Regency | The Biannual Journal of Inspired Innovation in Real Estate & Lifestyles

Page 1

regency winter 2024 n inspired innovation in real estate & lifestyles


what makes a


INSIDE passions personas predictions

Bring your Fine Art to Bonhams. We’ll sell it to the world. INQUIRIES Sheryl Acheson +1 (971) 727 7797 © 2024 Bonhams & Butterfields Auctioneers Corp. All rights reserved. Bond No. 57BSBGL0808

LYNNE DREXLER (1928-1999) Grass Symphony, 1962 Sold for $957,975


bright YOUR PERSONAL JEWELRY CONCIERGE Visit us on the the 14th floor at 707 SW Washington, Suite 1414 Accepting appointments Monday - Friday from 10am - 5pm 503.227.3437

regency inspired innovation in real estate & lifestyles n winter 2024 the curated biannual journal for a discerning population segment of pioneers, seekers, wanderers, creators and leaders.

Richard J. Horswell Publisher

ADVISORY COUNCIL the advisory council is an unpaid informal collective of thought leaders who provide The Horswell Collection™ with a global perspective on trends, market conditions, and themes of importance to the demographic. Affiliations are for the purposes of identification only.

welcome As Ginette dePriest, the wife of the late iconic Maestro of the Oregon Symphony James dePriest, announced as she greeted us upon entering the Arlington Club in Portland for a pre-event cocktail party before the Symphony’s Season Opening Gala circa 1998, “Welcome to my party.” That said, “Welcome to Regency!” This inaugural folio is the result of research to offer a cross section of thought leadership and whimsy, appealing to a select demographic who demands intellectual enrichment and a glimpse into the past with a keen eye on future trends of the “state of living.” You join an estimated 25,000 participants in a forum designed to offer compelling content, pondering what legends you might inspire in our diverse communities, and reaching to the stars to discover additional ways to maximize lifestyle where skies present no limit. Thank you for being a member of this international audience and I hope that you’ll enjoy this “art edition” where the visual arts take on many forms. You’ll find forecasts, stories of hope, calls to action, and a bevy of fun-filled and inspiring personas along with a little real estate and enduring brands that resonate an intentional spirit that suggests a rallying cry to “remember not just to live, but live well.”

COVER Renowned style director Marie Saturn wearing a legacy ensemble and estate jewels in 2009 from Portland’s former Saks Fifth Avenue store. Interior by Karol Niemi.

JUTTA ALLEN | CHAIR Arts Patron Portland, Oregon RICHARD J. HORSWELL Principal Creative Executive, Regency Media LLC Portland, Oregon SUSAN MATHESON FERRIS | VICE-CHAIR Public and Government Affairs Counsel Edina, Minnesota CONSTANCE C. CRASS Executive, CAA Los Angeles, California ARGENTINA ERDMAN Consul & Cultural Attaché to Chicago (Ret), Estados Unidos Mexicanos Portland, Oregon JEAN EVES Community Leader Lake Oswego, Oregon SHANNON K. HAWKINS Principal, Hawkins Investment Properties Vancouver, Washington LEAH Y. KING Vice President, Sales, Fidelity National Title Portland, Oregon DEBRA KRAFT LIBERATORE Community Leader Sarasota, Florida

private advisory publisher | Portland, Oregon

Appearance by any individual, organization, or business featured within this folio does not constitute an endorsement of any service offered by either Regency Media LLC or The Horswell Collection™ at Windermere Realty Trust, a separate entity. Content contained herein is presented at the sole discretion of Regency. Regency has a strict policy prohibiting advertorial. All content is by invitation. Reproduction of content in whole or in part is strictly prohibited without the express permission of the publisher. © 2024 Regency Media LLC, All Rights Reserved

WILLIAM B. LONG III, MD FACS Trauma Medical Director, Legacy Emanuel (Ret) Portland, Oregon DANIEL MERRIMAN Stoller Tualatin, Oregon JEFFREY L. MILLER, AIA Principal, Jeffrey L. Miller Architect, P.C. Portland, Oregon JUIIANNE HOWA MORRIS CEO (Ret), Willamette Communications Portland, Oregon MUFFIE LATOURETTE SCANLAN Real Estate Broker Scottsdale, Arizona & Portland, Oregon SHIRLEY TONG Tong Ventures Vancouver, Washington Special thanks to Cameron Perkins Photography for capturing the essence of the legends within Regency in addition to our corporate and organization partners who are valued contributors.


Regency | 4


Our ladies in the sand, Mimi Thies and Marge Becker, have been singing the songs of Oahu for a combined 80 years of extended Winter stays. Their favorite stomping grounds, the famed Halekulani (House befitting Heaven), frames the scene for their first set of recommendations from Hawai’i: Seek out veteran bartender Wing Liu who proudly suggests that “all the cocktails are my signature.” With a tenure of over 40 years at Waikiki’s finest five-star resort, he should know. Regency | 5

The House Without A Key is the Halekulani’s gathering spot for sunset cocktails, appetizers, and Hawaiian entertainment. Drink in memorable sunsets under the 130+ year old Kiawe Tree with views of the Pacific Ocean and Diamond Head. Visit the property to explore the rich history as the first site where Polynesians settled in Waikiki Beach. Waikiki, meaning “freshwater springs” in Hawaiian, has long been considered a place for hospitality and healing, known for its curative waters. The late Princess Kekau would be proud.

Fine Art + Use Tax = ? By Jennifer Young When you buy artwork, you invest in your future appreciation in several senses—enjoyment of sheer beauty, support of artists and other makers, and potential literal value appreciation. The investment has several costs besides the payment for the work of art itself: commissions, shipping, insurance, and potentially sales tax on the purchase. An Ashland, California buyer may pay over 10% in combined California and local sales taxes while an Idaho buyer will pay 6%. Montana and Oregon buyers pay no tax as these states do not have a sales tax. States with sales taxes also impose “use tax” on purchases made without paying sales tax. As an example, an Ashland, California resident who buys furniture while in Ashland, Oregon pays no sales tax on the purchase, as Oregon has no sales tax. However, California laws require that the resident report this purchase and pay all applicable state and local sales taxes. Other states have similar rules—taking ownership of taxable property in another state does not eliminate sales tax, even if the seller doesn’t collect it on the original sale. Some states, however, provide exceptions. Setting up a nonprofit such as a private art museum may allow works of art to be purchased without paying sales tax. This may be suitable for large collections, and can provide some additional tax benefits beyond sales tax savings, but what if you are purchasing just a few pieces as gifts for others or for enjoyment in your home? In this case, lending your artwork to a public museum if properly structured may allow you to purchase art without incurring a sales tax obligation.

PHOTO Stimmungsbilder1 -

An example of a Francis Bacon painting at the Museu de Arte Contemporânea - Coleção Berardo (above). Francis Bacon’s Three Studies of Lucian Freud triptych was sold in November 2013 for US$142.4 million to collector Elaine Wynn, which at the time was the highest price attained at auction for a work of art when not factoring in inflation. It was housed at Portland Art Museum before heading to its final destination. It is estimated that nearly $11 million in use tax would be avoided by displaying the artwork in Oregon, however details are known only to the collector.

Here’s how it can work: 1.

You plan to purchase a piece of art.

