An Inspiring Tribute

By Sharon Oswald

Over my years at MSU, I spent many hours with Shirley and Duke Olson. We bonded early on over a mutual friend – a former colleague and friend of mine who was closely linked with Duke as a member of Coach Paul Gregory’s baseball team. Duke was one of the greatest story tellers I have ever known. I could listen to him for hours. Those hours passed quickly when he was “holding court,” generally with his much beloved cat, Angel (his buddy for 19 years and in his heart forever), in his lap. It was an honor that Shirley wanted me to take part in writing this story. Duke and I had a mutual love and respect for one another, and I am a much better person for having been able to call him my friend. – Dean Sharon Oswald

Theirs was a story of love, devotion and constant companionship that lasted 50 years. Walt “Duke” and Shirley Olson met in Richard Haas’ speech class at Mississippi State University and, as Shirley recalls, there was no turning back. She had met the most handsome man she had ever seen, the man she would go on to marry. And so, on a Friday the 13th in 1969 in a ceremony at the Chapel of Memories, on the only date they could book the chapel, Shirley and Duke tied the knot.

While Shirley was his true love, Duke also had a passion for the world of finance and all things MSU – especially baseball. When Shirley wanted a special way to honor her beloved husband who passed away at the age of 77 in 2019, she looked to the Department of Finance and Economics where Duke served on the advisory board for several years.

“Duke Olson had a brilliant mind,” says Sharon Oswald, Dean of the College of Business. “His passion for the financial world and MSU makes this tribute to him so fitting. Knowing him, he would be very humbled to have the suite named in his honor. But I can picture him right now smiling down from heaven, wearing his MSU baseball cap!”

Born in San Francisco, his father’s hometown, with an Australian-born mother and grandmother and a New Zealand-born grandfather, Duke might well be described as a man of the world. He attended elementary school in Japan, where he cultivated his love of baseball, and high school in Verdun, France, where he was a superstar on the basketball team. Shirley admits that it was on a trip back to Verdun, on the edge of the Black Forest, when she fully understood the true significance of the city both in history and in his decision to enter the military. Verdun was the site of the longestlasting and one of the bloodiest army battles of World War I.

“Part of Verdun was still wired off because of the live ammunition that could still be found there,” she recalls.

Verdun was also important in Duke’s life because it was there that he met Colonel John Weir Thames, who would go on to play a pivotal role in his college decision.

It was only fitting that upon high school graduation Duke decided to serve his country. He enlisted in the U.S. Army, where he served as a paratrooper in the 101st Airborne Division – the storied “Band of Brothers” unit – during the Vietnam era. As his unit was preparing to depart for Vietnam, his commanding officer Colonel Walter Ross wanted to speak to him. Ross had a different plan for the young soldier. He told him rather than re-enlist and go to Vietnam he wanted him to go to college, after which he could return if he chose as an officer. Ross was responsible for charting the next chapter in his soldier’s life, and Duke never forgot him – trying on several occasions later in life to find him. Shirley recalls a very emotional trip to the Vietnam Memorial in Washington, DC.

Duke was a great admirer of President Ronald Reagan and British Prime Minister Margaret Thatcher and was able to meet them on separate occasions.

Photo courtesy of Shirley Olson

“We were reading the names at the beginning of the alphabet, and Duke told me he would be right back,” she says. “He was down by the ‘Rs,’ and when he didn’t find Ross’s name, he dropped to his knees and said, ‘Thank you, God, my Colonel made it out.’”

So many in his unit were killed in Vietnam.

With Colonel Ross’s blessing, Duke was college bound. His old friend from Verdun, Colonel Thames, was by then retired and stateside, serving as the ROTC Director at MSU. MSU was known in those days for having a large, prestigious ROTC program. Duke knew very little about the state of Mississippi, and his previous experience wasn’t necessarily positive. His unit had been called to the state on several occasions to deal with the racial upheavals of the 1960s. But knowing that Colonel Thames would never steer him wrong, Duke took off from Fort Campbell, KY, home of the 101st, with only enough money for gas and one meal, ready to begin his college career. One of Shirley’s favorite stories is Duke’s first introduction to grits.

