Gallery 9b2: Other roads not taken
- Roads not taken in New York City:
Somewhat recent media attention (see, e.g., cite to 2010 New Yorker article in last paragraph of this Gallery section) on Max's Kansas City, Village Gate, et al. raised the question of my not experiencing the variety of entertainment available in Manhattan, such as Max's, which I never fully enjoyed. I did frequent various other enjoyable restaurants/bars, such as Chumley's, Blue Mill Tavern, Waverley Inn, and Cedar Tavern, all of which were nearby to Max’s and to my N.Y.C. (Greenwich Village) apartment. With, however, the recent recounting of Max’s lustrous past, I now wonder about my not getting to enjoy more of Max's and several other Village sites such as the Village Gate, Bottom Line, and Village Vanguard.
The attention given to Max's Kansas City has been widespread: in the press (e.g., New York Times, New Yorker, New York Magazine, Vogue), in other media (e.g., WNYC), and at the Steven Kasher Gallery exhibition (in Chelsea (Manhattan, N.Y.)). This media attention on Max's, quite the rage in its heyday, has stirred up in me some nostalgia about Max's since I never really enjoyed its charms. I thus never became a habitué of Max's, though friends mentioned meeting there, and I stopped by on occasion (when it was crowded but not going in or staying only momentarily). Max's historic past was something that I did not appreciate fully when it was thriving as a business.
Now I wonder what I missed, if anything, which has prompted my broader reflection on other roads not taken by me. One important example is my not being able to report for duty at the ABMA, particularly the excerpt of the letter dated February 14, 1957, indicating that a request for an assignment is not always approved and that very few Navy personnel are assigned to ABMA. See below (on this page) at Roads not taken militarily.
For information on Max's Kansas City click here and here. For more information on Max's, click here (for Google™ search results). For more information on the Steven Kasher Gallery exhibition and the the book Max's Kansas City: Art, Glamour, Rock and Roll (Abrams Image, Sept. 2010) being launched at the exhibition, click here ((for Google™ search results) and click here (for bing™ search results). See, e.g., Ben Mc Grath, Relics: The Back Room, New Yorker digital edition (Aug. 30, 2010), available at http://www.newyorker.com/talk/2010/08/30/100830ta_talk_seabrook (noting the Backroom at Max's Kansas City and “This fall brings a new round of memories of Max’s, and its back room, where Andy Warhol held court in the mid-sixties.”). See also http://www.ronalddavidgreenberg.com at Gallery -- 4b Roads not taken socially.
- Roads not taken militarily:
The simple missing out on Max's makes me think that though my Navy tour was worthwhile and enjoyable, I now wonder what might have wrought instead had my request been granted by the Navy for duty at the Army missile research facility. Robert Frost's The Road Not Taken comes to mind. On the 100th anniversary of the poem, the poem has been the subject of recent attention. See., e.g., David C. Ward, What Gives Robert Frost’s “The Road Not Taken” Its Power?, SMITHSONIAN (Aug.10, 2015) (emphasis added), http://www.smithsonianmag.com/smithsonian-institution/what-gives-robert-frosts-road-not-taken-its-power-180956200/?no-ist ( "The [last] stanza is retrospective as the traveler/poet looks back on his decision – 'ages and ages hence' – and comments how we create a life through the poetic fictions that we create about it to give it, and ourselves, meaning."). See also, e.g., David Orr, The Road Not Taken: Finding America in the Poem Everyone Loves and Almost Everyone Gets Wrong, NEW YORK TIMES BOOK REVIEW (reviewed by Adam Plunket (Aug. 23, 2015)) (emphasis added), a version of this review appears in print on August 23, 2015, on page BR15 of the Sunday Book Review with the headline: Fork in the Road, http://www.nytimes.com/2015/08/23/books/review/the-road-not-taken-by-david-orr.html?_r=0. (noting the "myth of choice"); Michael Gorra, Sorry I Could Not Travel Both, WALL ST. J. (Sept. 5-6, 2015) (reviewing DAVID ORR. THE ROAD NOT TAKEN (2015)) (emphasis added) (THE AUTHOR noting that "Frost's speaker makes his choice alone and never doubts that he alone is free to make it, free to make his own path through life."). Id. (emphasis added) (noting the author's originality when "Mr. Orr brings us back to the forking path in order to ask about the nature of choice itself. How do we decide? And what constrains our decisions? His discussion here takes on the age-old debate between free will and determinism."). Thus, Orr's analysis of the poem would apply just as poignantly to someone who faced a fork in the road but did not have a free choice, being, e.g., commanded to take the road of second choice (Navy sea duty), but nevertheless wonders where that alternative path (Army Ballistic Missile Agency) would have taken him.
