Craig Ueland is CEO of Russell Investment Group, a leader in the highly competitive world of global investing. Ueland, who holds degrees in economics and finance from Stanford University and the University of Washington, joined Russell in 1983 as a research analyst. He later opened and led Russell's office in Sydney, Australia, before leading the company's international operations for eight years. He became CEO in January 2004.

Do you think we have felt the full effects of the national credit crunch?

Not yet. The peak (as in worst) is likely to come in 2008 amid the heat of the presidential election, with a few million people directly affected by foreclosures and many millions more either straining or fearful of losing their homes.

What enduring lessons are there for investors?

Invest in something because of its ability to increase in value in the future, rather than because it has done well in the past.

What kind of changes lurk out there in the world economy as a result of the credit crunch?

Many U.S. investors need to deleverage their portfolios by selling homes or other equity assets to pay down debt while cash-rich Middle East or Asian sovereign entities are awash in cash and want to buy real assets instead of debt. Foreign investors buying U.S. assets is transferring more ownership in U.S. productive capacity to foreigners. This is a strategically important long-term trend.

Can, or should, the next U.S. president do something to lower the budget deficit?

When you spend more than $1 trillion on an overseas war and don't raise taxes, history has shown it ends poorly. Higher inflation, higher interest rates, higher taxes, debasing of the currency - something has to give.

What was your first job and what did you learn from it?

I served as a bank teller during the summer at Old National Bank in Bellevue. This experience taught me two primary things: It's essential to serve customers well, which is important in any service business, and that my true passion is the investment business.

What is your most significant achievement?

I have spent a quarter century - fully half my life - working for Russell and helping transform the company from a relatively small organization with only 270 associates to a global leader in financial services with clients in 45 countries. That said, I remain convinced that Russell's best years are still ahead of us.

What business decision do you most regret?

I hired a quantitative researcher who had committed résumé fraud to beef up her credentials. I learned the hard way to spend the time up front to make sure you get the right people on the bus, to paraphrase Jim Collins.

What trait bothers you most in others?

It is a pet peeve, but I don't like it when people are habitually late for group meetings or appointments. It is disrespectful to others present.

What Washington CEO do you most admire?

We are blessed with many great companies and many strong leaders in this state, but Jim Sinegal at Costco may be at the top of the list. I particularly appreciate the way Costco treats their employees.

Who in history do you most admire?

Abraham Lincoln, Mahatma Gandhi and Jesus Christ.

What attributes do you like most in a person?

Authenticity, commitment to excellence and integrity.

What turns you off the most in a person?

People who don't care or are slothful.

What is your favorite place in Washington?

In an urban area, I enjoy the magnificent and unique Pike Place Market. Away from the city, find me a river with a backdrop of some beautiful mountains, along with a canoe paddle, and I will be happy indeed.