You probably know Benjamin Graham.
But do you know David L. Dodd?
Without David LeFevre Dodd, the Bible of Value investing would’ve never been written.
Also, we wouldn't know who Warren Buffett is today.
It's time to tell his Story...
But do you know David L. Dodd?
Without David LeFevre Dodd, the Bible of Value investing would’ve never been written.
Also, we wouldn't know who Warren Buffett is today.
It's time to tell his Story...
After leaving High School, David studied economics.
In 1921, he received his Bachelor of Science from the University of Pennsylvania.
One year later, in 1921, he studied at Columbia University.
At the same time, Benjamin Graham started to teach at Columbia.
In 1921, he received his Bachelor of Science from the University of Pennsylvania.
One year later, in 1921, he studied at Columbia University.
At the same time, Benjamin Graham started to teach at Columbia.
In his lectures, Graham wanted someone to write transcripts.
David volunteered and from thereon worked with Graham.
These transcripts, later served as the basis for Security Analysis.
David volunteered and from thereon worked with Graham.
These transcripts, later served as the basis for Security Analysis.
What do we learn from this?
If your professor needs a volunteer, be that person.
Ok, maybe not.
Not every project can create a new investment philosophy.
But let's talk about why this one did.
If your professor needs a volunteer, be that person.
Ok, maybe not.
Not every project can create a new investment philosophy.
But let's talk about why this one did.
How did Graham come up with the Value Investing Philosophy?
The Crash of 1929.
The crash had a lasting influence on Graham.
He looked for a way to be safe from such disastrous events.
The Crash of 1929.
The crash had a lasting influence on Graham.
He looked for a way to be safe from such disastrous events.
David Dodd understood this better than anyone.
He also lived through the crash.
Even more than that, he fought in WW1.
Graham and Dodd both realized the constant chance of disaster.
He also lived through the crash.
Even more than that, he fought in WW1.
Graham and Dodd both realized the constant chance of disaster.
Both had the desire for safety.
And that's what is at the core of Value Investing.
Safety, avoiding disaster, limiting risk.
And that's what is at the core of Value Investing.
Safety, avoiding disaster, limiting risk.
They had something else in common.
Dodd and Graham were Jewish.
Since Jews still had to fight injustice, this made their relationship even stronger.
Over time, Graham and Dodd developed a friendship.
Dodd and Graham were Jewish.
Since Jews still had to fight injustice, this made their relationship even stronger.
Over time, Graham and Dodd developed a friendship.
Hence, the book Security Analysis wasn't the last time they worked together.
In 1947, Dodd became a professor and also started to teach at Columbia
Together, they taught for decades.
In 1947, Dodd became a professor and also started to teach at Columbia
Together, they taught for decades.
But their professional careers overlapped even further.
Dodd also worked at Graham-Newman Corp.
Graham's investment firm in which only Jews were allowed to work.
Dodd also worked at Graham-Newman Corp.
Graham's investment firm in which only Jews were allowed to work.
There was only one exception that was made years later.
One person worked there who wasn't Jewish.
It was a student of both Graham and Dodd.
One person worked there who wasn't Jewish.
It was a student of both Graham and Dodd.
His name... Warren Buffett.
But let's start at the beginning.
Warren Buffett was rejected from Harvard and looked for an alternative.
When reading through the professors' list of Columbia, two names were familiar.
He read Security Analysis multiple times.
But let's start at the beginning.
Warren Buffett was rejected from Harvard and looked for an alternative.
When reading through the professors' list of Columbia, two names were familiar.
He read Security Analysis multiple times.
He decided to write a letter to Dodd and Graham.
Many know the legendary beginning:
“Dear Mr. Dodd, I thought you guys were dead.”
Not very charming but very effective.
Buffett got into Columbia.
The rest is history...
Many know the legendary beginning:
“Dear Mr. Dodd, I thought you guys were dead.”
Not very charming but very effective.
Buffett got into Columbia.
The rest is history...
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