Frost's poem is especially poignant given that my mode of transportation to the ship in October of 1957 was by car on the road. My orders were to report for duty on the U.S.S Tarawa (CVS-40), which I did by taking to the hodgepodge of roads in my 1956 Dodge, the Interstate system being in its embryonic stages back then, to Quonset Point, R.I. (across Narragansett Bay from Newport, R.I.). Despite my car's suffering an engine breakdown on the New Jersey turnpike, causing a delay for repairs to the Dodge (the mechanic's diagnosis was that a "piston swallowed a valve"), I duly reported a few days late for duty aboard the Tarawa.
In a nutshell: instead of of taking the road to the Army Ballistic Missile Agency in Huntsville, Ala., I took the road to Quonset Point, R.I., the Tarawa's home port. So here I am speaking -- literally -- of roads taken and not taken.
Frost's poem becomes even more poignant to me, however, given that Sputnik was launched on October 4,1957. With that launch came the dawn of the space age, and with the space age came interesting and important projects for rocket engineers and scientists at ABMA and other facilities. See, e.g., Steve Garber, Sputnik and The Dawn of the Space Age, NASA History Web (October 10, 2007), http://history.nasa.gov/sputnik/ (noting that "[h]istory changed on October 4, 1957, when the Soviet Union successfully launched Sputnik I," that the "launch ushered in new political, military, technological, and scientific developments," and that "[w]hile the Sputnik launch was a single event, it marked the start of the space age and the U.S.-U.S.S.R space race."); Sputnik, Encyclopædia Britannica (2013), http://www.britannica.com/EBchecked/topic/561534/Sputnik (“whose launch by the Soviet Union beginning on Oct. 4, 1957, inaugurated the space age.”).
My work as a supply officer on the ship constituted engineering experience and was certainly worthwhile. See, e.g., "Gallery 11: professional engineering" at "Engineering experience" on Navigation Bar. The tour on the ship was honorable, interesting, enjoyable, even exciting at times. See, e.g., "Gallery 2: US Navy" on Navigation Bar. Yet I wonder about the opportunity foregone of the engineering experience at the Army Ballistic Missile Agency, especially during the early stages of the space age after Sputnik. Still, the idea of going to graduate school for an MBA and a JD came to me while on the Tarawa. See below (on this page) at Roads not taken academically.
For information on the Village Gate, click here, the Bottom Line, here, and the Village Vanguard, here. For a review on WNYC of some of these and other venues, click here. See also "curriculum vitae" (at "Military Experience") on Navigation Bar. For information on Krapp's Last Tape, click here. For information on the Cherry Lane theatre, click here. For the closing of this Village institution, click here. For information on Steve Martin's latest novel on art, An Object of Beauty, click here, on spreading himself too thin, here, and for other information on Mr. Martins book search results), here, and on Mr. Martin, here.
