PSU Magazine Spring 1988

ual investors have become fearful of the stock market. "They feel it's a bad game, and they don't have a chance of winning against people who are manipulating the market." Huson's ideas on investing have evolved over the course of a varied career in money management. After graduating from high school in Coos Bay and serving three years in the army, Huson enrolled at PSU, where he earned a B.S. degree in business administration. Following two years in the Trust Investment Department at U.S. Bank in Portland, Huson filled posts at large firms in San Francisco, Denver and Boston. In 1977 he returned to Oregon and settled in Bend, where he started working with Jim Crabbe at Foster and Marshall, Inc. In 1980 Crabbe-Huson began, with about $4 million under investment, and in 1982 they moved their headquarters to Portland. Although their firm has grown rapidly, Huson says he and Crabbe continue to make all investment deci– sions personally. 'Jim and I are within shouting distance," he says, flashing a grin and motioning to the desk that faces his. "That's important in this business." Managing investments by commit– tee is something both shun. "We want to avoid ending up with so many peo– ple involved that we can't make clear– cut, concise decisions," Huson adds. He also emphasizes that they give the same attention to smaller investors that they devote to clients with portfo– lios of $5 to $10 million. Huson says investors planning to hire a money manager should take a good look at the manager's long-term record of returns, and understand the philosophy under which funds are managed. He notes that most people make the mistake of choosing a A lthough all of Crabbe-Huson's operations will be centered in Portland when the firm moves its Bend offices here, Bend will con– tinue to be Richard Huson's home base. "Being there gives me quiet time away from the hustle and bustle, to help formulate investment strategy," he says. "It gives me a better perspec– tive, not being in the middle of things, and it's a good time to do research." He and his wife Yvonne and chil– dren Eric, 18, and Emily, 14, live in a house surrounded by pines and junip– ers on Awbrey Butte, overlooking the town of Bend. His older daughter, Amy, 20, is away at college. He and his family enjoy cross– country and downhill skiing, and tra– veling, and Huson spends his own free hours riding his mountain bike, hunting duck, pheasant and chukar, and fishing in the lakes and rivers around Bend. Huson, who was born in Oregon City and grew up in the Portland area and Coos Bay, says unequivocally, "Bend is home." Every week, however, Huson leaves home and boards a plane for Port– land, where he checks in at the Heathman Hotel before beginning several days of work at his office downtown. "Commuting is nice," he says, "and I can avail myself of Port– land's financial resources." Often his wife joins him in Portland for dinner, movies, visits with friends and an occasional Blazers game - "the PSU MAGAZINE PAGE 11 money manager based on a record of high yields in the previous year alone. "That shouldn't be the basis for your judgement," he warns. "Look instead for above average returns, although not necessarily every year. Chances are the top ten funds this year may be the bottom ten funds next year. Don't make a selection based on the best numbers from last year." Also, he says, investors should stick to one philosophy of investing and apply it consistently. " If you jump froi:n one philosophy to another you'll end up losing." Continued on page 20 general urban opportunities," as Huson describes them. Toward the end of the week he's back home again, where he sometimes works at the small office in his house. "While in Bend I'm in close touch with my partner. To manage money all you need is a computer terminal and a telephone, and you can do that any– where." He adds with a smile, "The further away from New York you are, the better."