I; rising from boatswain to lieutenant. From 1921 to 1922, he was 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). In 1928, he advised private clients on investments. From 1950 to 1958, he was Limited partner, Newman & Graham Ltd. (an unregulated hedge fund). From 1958 to 1959, he was general partner, Graham-Newman & Co. (a regulated investment trust formed in 1929). Value investing The phrases "Graham and Dodd," "value investing," "margin of safety," and "intrinsic value"—all biblical to value investors—are often used interchangeably when referring to an approach to investing. Despite the onset of modern portfolio theory (MPT) in the late 1950s—a theory that peaked throughout the 80s, gaining 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 decades. Value Investors see securities as either priced correctly, under-priced, or over-priced. In 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. For example, if equity prices of a company fell 75%, assuming the underlying fundamentals of the company were solid, an MPT practitioner would view it as volatile (risky); whereas, a value investor would determine whether it was undervalued, and if so, buy it, reasoning that the resulting downward risk is less than before. Therefore, 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. Columbia resisted de-emphasizing Value Investing during the throes of the MPT renaissance, but the appeal of MPT seemed to be part of a larger movement, thrusting finance aspects of business education into higher echelons of academia. During about a 25-year period (1965–90), published research and articles in leading journals of the value ilk were few. Warren Buffett once commented, "You couldn't advance in a finance department in this country unless you taught that the world was flat." Shortly after the death of David Dodd in 1988, Bruce Greenwald,