- Roads not taken academically:
Math and science strengths -- Probably the earliest fork in the road that I faced academically came as a freshman at the University of Texas when I had to decide whether to embark on a so-called Plan 2 program, a specially selected series of courses in the liberal arts. Click here for more on Plan 2. I opted for a decidedly less broad and more focused course of study when I chose to major in applied physics with a minor in applied mathematics. I declined to enter Plan 2 by reason of my going to my strengths – math and physics – and thus majoring in applied physics (1952-1954) and mechanical engineering (1954-1957, two summers to catch up on engineering requirements) rather than a rigorous liberal arts program under Plan 2. Though I had some aptitude for liberal arts courses in high school, my performance in math and science was markedly better. My view of a major was guided by sheer practicality: what course of study would enable me to make a living upon my emergence from college. I was also guided by the wise counsel of my uncle (Hyman ("Hymie") Karotkin). Early in my years as a New York lawyer, however, I tried to broaden my background in the liberal arts. See, e.g., "curriculum vitae" at "Selected Education" on Navigation Bar (courses at N.Y.U. and the New School, 1966-1969). This interest in the liberal arts continues to this day in my readings though not by my enrolling in formal courses. Verbal skills are also important, so English usage has been emphasized for many years by me. See also, e.g., "Gallery 1b: publishing houses" at "William Safire/Times Books, NY Times Book Co (letter on verbal skills)" on Navigation Bar
Scholarships -- Although I have been fortunate to receive several scholarships/fellowships for graduate school (see "curriculum vitae" at "Fellowships/Scholarships" on Navigation Bar), they were awarded for graduate work of a practical sort, such as business and engineering. [Forthcoming: facing difficult decision re MIT, HBS, and Ohio State University scholarships in mechanical engineering (Masters and possibly Doctorate) or business (MBA) (add excerpts from letters received from MIT, Ohio State, HBS) either in this paragraph or in Gallery 4a on Navigation Bar, or in both) dependent on career choice to pursue engineering or management . See on Navigation Bar SELECTED HONORS: at Graduate School Scholarship (Teagle (1959-61) Harvard University, Graduate School of Business) and at Other Fellowships/Scholarships (M.I.T., Engineering Fellowship (unable to accept; 1959); Ohio State Univ., Mechannical Engineering Dept., invitation to submit fellowship application (unable to accept; 1956).] Upon graduation from University of Texas (having focused on applied physics, applied mathematics, and engineering), my priorities were to serve in the U.S. Navy (or, if permitted, the Army at its missile research facility (see "Curriculum Vitae" at "Military Experience" on Navigation Bar)), attend graduate business school and, perhaps, law school, and go to work to earn a living.
Fulbright, Marshall, Rhodes, or other scholarships -- I never gave any thought as an undergraduate to pursuing or applying for a fellowship or scholarship to do graduate work abroad (e.g., a Fulbright, Marshall, or Rhodes). A professor (at University of Texas) revealed to me that by my not having completed the section on extra-curricular activities on the reverse side of course registration materials, I was not considered to be interested in a Rhodes scholarship, and the search committee for that scholarship accordingly did not ask that I apply for the scholarship. (I now suspect that I may have disappointed the professor if he had placed may name before the Rhodes committee as a promising candidate. In any event, this omission was a mistake.) However, even had I filled in the additional information sought on the registration materials, I would not have done so even remotely intending to have my name considered for these scholarships to study abroad because to the best of my recollection I knew of them only vaguely, if at all, at the time. And if I were to have been more aware of them, I probably still would have been focused on obtaining a practical education -- one that would have enabled me to earn a living as, say, an engineer. This view gradually changed while I served as a supply corps officer for almost two years aboard the U.S.S Tarawa (CVS-40) -- at which time I began to consider going to graduate business school and, possibly, law school to prepare for a career in management (either corporate or consulting).
Teagle scholarship -- Eventually, I did apply, and am grateful, for an award of a Teagle Foundation scholarship, on which I chose to attend Harvard Business School (instead of M.I.T. on a Teagle combined (presumably) with a separately awarded M.I.T. Engineering Fellowship in Mechanical Engineering (Metalurgy)). The Teagle Foundation scholarship was created by Mr. Walter C. Teagle, former President and Chairman of the Board, Standard Oil Company (New Jersey), after his retirement from the Company. He endowed The Teagle Foundation, Incorporated, which established a limited number of scholarships in Cornell University (undergraduate & graduate), Massachusetts Institute of Technology (undergraduate and graduate), and Harvard University Graduate School of Business Administration (graduate). Acceptance by the institution was a first requisite for eligibility, and candidates must, e.g., have been an employee with at least two years of accredited service in Standard Oil. Consideration was given to the candidate's academic achievement, character, qualities of leadership, intellectual promise, ability to profit from college training, and, in the case of returning veterans, the candidate's record in the armed services. See, e.g., http://www.teaglefoundation.org/About/History.
