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Investment Philosophy
Equity Investment Process
Municipal Bond Investment Process


As a firm, we have operated with the same basic investment philosophy since our founding. We believe that our philosophy of investing for the long term, based on thorough fundamental research and valuation discipline, is appropriate in any market environment.

Our investment philosophy is built on traditional principles:

  • We conduct our own fundamental research on equity and fixed income securities
  • We have a strict valuation discipline
  • We invest for the long term

Dodge & Cox provides separate equity, municipal bond, and balanced account management services for its Private Clients.

For equity accounts, we seek long-term growth of capital. We aim to build a diversified portfolio of solid business franchises where the current market valuations do not adequately reflect the companies’ long-term profit potential. As the gap between our view and the consensus view of a company closes, we hope to realize increased value for our clients over the long term.

For municipal bond accounts, we seek stable tax-exempt income with the goal of long-term capital preservation. Client portfolios are invested in the debt of a diversified set of high-quality essential service municipal issuers. Our experienced research team invests with a long term horizon, while keeping portfolio turnover low.

For balanced accounts, we seek stable, current income, capital preservation, and long-term capital growth by investing in a blend of equity and taxable or tax-exempt fixed income securities and mutual funds.

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