General Investing >> Analyst Interviews >> September 17, 2004


HUGH A. JOHNSON serves as the Chief Investment Officer and Senior Vice President of First Albany Capital, the New York Stock Exchange member firm headquartered in Albany, New York. In addition, he serves as the Chairman and the President of FA Asset Management Inc. In that capacity, he manages nearly $1 billion of equity, fixed income and cash investments for individual and institutional clients and serves as a consultant to over $700 million in institutional assets. In both positions, Mr. Johnson formulates the outlook for the stock and bond markets. As such, he helps shape the direction of the research resources of this regional investment banking firm. Mr. Johnson's work appears regularly in The New York Times, USA Today, Barron's, BusinessWeek and other leading newspapers and periodicals around the world. He is a regular guest on CNBC, CNN and Bloomberg, and has been a special guest on 'Wall Street Week with Louis Ruykeyser.' His comments can be heard regularly on National Public Radio, CBS, USA Today Radio and other radio networks. He has been a guest on NBC Nightly News with Tom Brokaw, ABC World News Tonight with Peter Jennings, CBS Evening News with Dan Rather, The News Hour with Jim Lehrer, and Nightly Business Report State Assembly Committee on Ways and Means and is Director of New York Business Development Corporation. In addition, Mr. Johnson is an adjunct Professor of Management at the Rensselaer Polytechnic Institute and holds a Board position with both Security Mutual Life and Nye, Parnell & Emerson. He has also served as a member of the Executive Committee of the Democratic National Finance Council. He received an AB from Dartmouth College, an MA from Southern Methodist University, and has recently been awarded the degree of Honorary Doctor of Humane Letters. In his spare time Mr. Johnson enjoys his home in Vermont, plays golf, and continues to pursue his childhood dream of playing in the National Hockey League. Profile
TWST: May we start with what has gone on with small cap investing so far

this year from a market perspective?

Mr. Johnson: You've had really two things happening. First of all, we've

seen a