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1、9-203-026REV:JANUARY28,2003yRANDOLPHB.COHENDimensionalFundAdvisors,2002InJuneof2002,DavidBoothfacedadilemma.Hisfirm,DimensionalFundAdvisors(DFA),hadinrecenttimesshownstellarperformanceaftergoingthroughsomerelativelyroughpatchesinthelate1990s.Growthwassteadyandprofitsstrong.Yet,Pensionsa
2、ndInvestmentsrankedDFAamereth96insizeamonginvestmentcompanies(seeExhibit1).WhileDFAhadneverviewedmaximizingassetsundermanagementasagoal,therankingdidsuggestthatitmightbepossibleforDFAtoachievemoreasafirmthanitcurrentlywas.ShouldBoothandDFAcontinueonthepaththathadbroughtthemthisfar?Orwas
3、thisthetimeforamajorinitiativethatcouldcatapultDFAtoastatusamongthelargestfirmsinthebusiness?TheCompanyanditsClientsDFAwasaninvestmentfirmbasedinSantaMonica,California.Foundedin1981byBoothandRexSinquefield,twoformerstudentsattheUniversityofChicagoGraduateSchoolofBusiness,DFAwasdedicated
4、totheprinciplethatthestockmarketwas“efficient”—thatis,whileoveranygivenperiodsomeinvestorsbyluckwouldoutperformthemarketandotherswouldunderperform,noonehadtheabilitytoconsistentlypickstocksthatwouldbeatthemarket.Suchbeliefswereassociatedwithproponentsofindexfunds,and,indeed,Sinquefieldh
5、adrunoneoftheveryfirstS&P500indexfundswhileatanotherfirm.ButDFAwasnotsimplyanindexfundmanager.Inadditiontoefficientmarkets,DFA’sfoundersbelievedpassionatelyintwootherprinciples:thevalueofsoundacademicresearch,andtheabilityofskilledtraderstocontributetoafund’sprofitsevenwhentheinvestment
6、wasinherentlypassive.Atitsfounding,DFAsurmisedthatactingonthesecorebeliefswouldmakeituniqueamonginvestmentcompanies.By2002,DFAhad130employees,over100ofwhomworkedinthemainofficebytheseainCalifornia.MostoftherestworkedinaChicagoofficeandtwoothertradingoffices,inLondonandSydney.Inaddition,
7、thefirmhadcloseworkingrelationshipswithanumberofprominentacademics,especiallyEugeneFamaandKennethFrench,whohadbeeninvolvedwiththefirmfromitsearlydays,whentheybothtaughtfinanceattheUniversityofChicago.DFAencouragedacademicstoworkonsubjectsofinteresttothefirmbygivinganyprofessora
