Clients who hire Dodge & Cox benefit from the collective judgment of the entire investment team. Most professionals on both the equity and bond teams have worked together for a decade or longer. The average tenure of our Investment Policy Committee members exceeds 20 years. We believe that a well-tuned, group decision making process enhances individual thinking and moves the portfolio beyond dependence on any single person. Each investment professional begins at Dodge & Cox as an analyst. We hire top-caliber graduates and bring them along the learning curve with the guidance of senior investment professionals. This sharpens judgment and strengthens the capacity for independent research.