2. You arrange with a museum in a state that does not impose sales taxes to exhibit your artwork for a period of time. Currently, Delaware, Montana, New Hampshire, and Oregon are the four states without a sales tax. (Alaska is often included in this list, and Alaska has no state-level sales tax, but several local jurisdictions in Alaska impose sales taxes—sometimes at rates higher than other state’s sales tax rates.) 3. Upon purchase and before you take possession of the art, it is sent to the museum on loan. 4. Your art is exhibited for a period of time. 5. When you first take possession in your own state, this possession isn’t considered “first use” and is therefore not subject to sales tax. Several museums including the Delaware Art Museum in Wilmington, Delaware; the Hood Museum of Art in Hanover, New Hampshire; the Jordan Schnitzer Museum of Art in Eugene, Oregon; and the Portland Art Museum in Portland, Oregon, have all exhibited private works on loan. In 2023, the Portland Art Museum hosted Sandro Botticelli’s Madonna of the Magnificat, which had been purchased by a private collector from the estate of the late Paul Allen. Of course, it’s not known whether the owner is even subject to sales tax, let alone whether the loan was structured under sales tax rules, but the Magnificat is a recent example of significant artworks purchased by private collectors and exhibited under temporary loan. The Jordan Schnitzer Art Museum posts information regarding its Shared Visions program on its website. Works on display in September 2023 include Jean-Michael Basquiat’s Valentine and Henry Taylor’s From Congo to the Capital, and black again. While the process described above may sound complex on its own (it is) there are many other factors to consider. It is important to confer with your tax advisor regarding specific tax implications in your state as they

vary from state to state and change from time to time. If you determine it’s a good option, since it is essential to place the art before your state considers you to have first use, discussions with the museum should begin early. There may be additional costs associated with the exhibition, such as additional shipping and handling charges, security, insurance, and storage if the museum can’t exhibit the work directly after your purchase, among others. It’s also important to note that the IRS doesn’t allow a deduction for the use of the art. Along with the financial and tax implications, you may want to consider non-financial aspects such as the exhibition context and any information the museum intends to provide with the artwork. You may want to include your legal counsel regarding these aspects and to review terms of the loan. If you reach an agreement, you can receive sales tax benefits, as well as the knowledge that you have provided the public what may be one last look at a masterpiece. Jennifer Young, CPA Director | Moss Adams Jennifer has provided tax assistance to large multistate companies since 2002. She delivers state income, franchise, sales, Oregon CAT, Portland CES, Washington B&O, and property tax experience in multiple industries, with a specialization in transportation and logistics.

Regency | 6

A GLOBAL PIANO EXPERIENCE Visit our showroom at 3003 SE Milwaukie Ave in Portland to see, hear & play an extraordinary selection of new and used pianos from the world’s greatest makers

Model shown: The Bösendorfer Edge



CURATOR and guardian

Her teachers told her to save the money because “Artists are born, not taught.” Marilyn Murdoch says that was an accurate assessment, as her art passion was in display. “When I was a youngster, I would cut my parents’ art books apart, put the pictures on my bedroom wall and draw frames around them. Henri Rousseau, Sleeping Gypsy (1897), was my favorite,” she remembers. With a framing history that started in 1974, Murdoch began her career as a sales designer learning the basics of framing and business. In 1984, she created Framing Solutions to offer services to hotels in volume art and framing. Meeting Dennis Katayama that same year, he had a frame shop dedicated to historic frame design, gilting and expanded art services where she became manager while also running the other commercial enterprise. The success resulted in a fundamental question: leave, or merge with Katayama Framing because of the strain on both businesses. On short order, they outgrew a temporary space and doubled in size to 10,000 square feet across the street to the current location at 2219 NW Raleigh, Portland. After her children went into grade school, she studied and became a docent for the Portland Art Museum. “I had the interest, but not the courage to do a good job. My first docent tour was with a group of 12-year-old kids who were only interested in nudes. A museum guard threatened to throw us all out if I could not get them under control. On that day and on my way out in tears I ran into [the late] Gordon Gilkey, the museum’s Curator of Prints and Drawings. He asked me what was amiss and when I told him he suggested I come work with him as a volunteer assistant to him and his print collection. I accepted and worked with him for 10 years and he changed my life.” Gilkey referred many people to Murdoch’s services throughout the years, including their most expensive job to frame a Picasso painting from a New York auction priced at $3.2 million. The firm retains its earned placement as the trifecta winner for numerous collectors who trust Murdoch’s staff to frame, place, and light artwork of note throughout the city and beyond. Marilyn’s daughter Sally works in public relations while her son Peter manages Katayama as its vice president. “Something extraordinarily exciting for me is my son’s dedication to creating his own line of architecturally-inspired carved frames that, like our revered centuries old frames, will be honored for lifetimes.” His designs are seen on Instagram @hillside_frameworks. While Peter represents the second generation woodworker in the family, Katayama announces the addition of Petra Murdoch, his daughter, as the newest third generation of its framing dynasty. Katayama serves many artists and galleries on the West Coast and felt the need to give back by investing in community arts. One obvious way was to purchase from local art dealers and art producers. The outcome of this amassed art was beyond wall placement and storage and she opened a gallery in the Wonder Ballroom basement with Mark Woolley in 2005 called Guestroom Gallery. “It was a new idea for Portland. I would choose those artists who represented excellence and innovation in their medium then ask them to select their favorite artist and curate an exhibition.” This became a platform for The Murdoch Collections where several thousand art pieces are accessibly stored. “Its my favorite client experience to watch people look through the slots, contemplate a purchase, and bring more people back to view. It’s my chance to visit my own art.” More information:

Regency | 8

Marilyn Murdoch mixes with thousands of artworks daily within her collections. PHOTO: Cameron Perkins Photography

969 SW Broadway, Portland, OR, 97205 Tel: 503-223-4976 / 1-866-855-4976 (toll free) Email: Web:

Celebrating for over a century. Headwear / Clothing / Accessories

Has The Patient Been Forgotten? WILLIAM B. LONG, PRINCIPAL ARCHITECT OF OREGON’S LEVEL-1 TRAUMA SYSTEM, THINKS SO There’s a certain joy when a first responder or surgeon helps someone become one of the unexpected survivors from a trauma incident. Bill Long has framed his entire career as a physician and surgeon around the simple notion that everyone, despite income level or situation in life, deserves high quality medical care when it is needed. In a time when priorities and politics are radically shifting the paradigm of quality care, he has devoted his retirement to sounding an alarm bell throughout the system to heed a warning so patients are not forgotten by the system built to care for them. Coming from a long line of medical professionals, Bill’s father, grandfather, and uncle (all were esteemed doctors in their own right) begged him to choose any other profession than their own. They knew there was a distinct possibility that the harsh realities embedded in the current healthcare system would cause discomfort and deflect his long-term vision of hope. Over time and through significant training, he turned the odds in favor of the patient by becoming an international expert in trauma case severity scoring and the opportunities to create a Level I Trauma Center at Legacy Emanuel Hospital in Portland, Oregon in 1982 and the Oregon Trauma System in 1988. As many medical professionals generally operate in “silos,” Dr. Long set a plan in motion to break down barriers to create a patient-first environment. “Look at how a hospital is designed by departments,” he explained. “Radiology is on one floor and surgery is on another, often widely separated. Time is of the essence.” Long designed a state-of-the-art trauma center adjacent to the ambulance bay and emergency department. He also trained emergency physicians and nurses to work as a team to diagnose a stable trauma patient within 20 minutes of arrival, Emanuel was the first hospital on the West Coast to have a dedicated emergency CT scanner in the new trauma center. Long then took his theories on the road. He created the mobile surgical transport team (MSTT) and armed first responders and rural hospital staffs with the knowledge on how to initially stabilize patients with critical need. “When you go somewhere in this region and are in need of care - we will come to your emergency department, stabilize you, and bring you back to our trauma center to fix you.” He further developed a foundation that funded workshops to train doctors in rural hospitals on certain protocols and techniques for stabilization. Buy-in is easy once people answer one question: “Do you want this service for you if something happens?” Dr. Long’s commitment to the patient transcends that of a traditional health system architecture, which is built on a hierarchy of knowledge and expertise. He feels that those who are new to medical careers could use a clear refocus on the direction of individual practices. “Medicine can be lucrative,” Long notes, having received his fair share of patents and rewards for quality care along the way. “But, we can never lose sight of the most important reason why we choose this career - the patient comes first.” Long chose trauma as a career because he felt no one else wanted to take care of the patients with the highest need. “You cannot offer a certificate to practice thoracic surgery in three days,” he explained. “This requires mentorship, long hours, on-call commitments, and things that the medical professionals of tomorrow must re-learn as a matter of quality care.” He claims a system that should be designed to provide timely and effective care to patients has become riddled with self-interest at all levels of health system management. “There should be no ‘profitability’ in ‘non-profit,’ he emphasized. Long references his desire for a denconstruction of healthcare administration to new patient care system based on service. In retirement, he commits his time to sharing knowledge from a career of more than 50 years dedicated to the “patient first principle.” He provides podcasts on the topic, will soon publish a book on his experiences, and is proactive about keeping the voice of the underserved at ‘top of mind.’ Dr. Long’s podcast is available online at:

Regency | 10

William B. Long, III, MD FACS Trauma Medical Director (Ret) Legacy Emanuel Hospital

facts of trauma Emanuel’s Trauma Program: 1.

