David Dodd

David LeFevre Dodd (Agusta 23, 1895 - Satumba 18, 1988) malami ne ɗan ƙasar Amurka, mai nazarin harkokin kuɗi, marubuci, masanin tattalin arziki, kuma mai saka hannun jari. A lokacin da yake ɗalibi, Dodd ya kasance ɗalibi kuma abokin aiki na Benjamin Graham a Makarantar Kasuwanci ta Columbia .Janet Celesta Lowe, Value Investing Made Easy, McGraw-Hill (1996)

Faduwar Wall Street ta 1929 (Black Tuesday) ta kusan halaka Graham, wanda ya fara koyarwa a shekarar da ta gabata a makarantarsa ta jami'a, Columbia. Faduwar ta zaburar da Graham ya nemi hanyar saka hannun jari mafi aminci da aminci. Graham ya yarda ya koyar da wani tare da ƙa'idar cewa wani ya ɗauki bayanin kula. Dodd, wanda a lokacin matashi ne a Columbia, ya yi aikin sa kai. Waɗannan rubuce-rubucen sun zama tushen wani littafi na 1934 mai suna Security Analysis, wanda ya ƙara wa manufar saka hannun jari daraja . Shi ne rubutun saka hannun jari mafi daɗewa da aka taɓa bugawa. 

 Rayuwar farko da ilimi 
A shekarar 1916, Dodd ya kammala karatunsa daga Makarantar High Street, wata makarantar sakandare a Martinsburg, West Virginia, inda mahaifinsa yake shugaban makaranta. A shekarar 1920, ya kammala karatunsa na farko a fannin kimiyya, a Jami'ar Pennsylvania . Shekara guda bayan haka, ya sami digirinsa na biyu a fannin kimiyya a Jami'ar Columbia . 

 Rayuwar ilimi 
Daga 1922 zuwa 1925, Dodd ya kasance malamin tattalin arziki a Jami'ar Columbia . Daga 1925 zuwa 1930, ya zama malamin kuɗi. Daga 1926 zuwa 1945, shi ne ke kula da darussan kasuwanci da tattalin arziki. A 1930, ya sami digirin digirgir na uku daga Jami'ar Columbia. Daga 1930 zuwa 1938, Dodd ya kasance mataimakin farfesa a can, daga 1938 zuwa 1947 mataimakin farfesa ne, kuma daga 1947 zuwa 1961 cikakken farfesa ne. Daga 1948 zuwa 1952, ya kasance mataimakin shugaban makarantar kasuwanci ta Columbia . A 1961, ya yi ritaya a matsayin farfesa mai ritaya a fannin kuɗi a Jami'ar Columbia. A ranar 17 ga Mayu, 1984, a bikin cika shekaru 50 da wallafa Nazarin Tsaro , Michael I. Sovern, shugaban Jami'ar Columbia, ya ba Dodd digirin girmamawa, saboda amfani da ka'idojin kuɗi tare da sakamako mai kyau a cikin duniyar saka hannun jari mai gasa. Shugaban Columbia Michael Sovern ya ba da lambar yabo a lokacin atisayen farko na Columbia na 230.

Dodd memba ne na ƙungiyoyi masu zuwa: Ƙungiyar Tattalin Arziki ta Amurka, Majalisar Bincike ta Kimiyyar Zamantakewa (kwamitin zuba jari 1950–1956), Ƙungiyar Kuɗi ta Amurka (mataimakin shugaban ƙasa 1946–1947), Ƙungiyar Masu Nazarin Tsaro ta New York, Beta Gamma Sigma, Phi Gamma Delta, Alpha Kappa Psi, da Phi Chi Theta .

A lokacin rasuwarsa, bugu daban-daban na littafin da ya rubuta tare, Security Analysis, sun sayar da sama da kwafi 250,000. 

 Rayuwar sana'a 
Daga 1917 zuwa 1919, yana cikin Rundunar Sojan Ruwa ta Amurka a lokacin Yaƙin Duniya na Ɗaya ; daga boatswain zuwa laftanar . Daga 1921 zuwa 1922, ya kasance mataimakin bincike ga masanin tattalin arziki a Bankin Kasuwanci na Ƙasa, New York (wanda yanzu ɓangare ne na JPMorgan Chase Bank, Ƙungiyar Ƙasa ; duba tarihin bankunan NYS a nan ). A 1928, ya shawarci abokan ciniki masu zaman kansu kan zuba jari. Daga 1950 zuwa 1958, ya kasance abokin tarayya mai iyaka, Newman & Graham Ltd. (wani asusun hedge mara tsari). Daga 1958 zuwa 1959, ya kasance babban abokin tarayya, Graham-Newman & Co. (wani amintaccen amintaccen saka hannun jari da aka kafa a 1929).

 Zuba jari mai daraja 
Kalmomin "Graham da Dodd," " zuba jari mai daraja ," " gefen aminci ," da " ƙimar asali " - duk masu zuba jari na Littafi Mai Tsarki zuwa ƙima - galibi ana amfani da su a musayar ra'ayi lokacin da ake magana kan hanyar zuba jari. Duk da farkon ka'idar fayil ta zamani (MPT) a ƙarshen shekarun 1950 - wata ka'ida da ta kai kololuwa a cikin shekarun 1980, inda ta sami lambar yabo ta Nobel a 1990 (masu ba da laureates: Harry Markowitz, Merton Miller, William F. Sharpe ) - Value Investing ya zama salon da ya yi kama da wanda ya yi wa MPT zagon ƙasa. Jami'ar Chicago tana tsakiyar MPT (duba " mai nazarin adadi ") yayin da Columbia ta kasance Makka don Zuba Jari Mai Daraja don Shekaru  shekaru.

