The Enduring Value of Roger Murray

Professor Paul Johnson, Paul Sonkin

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English

Columbia University Press
22 January 2023

Biography: business & industry; Investment & securities

Series: Heilbrunn Center for Graham & Dodd Investing Series

Roger Murray (1911–1998) was a crucial figure in the history of value investing. A financial professional, economist, advisor 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 Cooperman, Art Samberg, and Robert Bruce.

This book offers a compelling account of Murray's 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 Murray's life and accomplishments, capturing his professional triumphs, theoretical insights, and lasting legacy. They highlight Murray's 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 Murray's 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 value investing students and practitioners today.

By: Professor Paul Johnson, Paul Sonkin
Imprint: Columbia University Press
Country of Publication: United States
Dimensions: Height: 216mm, Width: 140mm,
ISBN: 9780231192101
ISBN 10: 023119210X
Series: Heilbrunn Center for Graham & Dodd Investing Series
Pages: 224
Publication Date: 22 January 2023
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Foreword, by Mario Gabelli and Leon Cooperman A Personal Tribute to Professor Roger Murray, by James Russell Kelly Preface Acknowledgments Introduction Part I. Biography 1. Murray’s First Career: Bankers Trust (1932–1955) 2. Murray’s Second Career: Influential Economist (1950–1998) 3. Murray’s Third Career: Beloved and Respected Business School Professor (1956–1978) 4. Murray’s Fourth Career: Fund Manager (1965–1970) 5. Murray’s Role in the Formation of the Private Pension Industry (1950–1980) 6. The Fifth Edition of Securities Analysis (1988) 7. Rebirth of Value Investing at Columbia Business School (1993) 8. Recognition and Awards (1999 to the present) 9. The “New” Roger Murray Lecture Series (2000) Part II. Museum of Television and Radio Lectures 10. Lecture 1—Value Versus Price (January 22, 1993) 11. Lecture 2—Ingredients of Markets and Value (January 29, 1993) 12. Lecture 3—Equity Pricing and Capitalization Rates (February 5, 1993) 13. Lecture 4—Convergence of Price and Value (February 12, 1993) Part III. Interview 14. Full Interview with Peter Tanous (1996) Bibliography of Roger Murray’s Publications Notes

Paul Johnson has been an adjunct professor at Columbia Business School for more than thirty years, teaching courses on value investing and security analysis. He contributed to two Columbia Business School Publishing books, The Most Important Thing Illuminated (2013) and Columbia Business School: A Century of Ideas (2016). Paul D. Sonkin was a portfolio manager at GAMCO Investors, Inc., where he co-managed the TETON Westwood Mighty Mites Fund, a value fund that primarily invests in micro-cap equity securities. He was for many years an adjunct professor at Columbia Business School and is coauthor of Value Investing: From Graham to Buffett and Beyond (2001). Johnson and Sonkin are coauthors of Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street (2017).

Reviews for The Enduring Value of Roger Murray

Johnson and Sonkin provide a great account of Roger Murray's career and speeches. It is a careful record that sticks to the facts. -- Erin Bellissimo, Managing Director, Notre Dame Institute for Global Investing