First hospital in the Pacific Northwest to:


Provide trauma fellowship, trained attending surgeons and anesthesiologists, and a trauma nursing OR crew to be in the hospital 24/7 to enable immediate surgery.


Provide by contract with specific surgical specialists’ groups that each critical surgical specialist on call for that specialty would on call only for trauma and be in the trauma center within 30 minutes: Neurosurgery, OroMaxilloFacial Surgery, Cardiothoracic surgery, Orthopedic surgery, Vascular surgery, Urology.


Educate and train nurses in the ER, OR, and ICU to be trauma specialty nurses or Trauma Resuscitation Nurses (TRNS) to stay with each trauma patient as the patient was moved from hospital department to department to document and provide continuity of care.


Build a state of the art trauma center near the ED ambulance entrance, next to the trauma operating rooms, near the Emergency Department, and trauma ICU, and the satellite STAT laboratory and blood bank and cat scanner,


Place a trauma dedicated trauma cat scanner in the new trauma center


Direct to OR for unstable trauma patients. No surgery in the Emergency Department which is not an operating room.


Create a Mobile Surgical Transport Team (MSTT) to fly to rural hospitals with patients too unstable to transport.


Create a mobile blood bank to take with the MSTT to provide essential blood components which many rural hospitals don’t have


Use a portable cardiopulmonary bypass machine to take with the MSTT to hospitals requesting assistance


Develop a trauma CQI program for rural hospitals to help them address delivery of care.


Training scholarships for rural surgeons and rural scrub nurses to learn how to work together as a team when using new technology and operating skills..


Establish a trauma training program for the Madigan Army Medical Center surgery residents to learn how to do modern trauma care.

m. Develop a multidisciplinary trauma CQI committee which includes all surgical specialists, anesthesiologists and trauma nurses. 2.

Develop the first western statewide trauma systems based on many of the principles described above.

Television celebrity Amy Roloff said it best at an annual gala celebrating the accomplishments of Bridge Meadows: “It’s a business case.” Bridge Meadows is an innovative concept that creates and inspires intergenerational communities to enrich the well-being of children, families, and elders. By providing a platform to create permanent adoptive family situations for high-risk foster children, the organization has - on short order - achieved its vision to create a world where every generation is cherished. Beginning in 2004 after being inspired by the book Hope Meadows by Wes Smith, Portlanders Rhonda Meadows and Pam Resnick toured the Rantoul, Illinois Hope Meadows Community firsthand. After a weekend visit, they said “Let’s do this,” and set their goals to create a similar type of community in Oregon. After a six-year process that included local support from the City of Portland, the square block campus opened in 2011 with nine family homes able to accommodate three to four children and their adoptive parent/s and 27 apartments for elders. Children benefit from wisdom of years of life experience from the “grandparent figures” who hold the keys to such benefits as a library and computer room, and a weekly “Happiness Hour” brings the entire community together. Under the leadership of Executive Director Derenda Schubert, PhD, the experiment has been so successful that it won The Eisner Foundation’s “Eisner Prize” for its intentional design for parents, foster children, and low-income adults. Other entities took note and a similar campus was opened in Beaverton, Oregon in 2017 and Redmond, Oregon in 2021.

Derenda Schubert, PhD, Executive Director, Bridge Meadows

Schubert and her team have built a sustainable, results-driven organization that includes trauma-informed architectural design. While the work has been successful and saves an estimated $1 million per child in future costs, Schubert is constantly fielding calls from municipalities and other groups throughout the country to learn how to implement their own successful versions of the flagship “enterprise” of hope.

Learn more at:

Tale of two Philanthropies a business case for giving

With a goal to build dignity, restore power, and promote autonomy, Path Home empowers families with children to get back into housing and stay there. By envisioning a community where no family experiences homelessness and where they receive the support and compassion necessary to thrive, the organization has evolved from its beginnings as the Goose Hollow Family Shelter in Portland, Oregon’s First United Methodist Church to a multi-dimensional model that includes Life Lab Skills Training (tenant education, life skills, parenting) and case management. Since its founding in 1994, the organization has grown exponentially to meet the needs of the changing environment in Portland. Brandi Tuck, the organization’s executive director, started in 2005 as a volunteer kid time and overnight host and has shepherded its development since assuming the leadership role in 2007 when Path Home had four parttime paid staff, including Tuck. Path Home provides trauma-informed, culturally competent services to over 500 families annually (over 1,800 children and their parents). Path Home uses trauma informed care in its programmatic practice with families. Trauma-informed care is a strengths-based framework that includes an understanding what happens in the brain when someone experiences psychological trauma like homelessness, and a commitment to respond in a way that emphasizes physical, psychological, and emotional safety for both clients and providers. It is the first and only shelter in Oregon featuring trauma-informed design and architecture. The result is 3,021 families served since its independent operation in 2008. With a housing-first model, 87% of its families have kept their housing long-term. Regency | 11

Brandi Tuck, Executive Director, Path Home Learn more at:

John Goodwin, Director of Community Philanthropy at the Portland Art Museum with its Africa Fashion exhibit.


PHOTO: Cameron Perkins Photography

Moving to Portland in 1995 to care for a family member battling cancer, John Goodwin fell in love with the city and never looked back. His lifetime work has been dedicated to hospitality and promotion of many Portland institutions along the way. One of those pivotal moments as the State of Oregon continues to enhance its commitment to diversity was a site visit to the Victoria & Albert Museum where he was part of a team from Portland Art Museum reviewing opportunities to bring the Africa Fashion exhibit to the Pacific Northwest.

as major influences throughout his life. “Kind, respectful, and grateful to everyone no matter who they are or their financial status” are guideposts that have led him to be a trusted philanthropic advisor to museum donors. Keeping the Portland Art Museum at top of mind is a priority. The financial goal for the long-awaited Rothko Pavilion is $141 million. The late renowned abstract painter Mark Rothko spent his childhood in Portland and had his first exhibit in the city. “We are $21 million from our goal and are actively searching for leadership gifts to fully fund the project.”

“One of the V&A trustees suggested that they had experienced one of the most diverse audiences to ever visit and was extremely popular, so our leadership jumped at the chance to participate as the only West Coast stop,” Goodwin said. As part of a Black Artists of Oregon exhibit, he also placed one of his own pieces on loan for display. His personal collection also contains works not exhibited that include those by Otis Quaicoe, Jeremy Okai Davis, Tristan Irving, Carrie Mae Weems, Shedrich Williams and Ralph Chessé.

Art makes John think about his childhood and the struggles of his community and how they survived and are surviving now. By using art as a statement, he believes that black art and culture can provide visual context to many issues that are still relevant to examine today.

