Dana Emery: You're Not Getting a Valuation Discount for Free

<p>Our guest on this week’s podcast today is Dana Emery, chief executive officer, president, and co-director of fixed income at Dodge & Cox. Dodge & Cox is a privately held firm that was founded in 1930; it manages six mutual funds and separately managed accounts. The firm uses a value-oriented approach across asset classes.</p><p>Dana joined Dodge & Cox in 1983 and serves as comanager on Dodge & Cox Income DODIX, Dodge & Cox Balanced DODBX, and Dodge & Cox Global Bond DODLX; she became Dodge & Cox’s chief executive officer in 2013. She is also president and a trustee of the Dodge & Cox Funds.</p><p><strong>Background</strong><br /><a href="https://www.dodgeandcox.com/incomefund_bios.asp" target="_blank">Dana Emery Bio</a></p><p><a href="https://www.dodgeandcox.com/about_firm_characteristics.asp" target="_blank">Dodge & Cox Overview</a></p><p><a href="https://www.morningstar.com/funds/xnas/dodix/analysis">Morningstar Analyst Report for Dodge & Cox Income</a> <br /><a href="https://www.morningstar.com/funds/xnas/dodbx/analysis">Morningstar Analyst Report for Dodge & Cox Balanced</a> <br /><a href="https://www.morningstar.com/funds/xnas/dodlx/analysis">Morningstar Analyst Report for Dodge & Cox Global Bond</a></p><p><br /><strong>Stewardship</strong><br />“<a href="https://www.cnbc.com/2017/03/21/heres-what-warren-buffetts-hero-jack-bogle-is-most-worried-about-in-the-markets-right-now.html" target="_blank">Here’s What Warren Buffett’s Hero Jack Bogle Is Most Worried About in the Markets Right Now</a>,” by John Melloy, CNBC.com, March 21, 2017.</p><p>“<a href="https://www.morningstar.com/articles/836682/dodge-cox-built-to-last">Dodge & Cox: Built to Last</a>,” by Andrew Daniels, Morningstar.com, Nov. 16, 2017.</p><p>“<a href="https://www.barrons.com/articles/dodge-cox-mutual-funds-vanguard-51567794631" target="_blank">Is Any Mutual Fund Company Better Than Vanguard? 1 Comes Close</a>,” by Daren Fonda, <i>Barron’s</i>, Sept. 7, 2019.</p><p>“<a href="https://www.nytimes.com/2017/10/13/business/mutfund/dodge-cox-mutual