- Roads not taken professionally:
Raymond F. Rabke, Jr. and Esso Standard Oil -- I would never have been eligible for the Teagle had Raymond F. Rabke, Jr. not been instrumental in my becoming employed by Standard Oil Co. upon graduation. I am grateful to Raymond F. Rabke, Jr. (he died circa 1986) who, having graduated in chemical engineering from the engineering school of the University of Texas at Austin in 1956, who worked at the then Esso refinery, Baton Rouge, La., and whose help and invitation was instrumental in my becoming employed by the Esso refinery upon my graduation in 1957 from University of Texas at Austin, and thus my being eligible,for the Teagle. I did not realize it at the time that I was eligible for the Teagle, until later after serving in the U.S. Navy (1957-59) and applying in 1958 (circa) to M.I.T. and Harvard Business School. As an employee of Exxon (then Esso and Standard Oil) (1957-64)) while serving in the U.S. Navy, I was on military leave of absence (1957-59). As a student at Harvard Business School (1959-61) and Harvard Law School (1961-64), I was on educational leave. I worked summers at primarily Exxon facilities as an engineer (Baton Rouge, La. refinery, summer 1959), business analyst (Baton Rouge, La. refinery, summer 1960), assistant researcher (Harvard Business School, summers 1961, 1962 (circa)), international finance analyst (Treasurer's Dept., N.Y., New York, summer 1963). My application to HBS (5/1/1959 at Item 29) indicated that my plan was to continue with Standard Oil Co. (N.J.) in management, given that I understood that the Company preferred its engineers who intended to pursue a management career attend business school. I was fortunate to obtain from Standard Oil (i.e., Esso Standard (Baton Rouge, La. refinery)) an additional leave of absence to attend Harvard Law School.
Allied Chemical, Uniroyal -- Upon graduation from law school, I sought a position as a lawyer in Standard Oil's legal department (N.Y.C.), but was not accepted by reason of its policy of usually hiring lawyers only with a certain number of years' experience, and thus I followed a different, yet somewhat similar, career path in the legal department of Allied Chemical (1964-1967) in New York City, combining legal work with training as an engineer (E.I.T.). See, e.g., "Gallery 11: professional engineering" on Navigation Bar. I continued this combination with Arthur, Drye, Kalish, Taylor and Wood (1967-1969), whose main client was Uniroyal. My career focus at this point had evolved to include international business law and finance, and I moved to a firm very much involved with securities work (e.g., private placements, investment funds (Waddell & Reed, and others)) -- Valecenti, Leighton, Reid, and Pine -- a move toward this goal.
Columbia Business School -- This metamorphosis/transformation was substantially complete by 1970 when I began teaching business law and tax at Columbia Business School. Though without question I enjoyed teaching immensely, the workload was demanding (e.g., class preparation typically took 10 or so hours, plus time commitments to meeting with students after class and service to the School), and I thus began to concentrate on this phase of my life.
Law practice -- My career as an educator/lawyer has been very fulfilling, Yet I have sometimes wondered had I been interested in studying abroad and had applied for, and received, a fellowship or scholarship to do so, what that direction possibly may have wrought in my career -- probably leading to academia as well -- giving some truth, perhaps, to the saying that all roads do lead to Rome. Again, Robert Frost's The Road Not Taken comes to mind. But see, e.g., Daniel Akst, Choose or Lose, Wall Street J., Oct. 13-14, 2012, at C10, review of Robert E. Goodwin, On Settling (2012) ("We must foreclose some options: The alternative is a life full of potential but empty of meaning."). Likewise, my commitment to the engineer-in-training (E.I.T.) requirements when practicing law but with industrial clients, e.g., Allied Chemical and Uniroyal and intrinsically in satisfaction of the E.I.T. requirements (subject to the P.E. licensing board's (Texas or New York) approval of such experience), gradually gave way to my full commitment to that of a licensed attorney and lessened to that of a licensed professional engineer as a consultant or in management in an industrial setting.
- Road may yet to be taken -- engineering commitment -- a work in progress:
My commitment to engineering is a work in progress. I still have a lingering thought to complete the requirements for the P.E license (inter alia, an examination beyond the one for the E.I.T. that I passed in 1957 (circa) in my last year at the University of Texas). I probably will not have the time to do prepare and sit for the P.E. exam -- either in mechanical engineering or in industrial engineering. See, e.g., "gallery 11: professional engineering" on Navigation Bar.