The youngest of seven children, Goodwin considers family matriarchs

Advice to developing collectors: “buy only what you LOVE LOVE LOVE. If you can walk away and can’t get it out of your mind, that’s a good sign you’ll enjoy it for a long time. Go back and bring it home!” More information at:

Regency | 12

44-X-Space Sanlorenzo


PHOTOS ©Monaco Yacht Show

The 33rd edition of the Monaco Yacht Show (MYS) takes place September 25-28, 2024 in Port Hercule. The 2023 edition was marked by enthusiasm shared among all stakeholders in the yachting sector. The MYS was hailed as an essential and powerful media and commercial catalyst, underscoring its importance of the MYS in addressing societal and environmental issues that have become intrinsic to the development of the yachting industry. Featuring a diverse exhibition showcasing 565 exhibitors and a fleet of 117 superyachts, with increased attendance from potential clients (11,634 private visitors out of a total of 27,223 visitors), MYS 2023 reinforced the industry’s recent shift toward more responsible navigation. The theme

of sustainability was at the forefront of all discussions, capturing the attention of the media, visitors, and exhibitors alike. The crucial role of the Sustainability Hub in promoting more responsible practices within the industry was fully realized by providing an exceptional showcase for clean energy solutions. This incubator for companies specializing in eco-friendly solutions, selected in partnership with the Water Revolution Foundation, holds crucial importance as the yachting sector continues to evolve toward higher sustainability standards. Tickets will be available in the near future including the sought-after Sapphire Experience Pass. More information about the 2024 show:

Regency | 13

Hamoody Houdroge with a variety of haute couture packaging for an incredible array of unmistakably rich Lebanese chocolate flavors. PHOTO: Cameron Perkins Photography


His father’s youngest brother was rumored to have settled in Portland in 1970 after he and 10 friends applied to multiple universities across the U.S. They decided to all go to the state of the university that selected the majority of them, and Hamoody Houdroge’s path toward Oregon seemed inevitable as more of his father’s family moved out of Lebanon due to the continuing civil war. He followed and moved to the city in 1987.

that what’s inside is a sweet treasure on its own.”

He revisited Beirut in 2000 for a wedding with his girlfriend with the intention of showing her the country through his eyes, and happened to pay a visit to the Hamoush family, childhood friends and owners of a renowned chocolate factory with boutiques throughout Lebanon, the Middle East, and Europe. Once she tasted their chocolates, she could only think about how to import them to the U.S. for sale. After two years of convincing the family, the first store in The Gregory in Portland’s Pearl District opened on March 3, 2003 as Verdun Chocolates. Now approaching its 21st year in the same spot and expanding and contracting throughout the various phases of downtown retailing and changes, the pronounced packaging of hand-wrapped colorful foils still sets the tone for elegant host gifts with a sweet edge. “The approach shouldn’t be novel,” Hamoody explains. “Just like anything of value, the packaging is the first thing you notice before you sample what’s inside. If your packaging is elegant, it should be certain

The presentation couples on the firm’s virtue that exquisite flavor and texture should be beautifully presented. That is the formula that makes Verdun the ultimate choice for occasions of all types. In addition to the delicious taste, he also lists the benefits of how the company’s product is made. “Gluten-free, low sugar, no preservatives, organic, and no GMOs are the hallmarks of success with this type of product,” he notes. “We have served anyone and everyone who has come into our store in a welcoming way that showcases the product as the celebrity. The tradition of fine product within fine packaging is meant to evoke that special feeling as they walk through this door.” While producing such a diverse portfolio of flavors is rewarding, he does make time to spend time with his two daughters, traveling, snowboarding, camping, and river activities. “I can see what kept my uncle here so many years ago,” Hamoody thinks back to a different cultural landscape. “We know that everyone loves the finer things in life, and that Verdun is there to always provide a special and unique gift for someone who has everything. Like fashion, these are statement pieces, but edible.”

Regency | 14

Regency’s Car of the Year A 2020 YouTube video of the world digital premiere of the Mercedes-Maybach S-Class piqued interest in this vehicle. In the video, Mercedes-Benz Group Chairman Ola Källenius compares the evolution of this best-in-class automobile to a French chef determined to create the best stone-baked bread in the world. He says that “little overture” of the culinary experience was a precursor and something not expected, excellence right down to the last detail. Find the video post at: Fast forward to 2024 - the S 680 Mercedes-Maybach continues to demonstrate that luxury is not as the company notes “opulence and wastefulness,” but today Källenius suggests that they would “rather understand it as a state of great comfort, ease, and timeless aesthetics.” PHOTO Mercedes-Maybach S-Class Night Series Courtesy Mercedes-Maybach (2023)

Regency | 15

PARADISE REMEMBERED Anyone over the age of 50 has an almost immediate identification with this backyard in the Holmby Hills area of Los Angeles. It beckons viewers to ponder with trepidation the phrase, “who wants to go swimming?” The home was the backyard scene of the 1981 film Mommie Dearest starring Faye Dunaway. 355 South Mapleton Drive is located on one of the most exclusive streets in the United States that also counts The Manor, Los Angeles County’s largest home at 55,000 square feet, as its neighbor. The 1.66 acre 6,055 square foot home along with its tennis court and iconic pool are now a memory of the past as tastes in design and functional living change throughout time. Designed by in 1939 by architect-to-the-stars Robert Finkelhor, 355 Mapleton exuded traditional Hollywood elegance as a home built for motion picture pioneer Allan Dwan. With an evolution in entertaining styles, smaller purpose-oriented rooms have given way to larger gathering spaces to facilitate aspects of new lifestyle trends. The $18.8 million sale was curated through the work of Christophe Choo at Coldwell Banker Global Luxury. The new owner, who maintains several properties in the area, is exercising a flair of creative energy as many new residents have in this particular sector of the Bel-Air/Beverly Hills area. In addition to this property, an adjacent property once belonging to Hugh Hefner and directly behind the back gate to the Playboy Mansion was also purchased to allow for a particular flow with the new residence currently under construction. Regency | 16

Marketing a property of this magnitude requires an extraordinary and creative skill set to make sure it can be a durable commodity for a sometimes-extended absorption rate at a significant price. In the luxury space, exceptional work is the point of entry for brokers who have a recognized footprint in representing banner properties. Christophe Choo maximized the opportunity to present not only an estate but a property steeped in the culture of filmed entertainment lore. From re-imagining the entire property design for a modern lifestyle interpretation while carefully respecting the past, he ultimately delivered on client goals through his persistent and patient persona.

Christophe and his wife Gabrielle have built a uniquely recognizable and unstoppable brand presence in the Beverly Hills community. In the social media spectrum, it is hard not to notice the genuine spirit in how they experience life and career balance. A core love of every facet of the luxury sector is evident, but never forced. He also shares his knowledge through speaking engagements throughout the world and is a consistent top producer known for innovation in marketing. Building his real estate practice over a period of more than three decades, he was an early adopter of making the Platinum Triangle accessible to an international audience through adept storytelling, hints, and value-added specialized information. Analysis of his business also showcases the skilled artform of negotiation and an ability to naturally guide a transaction toward success that rallies all real estate professionals to a higher standard.

