C8 THE BULLETIN • SUNDAY, MARCH 14, 2021
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Submitted photo
Shoppers at Oregrown in Bend on NW Wall Street.
Cannabis
Continued from C1
“The last thing I want to see
is the cannabis industry to be-
come a detriment to our com-
munity,” Neubauer said. “It
was hard to see.”
Oregrown, with four lo-
cations in Bend, Cannon
Beach, Portland and one soon
in Eugene, is vertically inte-
grated, which means it owns
all stages of the supply chain,
rather than working with a
third party. That helps it re-
tain profits and control rev-
enues.
“It allows for more prof-
its because the way cannabis
is taxed now you can reduce
your tax liabilities at the fed-
eral level because you can
pass on your costs from one
process to another,” Whitney
Valentine
Continued from C1
Taleb encourages his readers
to become aware of behavioral
pitfalls, lest w e become victim
to a failed strategy.
“The Only Three Questions That
Count,” by Ken Fisher
I used to work with Ken
Fisher, long before the world
had heard of him. We were
a company of 12, overseeing
$400 million in assets (in his
basement!), and I was a share-
holder before venturing out
on my own. Today, Fisher In-
vestments employs over 3,000
people and manages over $120
billion. Ken and I couldn’t be
more different, but he did help
shape my investing philosophy
during my formative years. His
book nicely encapsulates much
of our shared philosophies.
The three questions are: “What
do I believe that’s wrong?,”
“What can I fathom that others
can’t?,” and, “What is my brain
doing to mislead me?” If you
want to have a better chance of
performing well in the stock
market, read this book.
“When Genius Failed,” by
Roger Lowenstein
This book chronicles the rise
and fall of a hedge fund called
Long Term Capital Manage-
ment. LTCM was started in
1993 and run by luminaries of
high finance — geniuses, if you
said.
“Selling your own-grown
product is a benefit.”
In Bend, the competition
is keen for cannabis and beer,
Neubauer said. As the legal
recreational cannabis indus-
try ages, there will be a con-
solidation of companies that
will provide insight into how
to survive in such a competi-
tive market.
Promoting the sustainabil-
ity practices in farming and
packing felt right for Ore-
grown, Neubauer said.
“What we’ve learned over
the past six years has given us
the ability to hone our pro-
cesses and practices and to
be ready to expand to other
states to sell quality craft
products and experiences
when the federal restrictions
are lifted,” Neubauer said.
“Using sustainable products
differentiates us from the
rest.”
Every package of cannabis,
from the typeface of the label
to the size of the label to the
container it’s sold in is regu-
lated by the OLCC, which ap-
proves packaging.
There’s a lot of packaging
waste and plastic use, Neu-
bauer said. To be sustain-
able, the company switched
to earth-friendly ink printing
and paper packaging. At Sub-
stance they prepackage their
products so customers don’t
have to wait while the product
is packaged.
Prior to COVID-19, cus-
tomers would be allowed
to smell the product that is
stored in large clear glass
bell jars. Today that is not
allowed and sample prod-
will — who brought in inves-
tors by the droves. Except their
geniusness failed them during
the Russian Financial Crisis
of 1998 and the fund blew up
spectacularly — so much so,
the Federal Reserve had to or-
ganize a bailout. This book
is a lesson in hubris, greed
and style drift that can still be
found in many corners of the
investment world. Ignore it at
your own peril.
examples from the 1600s to
present. Chancellor chronicles
past asset bubbles towards the
goal of informing the reader
as to the common features of
all speculative manias in the
hopes of preventing them from
joining the ranks of the wiped-
out. The term “bubble” is too
commonly bandied about by
those who aren’t aware of the
patterns of true bubbles, which
are fewer and further between
than many would suspect.
If you’re an investor that
wants to up their game, I rec-
ommend you read these books.
Better yet, listen to them as au-
diobooks, like a good, lazy in-
“Devil Take the Hindmost,” by
Edward Chancellor
“Devil,” if you will, is a
book on the history of finan-
cial speculation, drawing on
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ucts are stored behind locked
glass. At some stores, indi-
vidual marijuana flowers are
hand-selected at the time
of purchase and placed in a
plastic container for a cus-
tomer. At others, the mari-
juana flower is prepackaged
by weight.
Substance has three loca-
tions in Bend and is planning
other locations over the next
two years, said Kwit.
“We’re a retailer, that’s what
we focus on,” Kwit said. “We
think we’re best at retail. Can-
nabis is a neighborhood-ori-
ented business. Consumers
will go to their retailer that is
near where they work or their
sphere of travel. Our stores
are where our customers live,
work and travel.”
e e
Reporter: 541-633-2117,
sroig@bendbulletin.com
vestment manager would do.
e e
William Valentine, CFA, recently merged
his firm, Valentine Ventures, with ASI
Wealth Management of Bend, where
he is the Co-Chief Investment Officer of
$1.4 billion in assets. He and his wife,
Jessica, have lived in Bend since 2000,
where they raised their four sons.
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