Dodge & Cox was founded in 1930 in San Francisco by Van Duyn Dodge and E. Morris Cox, emerging during the depths of the Great Depression with a disciplined, long-term value investing philosophy that would define the firm for decades. From its inception, Dodge & Cox emphasized fundamental research, low portfolio turnover, and a team-based decision-making structure rather than star portfolio managers, distinguishing it from many competitors on Wall Street. The firm remained privately owned and deliberately conservative in its expansion, focusing on a small lineup of mutual funds and institutional strategies rather than rapid product proliferation. Over time, Dodge & Cox built a reputation as one of the most respected value-oriented asset managers in the United States, managing hundreds of billions of dollars for both individual and institutional investors, with its consistency, low fees, and long-tenured investment team reinforcing its status as a cornerstone of traditional, research-driven investing.