The Cult of Committee

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In the long run, that collaborativeness bolsters the firm's 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 either.