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Hi, and welcome to the Longview.

I'm Christine Ben's Director of Personal Finance for Morningstar, Inc.

And I'm Jeff Battack, Global Director of Manager Research for Morning Star Research Services.

Our guest on the podcast today is Dana Emery, Chief Executive Officer, President, and

co-director of Fixed Income at Dodge & Cox. Dodgandcox is a privately held firm that was founded

in 1930. It manages six mutual funds as well as separately managed accounts.

The firm uses a value-oriented approach across asset classes. Dana joined Dodge & Cox in 1983 and serves as co-manager on Dodge &cox income and

Dodge &cox Global Bond. She became Dodging Cox's chief executive officer in 2013. She is also

president and a trustee of the Dodge and Cox funds. Dana, welcome to the Longview. Thank you for

having me. Thanks so much for being here. So we want to start by talking about Dodge and Cox at

large. You are the CEO of Dodge and Cox. And I want to start with something that Jack

Bogle used to say, which is that he thought that asset managers have this intractable

conflict of interest. So they're trying to serve their fund shareholders and they're also

trying to serve company stakeholders. It seems like Dodge and Cox has been able to thread that needle and

probably serve both sets of constituencies pretty well. Is there something to being private

...