysis, written by Benjamin Graham and David L. Dodd in 1934, is an influential book on the subject of financial analysis and fundamental analysis. ... Michael I. Sovern (born 1931) is the Chancellor Kent Professor of Law at Columbia Law School. ... Columbia University is a private university in the Morningside Heights neighborhood of Manhattan in New York City and a member of the Ivy League. ... A Doctor of Letters is a university academic degree. ... See also Academic dress Categories: Education | Academia ...

Personal and Professional Timeline

• August 23, 1895: b. Berkeley County, WV; parents: David Henry Dodd, a public school educator, and Mary Virginia (nee Shaffer)
• 1917 - 1919: US Navy during World War I; rising from boatswain to lieutenant
• 1921 - 1922: Research assistant for an economist at National Bank of Commerce, New York (now part of JPMorgan Chase Bank, National Association; see NYS banking history here)
• August 9, 1924: Married Elise Marguerite Firor (b. Mar 22, 1898 - d. Jan 1981)
• 1928: Advised private clients in investments
• 1950 - 1958: Limited partner, Newman & Graham Ltd. (an unregulated hedge fund)
• 1958 - 1959: General partner, Graham-Newman & Co. (a regulated investment trust)

Berkeley County is a county located in the state of West Virginia. ... Official language(s) English Capital Largest city Charleston Charleston Area  - Total  - Width  - Length  - % water  - Latitude  - Longitude Ranked 41st 62,809 km² 210 km 385 km 0. ... The United States Navy (USN) is the branch of the United States armed forces responsible for naval operations. ... Combatants Allies: Serbia, Russia, France, Romania, Belgium, British Empire, United States, Italy, and others Central Powers: Germany, Austria-Hungary, Bulgaria, Ottoman Empire Casualties Military dead:5 million Civilian dead:3 million Total dead:8 million Military dead:4 million Civilian dead:3 million Total dead:7 million The First World... The bosun of a civilian sail-training ship. ... A Lieutenant is a military, paramilitary or police officer. ... J.P. Morgan Chase & Co. ... A National Association is a national bank; the name is a required part of the distinguishing legal title of a national bank, as in Bank of America, N.A. See also National Association of Professional Baseball Players ... A hedge fund generally refers to a lightly regulated private investment fund, often a partnership rather than a corporation in form, and characterized by unconventional strategies (i. ... Investment trusts are companies that invest in the shares of other companies for the purpose of acting as a collective investment scheme. ...

Vice Chairman Profit Sharing Plan of below companies (1960)

• Criterion Insurance Company (part of GEICO)
• Government Employees Insurance Company (GEICO)
• Government Employees Life Insurance Company (now part of Legal & General Group Plc)
• Government Employees Corporation (now part of GEICO)
• Government Employees Variable Annuity Life Insurance Company
• Government Employees Financial Corp. (part of GEICO)

GEICO is a personal lines auto insurance company based in the United States. ... GEICO is a personal lines auto insurance company based in the United States. ... Legal & General Group Plc is a British based financial services company that provides life, health and other insurance, as well as pensions and investments. ... GEICO is a personal lines auto insurance company based in the United States. ... GEICO is a personal lines auto insurance company based in the United States. ...

Memberships

• American Economic Association
• Social Science Research Council (investment committee 1950 - 1956)
• American Finance Association (Vice President 1946 - 1947)
• New York Society of Security Analysts
• Beta Gamma Sigma
• Phi Gamma Delta
• Alpha Kappa Psi
• Phi Chi Theta

Residence in the 1960s: 39 Claremont Avenue, New York City The American Economic Association, or AEA, is the oldest and most important professional organization in the field of economics. ... The Social Science Research Council (SSRC) is an organization created to foster research into social science. ... The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. ... Beta Gamma Sigma or ΒΓΣ is an honor society for business students and scholars. ... Phi Gamma Delta (commonly known as FIJI) is a collegiate social fraternity with chapters across the United States and Canada. ... Nickname: AKPsi Official Name Alpha Kappa Psi Fraternity Founded October 5, 1904 at New York University Incorporated May 20, 1905 in New York 1997 in Indiana International Headquarters Indianapolis, Indiana Chapters and Colonies 190 Chapters and 4 Colonies Total Initiates Over 230,000 Collegiate Members 8,500 Coat of Arms... Nickname: The Big Apple, The Capital of the World Official website: City of New York Government Counties (Boroughs) Bronx (The Bronx) New York (Manhattan) Queens (Queens) Kings (Brooklyn) Richmond (Staten Island) Mayor Michael Bloomberg (R) Geographical characteristics Area Total 468. ...

Obituary

David Dodd died September 18, 1988, at the age of 93, of respiratory failure at Maine Medical Center, Portland, Maine. At the time of his death, he had homes in Falmouth Foreside and Chebeague Island, ME. He was a Protestant. There was no funeral service. He was survived by his second wife, the former Lillian Lane; a daughter, Barbara Dodd Anderson (nee Barbara LeFevre Dodd) of San Francisco from his first marriage to Elise Firor Dodd (nee, Elise Marguerite Firor; b. Mar 22, 1898 - d. Jan 1981); and two grandchildren, David Anderson and Gail Anderson. Barbara Anderson is a benefactor of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School. Respiratory failure is a medical term for inadequate gas exchange by the respiratory system. ... The Maine Medical Center of Portland, Maine is the largest hospital in northern New England. ... Official website: www. ... Official language(s) None Capital Augusta Largest city Portland Area  - Total   - Width   - Length    - % water  - Latitude  - Longitude Ranked 39th 33,414 sq mi  86,542 km² 190 miles  305 km 320 miles  515 km 13. ... Falmouth Foreside is a census-designated place located in Cumberland County, Maine. ... Chebeague Island is an island in Casco Bay Maine. ... Protestantism is a general grouping of denominations within Christianity. ... This page is a candidate for speedy deletion. ... Columbia Business School Columbia Business School (part of Columbia University), officially named the Columbia University Graduate School of Business, and also known as CBS, was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students. ...

That the time of his death, the editions of the book he coauthored, "Security Analysis," had sold over 250,000 copies. Security Analysis, written by Benjamin Graham and David L. Dodd in 1934, is an influential book on the subject of financial analysis and fundamental analysis. ...

"The four most dangerous words in the English language are 'This time it's different.'" - David Dodd, something he wrote in the late 30s

Also by David LeFevre Dodd

Dodd, David LeFevre, "Stock watering: the judicial valuation of property for stock-issue purposes" (January 1, 1930), Columbia University Press Watered stock is an asset with an artificially-inflated value. ... This page is a candidate for speedy deletion, because: If you disagree with its speedy deletion, please explain why on its talk page or at Wikipedia:Speedy deletions. ...