More information: Regency | 17

7NOTRUMP Not a political statement - but the highest possible bid in the card game of Bridge if “re-doubled.” A re-double occurs when a player has enough confidence in their hand of 13 cards, combined with their partner’s, to make their contract and get even more points, after the opponents expressed doubt that the contract would make by “doubling” it. This is one of many complexities and the intricate language of bidding that Zack Woodbury has mastered in a short 13 years, obtaining the rank of Bronze Life Master in the game. Realizing that “bridge” was a not a common name that most 30 or 40-somethings would associate with playing cards, he turned to his rolodex to craft a novel international first on many levels: a sequence of instruction leading up to the creation of the world’s first Gen X / Millennial gay men’s bridge group that has been thriving since its inception in January 2012. He just simply enjoyed the game and wanted to teach his friends, never imagining this would become a group having such a positive impact on so many lives. Woodbury used a distinct model for fostering the fledgling group. “I used to be in a fraternity and was always part of recruiting new members. I later owned a recruiting company so I knew a thing or two about persuading people to try something new. People like to be around their peers. I simply taught my friends how to play bridge, we posted pictures of ourselves playing and having fun, and then friends of friends wanted to be part of this.” Located in Portland, Oregon, Woodbury remembers back to his childhood interest in the game. “My mom has played since she was nine, and I can remember her bridge parties where there would be tables throughout the house when I was a kid. I had to stay in my room when this took place so I was always curious but only could sneak glimpses of what they were doing,” he said. Self-taught from online sources, his family also has a long history with the game. The first wife of his great uncle, Betty Rossmann, had more master points than anyone in the City of Portland and recently died in 2021 as a “Platinum Life Master.” He also enjoys an occasional game at the Multnomah Athletic Club, of which his great-grandfather was president in 1947. Zack has competed against celebrities like James Holzhauer and Joshua Donn: James, known as “Jeopardy James” for being the second highest all-time winner in Jeopardy, and Josh as one of the youngest Grand Life Masters in Bridge. “I played against them in a tournament in January with my friend Michael Pham and got first place!” Now 46, he is technically retired after a career in investment banking and acquisitions. He received a finance degree from the University of Oregon and MBA from UCLA. Bridge has had other benefits including meeting his life partner Matthew Dudley who joined the group as a new player in 2015. Between his parents Sid and Judee Woodbury, he is the youngest of a blended family of six children. The gay men’s duplicate bridge group lives on and has naturally spread its wings beyond a weekly game. Activities now include vacations, birthdays, parties, dinners, hikes, trivia and other game nights. “I’ve seen people get new jobs from people they’ve met at bridge, new roommates, and occasionally a relationship,” he notes. The group has also earned national attention in the Bridge world, and was featured in the May 2016 Bridge Bulletin, which is the monthly magazine of the American Contract Bridge Leage (ACBL). Advice for aspiring bridge players: “You’re going to get beat up numerous times before you get good, but you’ll be glad you didn’t quit.” Regency | 18

Zack Woodbury with all the tools for duplicate bridge game play. PHOTO: Cameron Perkins Photography

BRIDGE PLAYING RESOURCES Beverly Hills Bridge Club Palm Beach Bridge Club Palm Springs and the entire Coachella Valley Bridge Club Portland Bridge Club San Francisco Bridge Club Seattle Bridge Center American Contract Bridge League Many private social clubs offer significant opportunities to play bridge. Consult a member services staff for additional information.

“Ticket for one . . . . . . the name’s Christie.” Agatha Christie and her noble cast of characters will not be on this journey that has a history for hosting famed parties and intriguing guests, among them spies, authors, ambassadors and royalty. Hospitality scion Belmond has a reputation for memorable connections made through storied experiences. In 1976, Belmond’s founders received the keys to the legendary Hotel Cipriani in Venice. A year later they began collecting the carriages for the Venice Simplon-Orient-Express, launched in 1982 to whisk travelers to La Serenissima in style. Enter a world of timeless glamour, where each carriage holds a new experience to be discovered. Be wined and dined in meticulously restored 1920s dining cars before raising sparkling toasts in iconic Bar Car ‘3674’ (pictured above). Between plush cabins and palpable history, an astonishing journey awaits. For the first time in its history, the train embarks on a new journey connecting two iconic destinations: Paris and Portofino; the sojourn continues at Splendido where the train’s Chef, Jean Imbert, hosted a Gala Dinner for its inaugural trip. Due to popular demand, the legendary train will also add a second Paris to Istanbul return journey, in addition to its regular August itinerary. Its first alpine journey headed to the French Alps in December 2023 will return again this December. Following the success of the introduction of Grand Suites and Suites onboard the train, eight new suites will join the rake in 2024, bringing a total of 16 Suites and six Grand Suites. Belmond joined LVMH Louis Vuitton Moët Hennessy in April 2019, reinforcing its place among the international leaders in luxury. For over 40 years they have followed a pioneering spirit and passion for authenticity to create and uncover some of the world’s greatest travel adventures. PHOTOS Courtesy Belmond

Regency | 19

artforeward Jordan Schnitzer’s leadership role in advancing the expression and public appreciation of art cannot be disputed. The newest treasure and gift to the region from his seemingly boundless creative thought process is The Schnitzer Collection in Portland, Oregon. The new space features rotating shows of artwork selected from the Jordan D. Schnitzer and his Family Foundation’s collection of over 22,000 works. Retired Oregon State Senator Betsy Johnson and Jordan D. Schnitzer.

Through March 30, the “We Are The Revolution” exhibition occupies the space. Designed in part to explore ways in which the art of the past meets and affects the art of the present, the exhibition gives voice to art as both social commentary and aesthetic experimentation from the 1960s to today. Driven by the conviction that history is constructed through continuity and discontinuity, the exhibition strives to establish unexpected juxtapositions and reveal connections among historical and contemporary artists and artworks. It is curated by Converge 45 Guest Curator Christian Viveros-Fauné. Schnitzer is committed to making art from the collections of Jordan D. Schnitzer and his Family Foundation accessible to qualified museums in diverse communities. Since the program’s inception, the Foundation has organized over 160 exhibitions and has art exhibited at over 120 museums. “For me, waking up each day without art around me would be like waking up without the sun. When you live with art around you, your mind and soul are filled with the beauty of life and the creativity of the human spirit,” he said.

PHOTOS Courtesy The Schnitzer Collection

Regency | 20


Jonas Nordwall amongst several of 6,700 pipes within the Mary L. Collins Memorial Pipe Organ. PHOTO: Cameron Perkins Photography

When at 16 he gave a command performance on the accordian before King Gustav VI Adolf of Sweden, Jonas Nordwall’s eventual career as one of the most celebrated virutoso organists in the world was the last ambition he had pondered for his future. While he began his musical studies at age four, his lifelong love of the pipe organ bloomed in high school where he perfected the craft to become equally talented in both classical and theatre genres of musical presentation. Nordwall joined Portland’s First United Methodist Church (FUMC - the oldest church congregation in the city) music staff in 1971. As organist for what is commonly known as one of the finest music ministries in the United States, he also has over 30 highly-acclaimed recordings on a variety of labels. In addition to his musical performances, Nordwall has been a major influence in the latter 20th century design and manufacturing of both pipe and electronic organs.

guests at homes of friends like Phil Maloof, his favorite venue was located on Portland’s Skyline Blvd. at the estate of Howard Vollum, Tektronix founder and father of Oregon’s ‘Silicon Forest.’ Vollum built a music pavilion on his property that was the rival of a concert hall, and Jonas regularly led ‘music salons’ with divas like Opera Star Gloria Cutsforth Allen as they recorded albums of Vollum’s favorite tunes that still live on today.

pipe dreams

He has performed in North America, Japan, Europe, China and Australia. Notable national television appearances include the Today Show and Good Morning Australia. As organist for the Oregon Symphony Orchestra during the tenure of Maestro James DePriest, Nordwall was a soloist for several concerts and recorded with the orchestra on the Delos label. Mastering an instrument like the organ opens many pipe chambers along the way to a smattering of individuals with the financial wherewithal to install them in private residences. While he delighted

In the present time, he is still enhancing the Mary L. Collins Pipe Organ at FUMC after it earned the title as the largest pipe organ in the Pacific Northwest funded by a grant by both the Collins Family and their foundation. Debuting in 2007, it contains 6,700 pipes and 114 ranks and was rebuilt and significantly expanded to include non-traditional musical effects. It is considered the most technologically advanced instrument of its kind in the world.