“On his drive from Kentucky he stopped in West Point, MS, for gas and breakfast,” she recalls. “He didn’t know what the white stuff was on his plate, and he didn’t want to draw attention to himself, so he just ate them. Grits were something he ended up really liking!”

Colonel Thames helped Duke enroll in MSU and gave him a job in charge of the Prime Minister Margaret Thatcher and was able to meet them on ROTC’s armory.

Shirley adds, “On ROTC drill days all the women – me included – stood around the Drill Field because it was the best view of every guy on campus!”

Colonel Thames remained a constant in Duke’s life throughout his college career. He and his wife even held the Olsons’ wedding reception at their home.

Always looking for an opportunity, Duke didn’t take long to scout out another job – one that in his eyes couldn’t be beat – manager of the baseball team under Coach Paul Gregory, a man he held in high regard. Gregory knew the young man didn’t have a lot of money and arranged for him to live on a cot in the equipment room under the football stadium.

“I asked him once, ‘Was it heated and cooled?’” recalls Shirley. “He said, ‘I don’t remember. I just know it wasn’t raining on me, and nobody was shooting at me.’”

Duke was a great admirer of President Ronald Reagan and British Prime Minister Margaret Thatcher and was able to meet them on separate occasions.

Photo courtesy of Shirley Olson

He was referring, of course, to his living conditions in the military.

During Duke’s time with the baseball team, Gregory would take MSU to new heights. Also, during his time, the planning was underway for what would become MSU’s national landmark, Dudy Noble Field. Duke was involved in the process, suggesting that the school’s turf management experts be consulted, which had a significant impact on how the field looks even today. His commanding presence, quick wit and winning personality led Duke to forge some deep friendships on the baseball field. He demonstrated a gift for spotting talent, often even giving Coach Gregory advice on players. His love of baseball and devotion to Coach Gregory remained with him throughout his life.

Duke enjoyed college life, eventually upgrading from his cot in the football stadium to a house trailer at Hogan’s Trailer Park he rented with buddies Doug Shanks and Barry Male. Shanks went on to become a Jackson city commissioner for four years, with Duke handling the financial aspects of his campaign, and later Mississippi Valley State Head Baseball Coach. Male became a principal and school administrator. Often the three would head for the Crossroads to Len-Lou’s where Duke, a.k.a. the “pinball wizard,” would play for cash, on a usually successful mission to make enough to buy them dinner.

“Eventually, the proprietor banned him from playing because he always won!” laughs Shirley. “He was always looking for another opportunity. At one point he even had a job delivering newspapers to the athletic dorms.”

Because money was always in short supply, Duke would hitchhike his way across the country when he wanted to visit his family in California. He always believed that the reason he got rides was because of his MSU suitcase, which Shirley has to this day.

Duke’s life was changed for good in the summer of 1967. He had enrolled in a finance class at another university but after a few weeks found it to be substandard. He dropped the class, losing all his tuition money, and came begging to MSU College of Business Dean W.W. Littlejohn to allow him late entry into summer school. And, as Shirley recalls, it was very late entry. Littlejohn agreed on one condition – he had to take a speech class that Duke had adamantly vowed previously he would not take. It was that class where, according to his friend Doug Shanks, he met a woman that was not quite like anybody he had ever met – a woman who was more mature than others and spoke her mind. Duke had met his match in Shirley! Duke and Shirley, both first generation college students with strong work ethics, credit their grandmothers Dar (Duke’s) and Mama Sadie (Shirley’s) as positive, influential people who helped shape their moral character and incredible work ethics.

After college, Duke and Shirley found great successes in their careers. With a business degree under his belt, in 1968 Duke started his career as a stockbroker with Merrill Lynch in Jackson, becoming the first broker the company had ever hired straight out of college. He ultimately found his way to Southern Farm Bureau Life Insurance Company, where he became Vice President and Chief Investment Officer. Known for nurturing those

Duke Olson had a keen mind for monetary policy and finance.

Photo courtesy of Shirley Olson

Work on the Walter J. “Duke” Olson, III Finance and Economics Suite is underway.

Photo by Emily Daniels

who worked for him, he encouraged his employees to add to their professional financial designations or pursue master’s degrees. His hiring decisions tended to prioritize work ethic and reputation ahead of financial expertise.

“Duke often said finance could be learned, but ethics and character – you either had those or you didn’t,” recalls Shirley.