Masu Zuba Jari na Ƙimar suna ganin tsaro a matsayin ko dai farashin da ya dace, ko kuma wanda bai kai na farashi ba, ko kuma wanda ya wuce gona da iri. Sabanin haka, masu goyon bayan MPT sun dage cewa, ta hanyar ma'anar a ƙarƙashin hasashen kasuwa mai inganci, farashin da aka fahimta na hannun jari shine daidai farashin. Masu zuba jari masu gaskiya sun ƙi amfanin tsarin farashin kadarorin jari (CAPM), a wani ɓangare, saboda yana ɓatar da canjin tarihi a matsayin wakilcin haɗari . Misali, idan farashin hannun jari na kamfani ya faɗi da kashi 75%, idan aka ɗauka cewa tushen kamfanin yana da ƙarfi, mai aiki da MPT zai ɗauke shi a matsayin mai canzawa (mai haɗari); yayin da, mai zuba jari mai ƙima zai tantance ko an rage darajarsa, kuma idan haka ne, saya, yana tunanin cewa haɗarin da ke haifar da raguwar ya yi ƙasa da da. Saboda haka, masu zuba jari na ƙima suna ganin ma'aunin MPT - kamar karkacewar misali, beta (karɓar daidaito mai alaƙa), alpha (dawowar da ta wuce gona da iri), da rabon Sharpe (dawowar da aka daidaita haɗari) - a matsayin rashin isa har ma da ɓatarwa.

Columbia ta ƙi amincewa da rage ƙarfin jarin Value Investing a lokacin da ake fama da farfaɗo da MPT, amma jan hankalin MPT ya zama wani ɓangare na wani babban motsi, wanda ya tura ɓangarorin kuɗi na ilimin kasuwanci zuwa manyan fannoni na ilimi. A cikin kimanin shekaru 25 (1965-90), bincike da labarai da aka buga a cikin manyan mujallu na ƙima ba su da yawa. Warren Buffett ya taɓa yin tsokaci, "Ba za ku iya ci gaba a sashen kuɗi a wannan ƙasar ba sai kun koyar da cewa duniya ba ta da faɗi."  Jim kaɗan bayan mutuwar David Dodd a 1988, Bruce Greenwald, farfesa a CBS, ya nuna sha'awar Value Investing. Ya ga cewa babbar nasarar masu zuba jari na Value tana da wuya a yi watsi da ita. A lokaci guda, ingantattun bayanai waɗanda suka ƙarfafa Value Investing suna ƙarfafawa, yayin da MPT ke nuna wasu kurakurai. Farfesa Greenwald ya ƙarfafa ɓangarorin ilimi na abin da mutane da yawa a cikin hasumiyoyin hauren giwa a da ake ɗaukar su a matsayin fannin sana'a.

Masu sharhi kan MPT sun yi jayayya cewa tarihin Warren Buffett na dogon lokaci wani lamari ne na kididdiga wanda ya shafi maki uku zuwa biyar - wato, nasararsa tana yiwuwa, amma ba za a iya maimaita ta da tabbas ba. 

Duk da haka, nasarar da wasu asusun saka hannun jari da masu aiki da suka yi amfani da ka'idojin saka hannun jari masu daraja suka samu ya raunana ikirarin da ke danganta nasara da damarmaki . Saboda Value Investing ta ƙi MPT da amfani da kididdiga mai zurfi, akwai abin mamaki lokacin da masu ra'ayin MPT suka danganta nasararta da karkacewar da ta saba . Bruce Greenwald ya gyara kuma ya sake ƙaddamar da manhajar Value Investing a Columbia a bazara na 1994. A yau, Value Investing tana da jan hankali tsakanin masana ilimi da masu zuba jari a duk faɗin duniya. Farfesa Greenwald shi ne Farfesa Robert Heilbrunn na Kudi da Gudanar da Kadarorin a Makarantar Kasuwanci ta Digiri na biyu ta Jami'ar Columbia .

 Rayuwa ta sirri 
A ranar 9 ga Agusta, 1924, ya auri Elsie Marguerite Firor (Maris 22, 1898 - 22 Yuni 2001).

David Dodd ya mutu a ranar 18 ga Satumba, 1988, yana da shekaru 93, sakamakon gazawar numfashi a Cibiyar Kiwon Lafiya ta Maine, Portland, Maine . A lokacin yana zaune a Tsibirin Chebeague, Maine a Casco Bay.  'Yarsa, Barbara Dodd Anderson (1932–2010) tana zaune a Arewacin California kuma ta kasance mai ba da taimako ga Cibiyar Heilbrunn don Graham da Dodd Investing .

 Littattafan tarihi 

 Benjamin Graham & David Dodd (2008) Nazarin Tsaro: Bugu na Shida, Gabatarwa ta Warren Buffett, McGraw-Hill Professional. 
 David LeFevre Dodd, Ruwan Hannun Jari : kimanta kadarorin shari'a don dalilan bayar da hannun jari (Janairu 1, 1930), Columbia University Press 

 Manazarta 

Rukuni:Mutuwan 1988
Rukuni:Shafuka masu fassarorin da ba'a duba ba