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the classroom, the boardroom, or the pages of the test; their students took to their decision-making tasks a new perception of the analytical process. It is these many thousands who have given Security Analysis so much meaning in financial markets. What could satisfy a teacher more? Dodd acknowledged Murray’s own contribution to security analysis in his 1985 letter to the editor referenced at the beginning of this article, thanking the editor for including Murray’s piece, and writing, “As our successor at Columbia for over 20 years, no other whom you might have chosen could have done a better job than Roger.” Out of the Shadow David L. Dodd passed away in 1988 at age 93 at Maine Medical Center in Portland and rests in peace on Chebeague Island. He left a legacy that shines brightly—out of the shadow at last. Coda I (2007) Barbara Dodd (1932–2010) grew up with her parents in New York. She attended George School, an elite Quaker prep school near Newtown in Bucks County, PA, from 1946–1950. She went on to attend St. Lawrence University and then earned an MA from Columbia Teachers College. She married John S. Anderson, a founder of Associated Brass, which made model railroading products under the Cal-Scale brand name. He was a master die maker. They settled in Fresno, CA. Her father acquired Berkshire Hathaway shares in Barbara’s name after Buffett took control in 1969. Barbara admired Buffett and never sold any of the shares to fund personal needs during the ensuing decades. She only sold some shares to fund educational trusts and gifts, according to her son, David Anderson. “She never sold stock on the rare instances when it lost value. She always had faith that Mr. Buffett would bounce back—and he always did.” She became very active in philanthropy, especially with Columbia Business School and George School. At Columbia, she endowed the David L. and Elsie M. Dodd Chair in Finance, which is presently held by Tano Santos. In 2007, she donated $128,500,000 to the George School. It is believed to be one of the largest single gifts to a secondary school. She said that her father’s long-time friend, Buffett, who announced in June 2006 that he would bequeath the bulk of his fortune to the Bill and Melinda Gates Foundation, was her inspiration. Buffett attended the gift ceremony at the George School. “As both a teacher and a friend, I revered Dave,” Buffett said in a statement from the school. “I am delighted that his decision to invest in Berkshire has enabled Barbara to honor both her father and George School through this wonderful gift.” Coda II (2009) In the forward to the sixth edition of Security Analysis, published in 2009, Buffett wrote, “There are four books in my overflowing library that I particularly treasure, each of them written more than 50 years ago.” He continued: Two of those books are first editions of The Wealth of Nations (1776) by Adam Smith, and The Intelligent Investor (1949) by Benjamin Graham. The third is an original copy of the book you hold in your hands, Graham and Dodd’s Security Analysis. I studied Security Analysis while I was at Columbia University in 1950 and 1951, when I had the extraordinarily good luck to have Ben Graham and Dave Dodd as teachers. Together, the book and the men changed my life… Beyond the ideas Ben and Dave gave me, they showered me with friendship, encouragement, and trust. They cared not a whit for reciprocation—toward a young student, they simply wanted to extend a one-way street of helpfulness. In the end, that’s probably what I admire most about the two men. It was ordained at birth that they would be brilliant; they elected to be generous and kind. But let’s go to the fourth book I mentioned, which is even more precious. In 2000, Barbara Dodd Anderson, Dave’s only child, gave me her father’s copy of the 1934 edition of Security Analysis, inscribed with hundreds of marginal notes. These were inked by Dave as he prepared for the publication of the 1940 revised edition. No gift has meant more to me. James Russell Kelly is Director of the Gabelli Center for Global Security Analysis and Senior Lecturer in Finance at Fordham University. He graduated from Columbia Business School in 1969. Sources Anderson, David. Telephone interview. June 12, 2020. Buffett, Warren. “The Superinvestors of Graham and Doddsville.” Hermes Magazine, Columbia Business School. Fall 1984. Buffett, Warren. “Forward.” In Benjamin Graham and David L. Dodd, Security Analysis, 6th edition, xi–xii. New York: McGraw-Hill. 2009. Dodd, David L. Stock Watering; the Judicial Valuation of Property for Stock-Issue Purpose. New York: Columbia University Press. 1930. Dodd, David L. “Letter to the Editor: David Dodd on Benjamin Graham.” Financial Analysts Journal 41 (March–April 1985), p. 78. Graham, Benjamin. The Memoirs of the Dean of Wall Street, ed. Seymour Chatman. New York: Mc Graw-Hill. 1996. Graham-Newman Corporation. Partnership returns by year (1946–1958), Heilbrunn Center for Graham and Dodd Investing, Columbia Business School. Archive section. Last accessed June 28, 2020 https:// www8.gsb.columbia.edu/valueinvesting/ node/206#overlay-context=node/206 Loviglio, Joann. “Quaker School gets $128.5 million gift from Buffett Beneficiary.” The Sentinel. September 19, 2007. Murray, Roger F. “Graham and Dodd: A Durable Discipline.” Financial Analysts Journal 40 (September–October 1984): 18–19, 22–23. Rangel, Jesus. “Sovern warns of war at Columbia graduation.” The New York Times. May 17, 1984. Stein, Judy. Telephone interview. March 14, 2020. Tanous, Peter J. “Roger F. Murray.” In Investment Gurus: A Road Map to Wealth from the World’s Bet Money Managers. New York Institute of Finance. Upper Saddle River, NJ: Prentice Hall. 1997. Thomas, Brian, ed. Columbia Business School: A Century of Ideas. New York: Columbia University Press. 2016. www.MoAF.org | Summer 2020 | FINANCIAL HISTORY 15