Even if I do not pursue satisfying the requirements for the P.E. license, my commitment to science/engineering has nevertheless continued as reflected by my commitment though limited, in professional organizations such as: American Society of Mechanical Engineers (1957 (circa)- (Life Member)) , Texas Society of Professional Engineers (EIT) (1957 (circa)- (Life Member), New York Society of Professional Engineers (EIT) (1964 (circa)- (Life Member)), National Society of Professional Engineers (EIT) (1957 (circa)- (Life Member)), American Association for the Advancement of Science (1971- (Emeritus)), New York Academy of Sciences (1979- (Emeritus)).
- Roads not taken, and taken, by others:
Examples abound of persons having had, including examples as characters in plays having been portrayed as having, similar realizations about roads not taken. See, e.g., Steve Martin's published views and interviews, click here. See also, e.g., Emma Rosenblum, How To Succeed In Hollywood Despite Being Really Beautiful, New York Times 42 (June 2011) [Actress Brit Marling is haunted by another Brit Marling, perhaps one who took an internship at Goldman Sachs upon graduating from Georgetown University instead of moving to Los Angeles to make movies]. For more on Brit Marling, click here and here. Cf., e.g., Krapp's thoughts in Samuel Becket's Krapp's Last Tape (which I saw at the Cherry Lane theatre in Greenwich Village (circa 1965)).
- Prime example -- Professor Benjamin Graham of Columbia Business School:
Professor Benjamin Graham's career, as one of the professorial giants at Columbia Business School, is a quintessesntial example of Frost's The Road Not Taken. See, e.g., Douglas W. Cray, Benjamin Graham, Securities Expert; Author and Financier Dead at 82 in France Pioneered Modern Analysis of Investments, N.Y. Times, Sept. 23, 1976, at 44 (emphasis added), http://select.nytimes.com/gst/abstract.html?res=FB0713F93858167493C1AB1782D85F428785F9, noting that
A reader and translator of Greek and on English, mathematics and philosophy, dropping out of his only economics course after a few weeks. He graduated as a member of Phi Beta Kappa and was offered teaching positions in the English, mathematics and philosophy departments.
A reader and translater (sic) of Greek and Latin and student of music, Mr. Graham was nonetheless urged by the Columbia dean to consider a career in business. He started out on Wall Street at $12 a week, putting prices of stocks and bonds on a blackboard at a brokerage house. By 1926, he had established, with Jerome Newman, an investment fund known as the Graham-Newman Corporation and an investment partnership known as Newman & Graham.
The two partners discontinued their business operations in the late 1950’s but not before realizing impressive returns from investments. One of their most successful investments, amounting to $750,00, was in the then-small Government Employees Insurance Company. GEICO has come under severe financial pressure in the last year, but Mr. Graham and his former partner have not been associated with it for some time.
In addition to his own investments, Mr. Graham was long active as a financial consultant to corporations and individual clients. He was also a guest lecturer in finance at Columbia for many years and from 1955 to 1965 was an adjunct professor in finance at the University of California at Los Angeles.
See also, e.g., Legacy of Benjamin Graham: The Original Adjunct Professor (Published Feb 4, 2013 (Producer Louisa Serene Schneider; Photographer & Editor Christina Choe), http://www.youtube.com/watch?v=m1WLoNEqkV4 (noting that “This film, brought to you by the Heilbrunn Center for Graham and Dodd Investing, Columbia Business School, premiered on February 1, 2013 at the 16th Annual Columbia Student Investment Management Association conference.”); Richard Loth, The Greatest Investors: Benjamin Graham, Investopedia (2013), http://www.investopedia.com/university/greatest/benjamingraham.asp.
