Word: coxing
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Dates: during 2000-2009
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...current SEC chairman, Christopher Cox, has welcomed the report and has promised to follow up on implementing its key recommendations, including composing a comprehensive procedural investigative manual, similar to one used by U.S. Attorneys, to minimize discretionary abuse. Another recommendation: to keep reliable records of all external communication and to "generally discourage" communication with supervisors that excludes lead staff attorneys. Grassley praised Cox, a former Congressman, as a "model of transparency and accountability" and for "recognizing the value of Congressional oversight instead of resisting it like most other agencies do." As for the inspector general's office...
...strong but also weak, like Dahlia Malloy (Minnie Driver) of FX's The Riches, a drug addict and ex-con (and current con artist). Or criminal but charming, like Mary-Louise Parker's pot-dealing widow in Showtime's suburban dramedy Weeds. Or sympathetic but scary, like Courteney Cox's rapacious gossip-magazine editor in FX's Dirt. Or dedicated but damaged, like Kyra Sedgwick's detective Brenda Johnson, beset with food addictions and relationship problems, in TNT's The Closer. Or earnest but abrasive, like Chloë Sevigny's pushy, shopping-addicted but fiercely loyal and devout polygamist...
Part of preserving that culture is keeping the right ratio of experience to fresh talent. Dodge & Cox hires only one or two analysts a year. Starting in the 1980s, that became a problem as the firm began covering foreign companies. Dodge & Cox could have hired a big batch of analysts but decided not to, fearing it would wreck the apprenticeship model. "If you hire five people at the same time, they all start going to lunch together," says president Ken Olivier, a member of the U.S.-stocks committee. And as years passed, there might not have been enough promotions...
...Dodge & Cox has also found there to be an important structural element to team decision making. "Committees react best to a specific proposition," says Bryan Cameron, director of research and a member of the committees that pick domestic and foreign stocks. So when analysts make a presentation, they propose a particular course of action--increasing the percentage of Wal-Mart from 2% of the portfolio to 2.2%, say. The analyst advocates, and the committee meditates--somewhat like a jury...
...ability to do what it thinks is best for investors. Consider the 1990s, when tech-stock valuations soared off the charts. Many value investors came under enormous pressure from shareholders and corporate parents to load up on ridiculously inflated stocks. David Hoeft, who covers technology stocks at Dodge & Cox and sits on the domestic-equities committee, recalls a very different experience. "Our job inside the firm got easier," he says. "We trimmed as time went on. We just couldn't rationalize the expectations." No finger pointing. No pressure from the boss. And at the end of the day, no camel...