“Generosity has fueled the expansion of opportunity and appreciation of the pipe organ in recent times,” Nordwall suggested. “We are lucky to have an instrument of this magnitude that everyone can claim as a musical treasure of the city.” With almost 60 years of invention and a host of stories in his ever-expanding repertoire, he hasn’t contemplated retirement and just produced a concert to pay tribute to the now-closed popular Organ Grinder Restaurant in Portland where he was senior organist to honor its would-be 50th anniversary in 2023. “Why would anyone quit when there’s so much more to do?”

Regency | 22

not without . . .

Stripe’s Type:

A citrus-forward concoction that’s mouthwateringly tart and juicy with a smooth, balanced finish.

With Oregon’s adventurous spirit as their guide, Brad Whiting and Seth O’Malley began a two-year journey of experimentation. Free from the confines of traditional thinking, they combed Seth’s vast library of botanical samples, created dozens of unexpected combinations, and experimented with various production methods. A shared vision to elevate non-alcoholic cocktailing led to founding Wilderton in Hood River, Oregon. Using raw botanicals sourced from around the world, the company draws from traditional methods of tea making, perfumery, and spirits distillation to transform raw botanicals into bold, complex, delicious non-alcoholic expressions. Regency | 23

Ingredients p

1.5 oz. Wilderton Lustre N/A Spirit


1 oz. Wilderton Bittersweet Aperitivo


1 oz. Grapefruit Juice


.5 oz. Lime Juice

Directions p

Shake with ice cubes and fine strain into a chilled coupe.


Garnish with a lime wheel.

When she was 15, her father handed her an ad from a local Portland, Oregon newspaper for a new opportunity to use her voice to earn “pocket money.” By answering that ad, Katherine Horswell began what would become later in life an odd, shirttail relationship with McMenamins known for its restaurants/breweries, wineries, and concert/movie venues in both Oregon and Washington. The ad that Horswell answered was for funeral soloist at the Little Chapel of the Chimes. There, Katherine continued for 35 years to provide comforting song during services. “Yes, it was certainly a bizarre part-time job for anyone,” Katherine admits. “But, it provided total flexibility over the years to balance college at PSU, singing internationally with Bruce Kelly’s New Oregon singers, and ultimately starting a family, so it was great!” She quickly added, “but don’t think funeral directors didn’t enjoy a joke at the expense of a young girl. They tried all kinds of tricks to scare me, but it never worked.” That longtime funeral home now houses McMenamins’ headquarters, along with a pub and brewery. Upon finding out these new developments, Katherine gathered several friends to see whether the pipe organ, which the fabled “Mrs. Webster” had played over so many years, was still there. Strangely enough, she said, the same instrument remains and is still played on special occasions. Rewind even further to when Katherine was a kindergartener, wandering the halls of Northeast Portland’s Kennedy Elementary School (now McMenamins Kennedy School). There, the young Katherine stepped into the classroom of Mrs. Martha Jordan, one of the first African American teachers to work in a primarily white public school in Portland. “She formed the fundamentals and expectations I measured all future teachers with,” remembers Horswell. “She loved us, she hugged us, and she made us feel important and that we were all good in her eyes.” In touring the school-turned-hospitality destination, she and her best friend, Kathleen, reminisced about Maypole dances and marveled on the evolution of their old school. In her teen years, Katherine changed high schools from Grant to Parkrose. In those formative times, she was unaware that her Uncle Nate and Aunt Tillie Zusman were the gatekeepers to and owners of what is now well documented as the most notorious nightclub in the history of Portland’s extraordinarily checkered past: The Desert Room. Located downtown at SW 12th Ave and Stark St, The Desert Room was the unofficial hub of the city’s political, underworld, and West Hills powerbases. Katherine’s sense of humor took hold as she delighted in taking unsuspecting school dance dates into the club, under the guise of showing Aunt Tillie the dress she had picked out for the evening affair. They were ushered into a den of hedonism where national entertainers like Sammy Davis Jr. performed while the police vice squad kept watch as dancers paraded on stage. Customers were handpicked like a vintage version of the velvet rope at New York’s famed Studio 54. The underaged Katherine and her date for that night were seated in what was affectionately coined “Katherine’s Corner,” situated by the back door should the establishment receive a visit from the OLCC. Decades later, McMenamins acquired the storied property in order to piggyback on the popularity of its Crystal Ballroom, just one block away (which McMenamins had reopened in 1997). Hearing that the old Desert Room building had been purchased, Katherine’s son, Richard, contacted McMenamins Historian Tim Hills. A three-hour interview was scheduled, where Katherine offered photos and a historical perspective on the building. Company leadership pondered the recording and Katherine’s continual reference to “Zus” (pronounced ‘Zeus’), which was her uncle’s nickname for Tillie. In 2011, McMenamins refurbished the space within the Crystal Hotel, and crowned it Zeus Café (now Hal’s). Katherine’s visits to the location now include ordering the “Tillie Sandwich,” as she remembers the homage of hospitality that McMenamins has curated with “total grace.” Horswell’s accidental relationship with the company has ignited wonderful memories from the past as she curiously wonders, “what will they do next?” Regency | 24



Katherine Horswell with a photo of her Uncle Nate Zusman she donated to McMenamins for display in its Crystal Hotel. The mural on the building featured her Aunt Tillie as part of its original branding for the property. PHOTO: Cameron Perkins Photography INSET: Regency

From Newport, with love . . .

SAVE THE DATES! 28th Annual The Newport Flower Show: “At Home” Friday, Saturday and Sunday, June 21-23 Opening Reception Friday evening, June 21 Rosecliff 548 Bellevue Ave | Newport, Rhode Island After a one-year sojourn to Marble House, New England’s premier flower show returns to Rosecliff with the theme, “At Home.” Information on entering the Botanical Arts, Floral Design and Horticulture classes forthcoming. Tickets available starting April 1. Rosecliff was built for Nevada silver heiress Theresa Fair Oelrichs, who used it to host many fabulous Gilded Age entertainments. Architect Stanford White modeled Rosecliff after the Grand Trianon, the garden retreat of French kings at Versailles. The Preservation Society of Newport County is a non-profit organization whose mission is to protect, preserve, and present an exceptional collection of house museums and landscapes in one of the most historically intact cities in America. The Society holds in public trust the Newport Mansions which are an integral part of the living fabric of Newport, Rhode Island. These sites exemplify three centuries of the finest achievements in American architecture, decorative arts, and landscape design spanning the Colonial era to the Gilded Age. PHOTO Jennifer Carter/Courtesy of The Preservation Society of Newport County


Events of Note . . .

Enjoy events that support community organizations. One of the best ways to engage a new generation of donors is an invitation to participate in a smashing gala! A sampling of numerous events includes:

Weekend Date . . . D.C. this May?

Palm Beach Symphony 50th Anniversary Gala.................... Wednesday, March 6 Masterworks concert & dinner dance - The Raymond F. Kravis Center for the Performing Arts

p Accommodations: Cosmos Club* (‘Mansion’ rooms only) p Walk toward White House - visit Renwick Gallery: Fighters for Freedom: William H. Johnson Picturing Justice p Friday Happy Hour: Round Robin Bar at the Willard

Fine Arts Museums of San Francisco Annual Gala....................... Thursday, April 4 Celebrating the transformative power of art - de Young, Golden Gate Park

p Friday Dinner: The Dabney Chicago Commons 130th Anniversary Gala........................................ Friday, May 10 Honoring the Past. Building the Future. - Morgan Manufacturing

p Saturday Breakfast: Le Diplomate p Walk Massachusetts Avenue NW from the club to Observatory Circle and back via Kalorama Circle

Seattle Opera 60th Anniversary Concert & Gala........................... Saturday, May 11 Windows from the Past | Doors to the Future - McCaw Hall

p Saturday Dinner: Fiola Mare p Saturday Evening Entertainment: Shear Madness p Sunday Brunch: Cosmos (included with stay) p Phillips Collection: Up Close with Paul Cézanne (April 17 July 14) & Sunday Concert

The New York Botanical Garden Conservatory Ball.................... Thursday, June 6 Celebrate NYBG’s Wonderland: Curious Nature - Enid A. Haupt Conservatory

. *

Select calendar listings at the discretion of Regency.