Duke’s financial knowledge was unmatched.

“Walt could have served any financial center in the country,” comments Forbes Watson, Chief Executive Officer of Legacy Wealth Management, LLC, and Walt’s close colleague for decades. “Whether his geographical home or alma mater, he instead chose his beloved State over the pretentiousness of Gotham. A hidden gem, Walt served the financial community both professionally and personally with the rare ability to merge intellect with wisdom. Certainly, regarding monetary policy, there was no mind who could match him. In fact, no one could predict interest rates with any effectiveness, unless your name was Walter Olson.”

While working for Southern Farm Bureau Life Insurance, Duke was invited to a luncheon at the Peabody Hotel in Memphis where President Ronald Reagan was speaking. A great admirer of Reagan, he jumped at the chance to go, where he had the opportunity to talk to and be photographed with the President. On another occasion also at the Peabody, Duke was invited to hear British Prime Minister Margaret Thatcher speak. He had great admiration for Thatcher for the way she ran her country and her keen knowledge of the financial world. Duke was thrilled to be selected as her luncheon companion, where their conversation revolved around finance.

Shirley left MSU with a BBA in management in 1969, only to return for a Doctorate in Business Administration (DBA), graduating in 1978. Her career included teaching at Millsaps College, serving 15 years as the Chief Operating Officer of a family construction business and later founding her own management consulting firm, Olson Consulting Group. Pursuing a DBA meant Shirley would have to live in Starkville for two years while her husband remained in Jackson. Knowing that Shirley wanted to teach at the college level, Duke was very supportive of this decision and encouraged her every step of the way.

Their life together was built on a strong foundation that they received at MSU, and above all they never forgot their Bulldog roots. Even when they had very little money, Duke would send a $20 check to MSU.

Duke’s high school years were spent in Verdun, France.

Photo courtesy of Shirley Olson

“That was very painful for me. I could think of all kinds of things that $20 could be used for,” Shirley admits. “Now I know what he said was true: ‘Don’t ever forget where you came from.’” Those early gifts formed a lifetime habit of supporting their alma mater. One of the most touching gifts Duke ever gave his wife was an endowed scholarship in the College of Business in her name. “I am not an emotional person, so when I teared up he thought something was wrong,” says Shirley.

Shirley reciprocated a few years later with the establishment of the Walter J. “Duke” Olson, III Endowed Scholarship. Both scholarships are designated to go to hard-working, first-generation students in business, just like the Olsons so many years before.

Another gift of their generosity was for the Walt and Shirley Olson MBA Classroom, selected in part because it boasts a window with a view across the Drill Field to the building where they first met. The pair has also given of their time to their beloved university – Duke serving on the Finance and Economics Advisory Board and Shirley serving on both the College’s Executive Advisory Board and the MSU Foundation Board. They have also both shared their stories with students as frequent speakers in classes. And both were honored in 2015 as two of the Top 100 Alumni in 100 Years during the COB’s centennial celebrations.

“That recognition meant a lot – it was important to us,” says Shirley, who credits so much of their success to MSU.

After Walt’s passing, it was an article in Dividends that prompted her to call Stephen Lack, the college’s Development Director. The article was about a campaign to modernize McCool Hall, a meaningful place for the Olsons, who attended the 1972 McCool groundbreaking. After mulling over some ideas, Shirley landed on something that would have been very meaningful to her partner of 50 years. McCool Hall will soon be home to the Walter J. “Duke” Olson, III Finance and Economics Suite. This completely modernized, beautiful facility will serve to memorialize Duke and further cement his legacy at MSU. The dedication is planned for January 2023.

From the day he graduated, Duke Olson never forgot where he came from, giving back to his alma mater every year. He passionately advocated to fellow alumni to show their gratitude for MSU as well, no matter the size of their gifts. Shirley shares her beloved husband’s passion for giving.

“I hope reading his story will inspire others to give,” she says. “It is never too early to begin giving back – no gift is too small.”

Those $20 checks so many years ago were the foundation for a lifetime of giving for Shirley and Duke Olson. Duke is truly smiling in heaven – he knows he and Shirley have made a difference.

The Olsons began a lifetime of giving back to Mississippi State the year Duke graduated.

Photo by Russ Houston