 By the 1980s, this huge lumber operation had absolutely no debt, holding a partially diversified portfolio that included a high-rise building in San Francisco and lucrative welding operation in the San Francisco Bay Area, all derived from the company's 100-year-plan based on sustained yield directed cutting and profits carefully spent to protect cash flow.These long-term plans consequently and purposely led to a relatively low profit annually, which unwittingly were about to make the company vulnerable to "new" acquisition practices from Wall Street.The last Murphy to manage the company under these circumstances, Warren Murphy, reflected on what it was like to run such a stable enterprise with sound environmental practices