Must be a member or Reciprocal Club member. From May 1 through September 30 the summer dress code is in effect. Business casual attire is permitted throughout the clubhouse; however, after 5 pm jackets (but not ties) are required in the Garden Dining Room.

Regency | 25


ART BASEL MIAMI Solidifying its position as the premier art fair in the Americas, Art Basel Miami Beach’s 2023 edition concluded in early December, marked by an extraordinary diversity of artistic positions on view in and beyond the halls; a new floorplan; the presence of 25 new participating galleries hailing from the US to Mexico, Brazil, France, The Netherlands, Poland, and Egypt; a strong showing of leading collectors and institutions from the region and around the world; and, a vibrant program of events and activations unfolding both at the fair and across the city’s rich cultural landscape. Bringing together 277 leading international galleries across its five sectors, the show attracted an overall attendance of 79,000 throughout its VIP and public days. Drawing inspiration from Miami’s position as a gateway to Latin America and the Caribbean, Art Basel’s Conversations program featured prominent speakers including leading Cuban-born artist María Magdalena Campos-Pons; collector, curator, and philanthropist Estrellita Brodsky; and singer-songwriter, producer, and activist Chance the Rapper. Bridget Finn, Art Basel’s recently appointed Director, Art Basel Miami Beach, will lead the direction of the show in 2024. She said of this year’s show: “This edition of Art Basel Miami Beach was indescribably special, being my first experience of the show as Director. Art Basel Miami Beach is truly unlike any event in the art world and undoubtedly the most significant in the Americas.”

PHOTOS Courtesy Art Basel

Regency | 26

Founded in 1970 by gallerists from Basel, Art Basel today stages the world’s premier art shows for Modern and contemporary art, sited in Basel, Miami Beach, Hong Kong, and Paris. AB


PHOTO Courtesy Bombardier Inc.

without compromise

Fastest. Farthest. Clearest. Healthiest. Smoothest. What dreams are made of . . . Bombardier has again eclipsed the aviation world’s expectations by creating what can be described as a shock to the private aircraft industry system. Its Global 8000 aircraft is the largest purpose-built business jet capable of flying 8,000 nautical miles and an advanced and aerodynamically-efficient design that uniquely enables it to provide the longest range and shortest field performance with all the spaciousness and comfort of a business jet with four true living spaces, a full-size kitchen and a separate crew rest area. It is easy to see how up to 19 passengers will luxuriate in total comfort in a cabin featuring personalized suites ergonomically designed to maximize space and freedom of movement. Bombardier Pũr Air and its advanced HEPA fil-

ter technology allow passengers to arrive refreshed. Its Soleil circadian lighting system, the comfort of the industry’s lowest cabin altitude, and reduced lower back pressure with the Nuage seat and zero-gravity position all contribute to an unparallaled experience.

GLOBAL 8000 STATS Takeoff distance (SL, ISA, MTOW) 5,760 ft Landing distance (SL, ISA, typical) 2,220 ft Speed (mach) Top speed 0.94 Ultra-high speed cruise 0.92 High-speed cruise 0.90 Typical cruise speed 0.85

The company has over 80 years of innovation filled with countless of opportunities and state of the art creations. A rich history of ingenuity has inspired Bombardier to relentlessly reinvent and refine every detail of the private aircraft concept. The jet is in final development launching in 2025 at an expected $81 million.

Operating Altitude Maximum operating altitude 51,000 ft Initial cruise altitude (MTOW) 43,000 ft

Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals as customers.

Engines GE Passport Thrust: 18,920 lbf (84.16kN) Flat rated to ISA + 15°C More at:

Regency | 27


by Jason Norris, CFA Principal Equity Research and Portfolio Management


Ferguson Wellman Capital Management

The past year not only defied predictions of a U.S. recession but also turned out surprisingly well for investors with positive bond returns and a recently broadening advance for blue-chip stocks that pushed benchmark equity returns above 20%. As the title of this piece suggests, we are anticipating a favorable outcome to the Federal Reserve’s inflation fighting campaign that is seeking to bring price gains to heel while not derailing corporate profits or tipping the economy into recession. Higher interest rates engineered by the Fed have so far succeeded in reducing excess job demand without causing widespread joblessness. In turn, wage gains and inflation are moderating, and with unemployment remaining near generational lows, the consumer remains gainfully employed. Consumer debt is up notably from pre-pandemic heights to record levels, but persistently strong home prices and a resurgent stock market have boosted key sources of wealth. Also, healthy wage gains have allowed the U.S. consumer to manage these debt levels. As the chart below illustrates, revolving consumer debt (credit card, auto, student loan, etc.) is up 30% the last three years to a record $1.3 trillion. However, due to healthy wage gains over this period, the percentage of debt relative to income is still below levels leading up to the pandemic and 30% below levels in the early 2000s. With consumer spending making up 70% of the U.S. economy, a healthy consumer all but ensures an expanding economy … as long as that consumer remains employed.



$1,300 $1,200




$1,000 5% $900 4% $800

















While optimistic about the economy avoiding a “hard landing” and lapsing into recession, we trimmed our allocation to equities last fall and recently redeployed proceeds to bonds … which have now earned a higher (now neutral) allocation in client accounts. After over a decade of historically low interest rates, yields have moved back to “normal” and bonds offer the best value they have since before the 2008/2009 global financial crisis. With equities now trading near 20x expected earnings, the S&P 500 is somewhat expensive, particularly in the context of current interest rate levels. However, key technology-centric earnings drivers such as cloud computing and artificial intelligence can, by our analysis, drive double-digit earnings growth that is anticipated for the S&P 500 this year. Accordingly, we retain a slight overweight to large-cap U.S. stocks with overweight exposure to some of the technology-driven names. On the other hand, acknowledging later cycle dynamics, we are underweight both U.S. small cap and international emerging market equities. Jason Norris, CFA, is a principal and equity research and portfolio manager at Ferguson Wellman Capital Management. Ferguson Wellman is a privately owned investment advisor established in the Pacific Northwest. As of December 31, 2023, the company manages more than $8.4 billion for 990 clients. DISCLOSURES

Consumer Credit(billions)

Consumer Credit as a Percentage of Income

Consumer Debt… Is Manageable 9%

will have lower rates to get back to “normal.” However, we do not believe there will be an immediate hurry to start cutting as they do not want to repeat the mistakes of the 1970s.