Cf., e.g., Benjamin Graham 1894-1976, The Graham Investor (2013) (emphasis added), http://www.grahaminvestor.com/articles/benjamin-graham/surviving-the-great-crash/ (noting that “Ben had in 1928 started working at Columbia teaching a course on security analysis which was, as could be expected, eminently practical. The course was also extremely popular, and those who attended or were connected with it in some way include such legendary value investors as Warren Buffet, Bill Ruane (later to manage the Sequoia Fund), Walter J Schloss, Irving Khan, Charles Brandes, and David Dodd. It could be said that Ben’s classes, which continued until his retirement from Wall Street in 1956 actually made the reputation of Columbia Business School.”). Id. (“On the business side, the Joint Account eventually morphed into the Graham-Newman Corporation at the start of 1936, mainly for tax reasons, and this corporate arrangement between Ben Graham and Jerome Newman was to continue until Ben retired in 1956 and moved to California.”).
He published a number of books on investing and finance. See, e.g., https://www.amazon.com/Benjamin-Graham/e/B000APZXBQ
See also, e.g., https://www.google.com/?gws_rd=ssl#q=benjamin+graham+books. One of his most important works was The Intelligent Investor. See Benjamin Graham, The Intelligent Investor (1973), http://webcontent.harpercollins.com/text/excerpts/pdf/0060583282.pdf.
Graham is noted in the following publications: Warren Edward Buffett, Encyclopaedia Britannica, Encyclopaedia Britannica Online, Dec. 8, 2013, http://www.britannica.com/EBchecked/topic/766234/Warren-Edward-Buffett (noting that “Warren Edward Buffett American businessman and philanthropist, widely considered the most successful investor of the 20th century, having defied prevailing investment trends to amass a personal fortune of more than $60 billion.”). Id. (noting further that Buffett “[k]nown as the ‘Oracle of Omaha,’ Buffett was the son of U.S. Rep. Howard Homan Buffett from Nebraska. After graduating from the University of Nebraska (B.S., 1950), he studied with Benjamin Graham at the Columbia University School of Business (M.S., 1951).”); Value Investing, a Columbia-exclusive program, Columbia Business School Executive Education, http://www8.gsb.columbia.edu/execed/program-pages/details/61/VI?mkwid=sbdwj0uqd_dc&pcrid=32606514910&gclid=CP346LmzorsCFeFlOgodVxwAjw; The Famous People, Society for Recognition of Famous People (2013), http://www.thefamouspeople.com/profiles/benjamin-graham-156.php. See also, http://www.thefamouspeople.com/intellectuals-academics.php. Cf., e.g., http://www.thefamouspeople.com/economists.php. See generally, http://www.thefamouspeople.com.
Benjamin Graham, The Memoirs of the Dean of Wall Street (1996), available at http://www.amazon.com/Benjamin-Graham-Memoirs-Dean-Street/dp/0070242690 (noting review :“When Benjamin Graham died at 82, he was one of the great legends of Wall Street: brilliant, successful, ethical-the man who invented the discipline of security analysis. Time has only enhanced his reputation, with disciples such as billionaire investor Warren Buffet's continuing to praise Graham and crediting his work in their own successes. Now, 20 years after his death, his memoirs are reaching the public at last.”); Jeffrey M. Laderman, Master Investor, Business Week (June 14, 1997), book review of Benjamin Graham, The Memoirs of the Dean of Wall Street (1996 (ed. Seymour Chatman), . http://www.businessweek.com/1996/38/b349361.htm; Warren Edward Buffett, Encyclopaedia Britannica, Encyclopaedia Britannica Online, Jan. 6, 2014, http://www.britannica.com/EBchecked/topic/766234/Warren-Edward-Buffett (notinhg that “After graduating from the University of Nebraska (B.S., 1950), he studied with Benjamin Graham at the Columbia University School of Business (M.S., 1951).”)
For more information on Professors Graham and Dodd, see, e.g.,Value Investing History, Columbia University (2008), http://www8.gsb.columbia.edu/valueinvesting/about/history, noting that: Value investing was developed in the 1920s at Columbia Business School by finance professors Benjamin Graham and David Dodd, MS ’21. The authors of the classic text, Security Analysis, Graham and Dodd were the very pioneers of their field.
In the early twentieth century, investors were guided mostly by speculation and insider information. Graham believed, however, that the true value of a stock could be determined through research. He worked with Dodd to develop value investing — a methodology to identify and buy securities priced well below their true value. Graham and Dodd’s security analysis principles provided the first rational basis for investment decisions.
