Dave Schue, Research Analyst and Portfolio Manager

Dave SchueSometimes the best investments are the ones you don’t make.

What do you like about working in the investment management business?

I like the wide variety of available investments.  This makes it important to know about all kinds of issues, industries and events, which I find interesting.  There is also an emotional (and sometimes irrational) component to markets, which can lead to very good opportunities for those willing to be patient enough for things to change.

What part of your job do you like best and why?

My favorite part of my job is investing available cash in client accounts, or investing all cash in a new account.  It is intellectually challenging to find the combination of investments that I believe can reap the highest potential returns.

What personal attributes make you good at your job?

Markets have always fascinated me, from my days as an economics major to being a business appraiser to my current job as a portfolio manager.  A variety of subjects, from history to economics to science have always been interesting to me, and they can be combined and used to evaluate potential investments.  Additionally, being patient has always characterized a part of my personality, and it sometimes takes patience to give value investments enough time to work  – they can do nothing for a long time, and then get “discovered” and take off.

What’s your favorite way to spend free time?

Spending time with my wife Jane and my daughter Allison.  It can be chatting, reading, going to interesting exhibits, places and events, or just spending a quiet evening at home.

What investment decision has been most challenging for you in your career?

Having a stock underperform after it has been purchased.  If the original purchase thesis holds true, the best course of action is to buy more.  This can be hard to tell at the time, especially if the stock price decline is due to negative news at the company. 

Career highlights:

Being awarded a Chartered Financial Analysts charter in 1983.

Co-founding a business appraisal firm called Corporate Valuations in 1983.  I was a Vice President there from 1983 until 2001.  The firm still exists.

Selling my stock in Corporate Valuations and making the leap to join Cascade Investment Advisors in 2001.  Business appraisal was interesting, but the stock and bond markets, and putting together investment portfolios for clients in varying circumstances, is even more interesting.


Education & Accreditations:

Bachelor of Science in Economics, Lewis & Clark College, 1977

Master of Science in Business Studies (now called MBA), University of Edinburgh, 1979

Chartered Financial Analyst (Charter #7615).

Video:  An interview with our own David Schue

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Recommended Reading

The Ascent of Money by Niall Ferguson
Wedding of the Waters
by Peter L. Bernstein
“1493” by Thomas Mann