Source: Federal Reserve Bank of.St Louis

With inflation now forecast to fall near the Fed’s 2% goal in 2024, markets have begun anticipating rate cuts as soon as this spring. If the Fed ultimately achieves the “soft landing” now being discounted by stock prices, it may lower rates not because economic activity is waning, but rather to pre-emptively avoid a recession precipitated by keeping rates too high for too long. Historically, the Fed has kept the Fed Funds rate roughly 2% above the inflation rate, therefore, at current levels, the Fed

Opinions and statements of financial market trends based on current market conditions constitute our judgment and are subject to change without notice. Due to the rapidly changing nature of the financial markets, all information, views, opinions and estimates may quickly become outdated and are subject to change or correction. We believe the information provided is from reliable sources but should not be assumed accurate or complete. Reference to or by non-employee individuals and institutions herein does not serve as an endorsement of, or testimonial for, the investment strategies and services of Ferguson Wellman and West Bearing Investments. The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation or recommendation to sell or to buy securities, investment products or investment advisory services. Ferguson Wellman and West Bearing are not qualified or licensed to, and do not, provide tax, legal, insurance, or medical advice or services. We may provide referrals for third-party professionals including tax and legal advisors. You are solely responsible for the ultimate selection of such professionals. Ferguson Wellman and West Bearing are not responsible for (i) the appropriateness, quality or accuracy of advice or services rendered by any third-party professional engaged by you, (ii) the implementation, monitoring or updating of any recommendations made by any third-party professional engaged by you, or (iii) the implementation, monitoring or updating of any recommendations made by Ferguson Wellman which are considered or acted upon by any third-party professional engaged by you. You may find links to websites that are not managed by Ferguson Wellman or West Bearing. We do not take any responsibility for reviewing, updating or insuring accuracy of information on other websites. Ferguson Wellman and West Bearing disclaim responsibility for the legality of materials and copyright compliance on other websites. This is provided for informational purposes only. All commenting functions have been disabled as SEC regulations prohibit testimonials. As a result, comments on Ferguson Wellman publications (printed or electronic) are not permitted to be posted publicly. If you have questions or comments regarding the content from our website (including the Ferguson Wellman blog), please contact us at:

Regency | 28

“I give because I saw what an impact one person can have in our community.” — BRIAN RESENDEZ, DONOR SINCE 2021


In 2020, a project was launched that turned empty hotels into homes for the unhoused, including people who’d lost their homes in the recent wildfires. Brian Resendez, a broker bringing hotels into the fold, was so moved by the experience that he became a donor to support organizations providing critical services to the unhoused. Thank you, Brian. Want to find the perfect match for your generosity? Oregon Community Foundation can help. Let’s get started.




Courtesy the artist and Sprüth Magers | Photo: The Art Institute of Chicago


Thinking of You. I Mean Me. I Mean You. Serpentine South Gallery | Hyde Park | London 1 February - 17 March 2024 Free While London’s weather in March is typically unpredictable, visitors enjoy a city shifting into blooming flowers and a boost of energy from Spring. Hyde Park is a 350 acre Royal Park that forms a chain between Kensington Gardens and St. James’s Park. Among other things, it contains the Diana, Princess of Wales Memorial Fountain and Speaker’s Corner. After a gracious lunch at Home House London, consider visiting the Serpentine Galleries as tours of Buckingham Palace’s State Rooms are only available this year 11 July to 29 September. Barbara Kruger’s exhibition at Serpentine South is her first solo institutional show in London in over 20 years. It features a unique selection of installations alongside moving image works and multiple soundscapes. The exhibition is the UK premiere of Untitled (No Comment) (2020). This immersive three-channel video installation explores contemporary modes of creating and consuming content online. In the work, Kruger combines text, audio clips, and a barrage of found images and memes, ranging from blurred-out selfies to animated photos of cats. The exhibition also features recent video reconfigurations – or, as the artist calls them, replays – of several of her most iconic pieces from the

1980s, including Untitled (I shop therefore I am) (1987) and Untitled (Your body is a battleground) (1989). Over decades, Kruger has presented her work across various spaces and forms, including on buildings, billboards, hoardings, buses, and skate parks. For this exhibition, the artist has adapted works, which were recently presented at museums in the United States, to specific locations within Serpentine, both indoors and outdoors. Serpentine has presented pioneering contemporary art since 1970. From the Pavilion to its exhibitions, it champions new ideas in art and architecture. It hosts a free program of exhibitions, architecture, education, and live events that take place across its Galleries and online. Gallery Initiatives address urgent questions, develop new ideas and initiate change. Through these projects, it collaborates and experiments with artists, technology, other species, and communities with an aim to change existing structures, produce knowledge, build communities of care, and imagine new ways of being. After taking in Kruger’s immersive work, consider a saunter down Grosvenor Place to the The Dining Room at The Goring Hotel in Belgravia. The restaurant will be closed for refurbishment until this March but one can enjoy The Veranda serving a selection of light bites and classic dishes for dinner - just tell them ‘Hughie’ sent you.

Regency | 30

of counsel, of course. Jutta Allen’s impact on the performing arts in Portland dates back to 1980 when she moved from Boston to Portland with her husband and became director of PR and marketing for the Portland Opera. A native of Germany born into the aristocracy in post World War II Stuttgart, she posessed all the skills necessary to bring peace between administrative and artistic forces within an opera company known for its largerthan-life personas in both camps. On short order, Allen made alliances with key donors to usher in a new era of artistic glitterati that was met with welcome praise from local audiences. Her abundant skillset is well-documented having served as a key member of team to produce an opera in conjunction with the 1984 Los Angeles Summer Olympic Games and publishing a monthly magazine in the Bay Area. Her talents led her to act as press agent for Lily Tomlin’s Is There Intelligent Life in the Universe where the actress won a Tony in 1986.


Influence naturally travels with Allen, who was personally mentored by Dorothea Lensch, Portland Park and Recreation’s first director of recreation and later by Mabel Gearhart, who bridged the gap between patrons of the arts through her novel event concepts and was one of Portland’s first female ambassadors of goodwill and official greeters as a Royal Rosarian. She recognizes her role as general director of The Musical Theatre Company where she produced over 100 musicals for Portland audiences as the most pivotal challenge in presenting quality performances. Donations were not easily accessible even during Portland’s own Gilded Age of the 1980’s through the 1990’s where donors worked in mysterious ways: “I once told a group of friends about a cash flow dilemma for a production. By the end of the week, I had received a check to cover the entire production’s payroll from an unrelated party.” Acting as a de facto advisor to artistic leaders and donors often means hearing news - both good and bad - before it reaches the ears of the general public. She’s brokered deals, made introductions for boards and committees, and has been the longstanding keeper of the oral history of decades of artistic lore that is usually forgotten but has distinct relevance to issues that the arts confront today. Besides returning to lead the Portland Opera Guild as president after a previous five-year term, she has served on a number of committees at the Multnomah Athletic Club where she won its prestigous McAlpin Award for her work to further quality social programming within the club. After 19 years as the Oregon District Director for the Metropolitan Opera National Council, she is active as a member of the Friendly House Board of Directors. “It was out of my comfort zone since my life has been so aligned with the entertainment business,” she explains. “But, branching out into new categories is an important part of serving the community as well.” While she misses all her late friends who were the usual godfathers and godmothers of generosity to arts organizations like Sam Wheeler, John Hampton, MIddy Macdonald, Mitzi Ellis, Alyce Cheatham and so many more, her favorite bantering partner Jeannine Cowles provided the most unsual brand of philanthropic spirit to all occasions. “She did like to argue her point,” confesses Allen. “But she enjoyed a show so much that at intermission she stuffed a piece of paper in my pocket. Thank goodness I reached in the pocket afterward as the paper was a $10,000 check. Spontaneous giving at its best!” When not enjoying any number of activities like the Portland State University School of Arts Deans’ Advisory Council, she and her partner Steve Biles enjoy travel and hosting events at “the farm.” As she gazes off to the evening sunset, chances are Jutta Allen is on the phone giving wise counsel to any number of board volunteers and artistic professionals who trust in her guidance as she reminds each one, “we cannot be a civilization without the arts. That’s a necessity.” Regency | 31

Jutta Allen has been an arts advocate in Portland for nearly 50 years. PHOTO: Cameron Perkins Photography

The Horswell Collection at Windermere Realty Trust 2424 SW Vista Avenue Portland, OR 97201

sometimes you’ll find a

treasure in the strangest places . . .

Whimsical Moroccan Animal Fantasy chair “on location” in Washington Park. Portland, Oregon PHOTO Cameron Perkins Photography

savvy private client advisory for discerning buyers & sellers REAL ESTATE REPRESENTATION IN METROPOLITAN PORTLAND & THE OREGON COAST

RICHARD J. HORSWELL Real Estate Broker Licensed in Oregon & Principal Creative Executive The Horswell Collection™ 503.752.1345 OR License 201252137

Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.