Graham began teaching his reason-based approach at Columbia Business School in 1928. For many years, he continually revised his methodology and his course, which he taught to both Columbia students and Wall Street professionals. The course was subsequently taught by his successor Roger F. Murray, who edited several editions of Security Analysis.
Tano Santos, What Do Financial Economists Have To Say About "Value"? Why practitioners of value investing and academics who study it have more to learn from each other than they think, graduate school business, Columbia, ideas at work (May 25, 2011), http://www4.gsb.columbia.edu/ideasatwork/feature/7317821/What+Do+Financial+Economists+Have+to+Say+About+%22Value%22%3F, noting that
Contrary to a widespread belief among practitioners of value investing, value has been the focus of much academic finance research for at least three decades. The literature on the value premium — a term researchers use to mean something very precise, but that is closely related to practitioners’ notion of value — is simply staggering. On the practitioner side, value investing stretches back to 1934, when Columbia Business School professors Benjamin Graham and David Dodd ’21 published the first edition of their magnum opus, Security Analysis.
For more information on Professor Dodd, click here or here.
- Other examples:
Cf., e.g., Joel Dean, Functioning of the Economist in Antitrust Litigation, 20 A.B.A. Antitrust Section 71 (1962), http://heinonline.org/HOL/LandingPage?collection=&handle=hein.journals/antil20&div=14&id=&page= (noting under title “Joel Dean” of “Joel Dean Associates and Columbia University”); Joel Dean, Misconceptions About Consumer Welfare, The Freeman Foundation for Economic Education Jan.1, 1966, http://www.fee.org/the_freeman/detail/misconceptions-about-consumer-welfare#ixzz2iIvGeOW2 (Mr. Dean is President of Joel Dean Associates, a firm of economic and management consultants, and is Professor of Business Economics in the Graduate Faculties of Political Science and the Graduate School of Business of Columbia University.). See also https://www.google.com/#q=joel+dean+columbia+university&safe=active).
Cf. also, e.g., Garry Wills, History Department, Weinberg College of Arts and Sciences, Northwestern University (2013), http://www.history.northwestern.edu/people/wills.html.
- Career Theories of Eli Ginzberg
See, e.g., Johnny Kilhefner, The Career Theories of Eli Ginzberg, THE NEST (2016) (emphasis added), http://woman.thenest.com/career-theories-eli-ginzberg-15464.html
Eli Ginzberg believed people experience different stages of career development.
Ginzberg's first milestone in career development takes place during childhood, from birth to 11 years old. During this stage, children primarily engage in playful acts, simulating occupations such as firefighter, police officer, race car driver, etc. Ginzberg believed children transition from playful imitiation to work imitation near the end of this stage, i.e. from simply wearing costumes to acting out the specific duties of a job.
From 11 to 17 years of age, adolescent children are able to better focus on, and recognize, work requirements. There are four stages in this period. The first stage is "interest," where children learn likes and dislikes. The second stage is "capacity," where the child learns how much her abilities align with her interests. The third stage, "values," sees the child at 15 become aware of how work may fulfill her values. The final stage of this period is called "transition," and begins when the individual assumes responsibility for her own actions, becomes independent and exercises her freedom of choice.
The realistic period begins at age 17 and goes into the early 20s. During this stage, the person establishes alternative paths in her work life, or a "backup plan." Throughout this three stage period, she will develop personal values and begin to zero in on her optimal career choice. The first period of the realistic stage is "exploration." During this stage, the individual choose her career path but remains open to other opportunities. The next stage, "crystallization," is when she becomes more engrossed in a particular career, committing to one direction more than she ever has. The third period is "specification," in which she commits to or develops a preference for a specific area of her occupation.
Eventually Ginzberg rescinded his early assumptions that the occupational decision making process was limited to adolescence and early adulthood, accounting instead for mid-life crisis changes in careers or after-retirement occupation changes. Therefore the occupational decision process extends throughout an entire lifetime. Instead of compromising, Ginzberg reconsidered, people optimize.
Comment: I seemed to follow his theory – very closely. I regret not having been closer to him, though we did chat in the halls of Uris on occasion.