After a 20-year career at Bankers Trust Company, where he headed investment research, economics and institutional portfolio management, Roger Murray went to Columbia University’s Graduate School of Business as successor in the classroom to Ben Graham and Dave Dodd. Except for a six-year stint as executive vice president and portfolio manager of College Retirement Equities Fund, he taught at Columbia on a fulltime basis until “retirement” in 1977. He introduced more than 2,000 students to the concepts of Security Analysis. A past president of the American Finance Association and still active in all phases of investment management, Professor Murray has both the theoretical and practical perspective for this commentary on the Graham and Dodd contribution. —C.A.D.