Professor Paul Johnson - The Enduring Value of Roger Murray
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Roger Murray (19111998) was a crucial figure in the history of value investing. A financial professional, economist, adviser to members of Congress, and educator, Murray was the successor to the legendary Benjamin Graham as professor of the securities analysis course at Columbia Business School. There, he mentored generations of students, including Mario Gabelli, Charles Royce, Leon G. Cooperman, and Art Samberg.
This book offers a compelling account of Murrays multifaceted career alongside a series of remarkable lectures he gave late in his life that encapsulated his philosophy of investing. The investing professionals and educators Paul Johnson and Paul D. Sonkin chronicle Murrays life and accomplishments, capturing his professional triumphs, theoretical insights, and lasting legacy. They highlight Murrays educational philosophy and mentorship, including personal recollections from his students about his teaching and influence.
The Enduring Value of Roger Murray features the transcripts of four lectures Murray gave in 1993, hosted by Gabelli, which became legendary in the investing community. These lectures inspired Bruce Greenwald to ask Murray to co-teach a security analysis course, leading to the resurrection of value investing education at Columbia Business School, which had waned after Murrays retirement in 1977. Annotated by Johnson and Sonkin, these lectures are now available to a wide audience for the first time. They will be illuminating and instructive for all value investing students and practitioners today.
This book offers a compelling account of Murrays multifaceted career alongside a series of remarkable lectures he gave late in his life that encapsulated his philosophy of investing. The investing professionals and educators Paul Johnson and Paul D. Sonkin chronicle Murrays life and accomplishments, capturing his professional triumphs, theoretical insights, and lasting legacy. They highlight Murrays educational philosophy and mentorship, including personal recollections from his students about his teaching and influence.
The Enduring Value of Roger Murray features the transcripts of four lectures Murray gave in 1993, hosted by Gabelli, which became legendary in the investing community. These lectures inspired Bruce Greenwald to ask Murray to co-teach a security analysis course, leading to the resurrection of value investing education at Columbia Business School, which had waned after Murrays retirement in 1977. Annotated by Johnson and Sonkin, these lectures are now available to a wide audience for the first time. They will be illuminating and instructive for all value investing students and practitioners today.
Professor Paul Johnson: author's other books
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Professor Paul Johnson
Paul Murray
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Bruce C. N. Greenwald
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Table of Contents
The Enduring Value
of Roger Murray
of Roger Murray
Columbia University Press
Publishers Since 1893
New YorkChichester, West Sussex
cup.columbia.edu
Copyright 2023 Paul Johnson and Paul D. Sonkin
All rights reserved
EISBN 978-0-231-54965-3
Library of Congress Cataloging-in-Publication Data
Names: Johnson, Paul (Professor), author. | Sonkin, Paul D., 1968 author.
Title: The enduring value of Roger Murray / Paul Johnson
and Paul D. Sonkin.
and Paul D. Sonkin.
Description: New York, NY : Columbia University Press, 2022. |
Series: Heilbrunn center for Graham & Dodd investing series|
Includes index.
Series: Heilbrunn center for Graham & Dodd investing series|
Includes index.
Identifiers: LCCN 2021055601 (print) | LCCN 2021055602 (ebook) |
ISBN 9780231192101 (hardback) | ISBN 9780231549653 (ebook)
ISBN 9780231192101 (hardback) | ISBN 9780231549653 (ebook)
Subjects: LCSH: Murray, Roger, 19111998. | Capitalists and
financiersBiography. | Investments. | Portfolio management.
financiersBiography. | Investments. | Portfolio management.
Classification: LCC HG172.M87 J64 2022 (print) | LCC HG172.M87 (ebook)
| DDC 332.6092 [B]dc23/eng/20220111
| DDC 332.6092 [B]dc23/eng/20220111
LC record available at https://lccn.loc.gov/2021055601
LC ebook record available at https://lccn.loc.gov/2021055602
A Columbia University Press E-book.
CUP would be pleased to hear about your reading experience with this e-book at .
Cover design: Noah Arlow
The book is dedicated to Mario Gabelli for
keeping the value-investing flame alive
keeping the value-investing flame alive
Contents
Mario Gabelli and Leon Cooperman
A Tribute to Roger F. Murray
When someone asks me, How do you account for your success? I give a lot of credit to Columbia Business School and Roger Murray. While I had some great professors teaching finance when I attended college at Fordham in the early 1960s, it wasnt until I had Professor Murray at Columbia in the fall of 1965 that I saw the sun, the moon, and the stars align themselves and knew that was what I wanted to do. (MJG)
When I look back at my career in investing, which spans over fifty years, I feel that the one person who had a profound influence on me was Roger Murray. As our security analysis professor, he showed a great deal of excitement for the subject matter. I still have a letter he sent me in 1977 hanging on my wall. (LC)
We grew up in the same South Bronx neighborhood, which at the time was predominantly populated by Jewish and Italian immigrants. We became great friends in business school and are still close fifty-five years later. We used to commute together (with Art Samberg, a fellow classmate) from the Bronx each day to Columbia. We loved stocks and loved debating investment ideas. And we both agree that Roger Murray had an outsized influence on our professional careers and our lives.
We shared the same stockbroker, Hy Fishman. There was only a single pay phone in the business school at the time and, in between classes, we used to race to see who could get to the phone faster to be able to call Hy to place our stock orders.
Roger taught a whole generation of investors at Columbia between 1958 and 1977, but after he retired, and as the curriculum at business schools, Columbia included, turned away from fundamental stock analysis towards the efficient market theory, there was no one to take over Rogers Security Analysis course. Tragically, the strong tradition of value investing started by Ben Graham in 1927 at Columbia was lost.
A decade later, in the late 1980s, there was a groundswell of support from the two of us and several of Rogers other former students and prominent value investing practitioners such as Chuck Royce and Robert Bruce to reinvigorate the Value Investing program at Columbia.
With Art Samberg, we hosted a reception at the Lotos Club in New York City in 1988 to celebrate the publishing of the fifth edition of Graham and Dodds Security Analysis, which Murray had edited with Sidney Cottle and Frank E. Block.
We both continued to correspond with Roger over the years because maintaining the relationship was important to each of us. As Roger aged, Mario became concerned that if anything were to happen to him, his teachings would be lost forever. Mario thought that somehow Rogers lessons needed to be captured. He wanted to archive Murrays insights, in part to create a living legend, and, because he felt his teachings were so vital, he wanted to record them for future generations.
In about 1992, the idea was, can we bring Roger to New York and capture his lectures, and in doing so, inspire a new generation of value investors? You dont know where your influence will end, and Roger had an extraordinary influence on both of us.
The result was that Gabelli Asset Management Company (GAMCO) agreed to host the Roger F. Murray Lecture Series at the Museum of Television and Radio in New York City. Roger gave four 90-minute lectures over consecutive Fridays in January and February 1993. Although Roger was eighty-one at the time, he delivered each lecture without using a single note.
In retrospect, the 1993 lecture series created a spark that was responsible for the resurgence of value investing at Columbia Business School. We invited Meyer Feldberg, the Dean of the business school at the time, to attend these lectures. Feldberg in turn invited a newly tenured professor, Bruce Greenwald, to join him at the event.
Greenwald was so impressed by the lectures that he convinced Roger to return to the classroom. With Rogers commitment, Greenwald launched a new course in the fall of 1993 entitled The Fundamentals of Investing: Approaches to Value: An Advanced Seminar, which Greenwald co-taught with Roger. It was the last time Roger was in a Columbia classroom. The course was a huge success, and Greenwald taught the course on his own for the next twenty-four years until Greenwald retired in 2018.
Roger was inducted into the GAMCO Management Hall of Fame on May 18, 1996, and was honored at a black-tie dinner that evening at the American Museum of Natural History in recognition of his contribution to creating wealth for the GAMCO clients. The GAMCO Management Hall of Fame was established in 1990 to honor individuals for their outstanding contributions to enhancing shareholder value.
GAMCO launched the Graham & Dodd, Murray, Greenwald Award for Distinguished Value Investors in 2005. The award is presented yearly at the GAMCO Annual Client Symposium.
The Gabelli School of Business at Fordham and Columbia University Business School joined forces on April 17, 2013, to honor and celebrate value investing and the men and women who have advanced the discipline through the years. The event was titled Value Investing 20 Years Later: A Celebration of the Roger Murray Lecture Series, 19932013. The event was sponsored by Gabelli Asset Management Company and hosted at the Paley Center for Media in Manhattan, the same place Murray gave his original lectures two decades prior. Speakers at the event talked of how Murrays influence carries weight even today in both the private sectors of finance and in academia at Fordham and Columbia.
We both owe a tremendous amount of gratitude to our former professor, Roger Murray.
Mario Gabelli (MJG)
Leon Cooperman (LC)
February 2022
James Russell Kelly
S ometimes you get lucky in life. That certainly happened to me when I was accepted into Professor Roger Murrays course in security analysis at Columbia Business School (CBS) in 1968. At that time, Murray was teaching as an adjunct professor, having resigned his endowed chair as the S. Sloan Colt Professor of Banking and Finance in 1965 to join the College Retirement Equities Fund (CREF).
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