The record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often dont outweigh the value of a good reputation. According to Cascade, this is a low ratio. Cascade Investment - Wikipedia His Investments Say Otherwise. Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. Bill Gates' Money Manager Michael Larson Fostered a Toxic Work Read our Cookies Policy to learn more. He holds some inflation-protected Treasury bonds called TIPs, and plain-vanilla corporate bonds like Ford, Du Pont, and Time Warner (parent of Time Inc., FORTUNEs publisher). (which is wholly owned by Mr. Gates) and the Bill & Melinda Gates Foundation Trust own in the aggregate approximately 15% of Republic Services, Inc.'s common stock. The couples divorce announcement last month cracked the curated image. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Larson is the chief investment officer of Gates's family office, Cascade Investments. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. Whether you live in India or overseas, you can take a paid subscription by clicking here. Director of Ecolab since 2012. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. Cascade's sole. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. Michael Larson - Chief Investment Officer - Cascade Asset Management Because Patty Stonesifer and her crew have a fairly constant need for cash, Larson keeps this portfolio mostly in short-maturity U.S. government and corporate fixed-income securities. Though it may have a smattering of stocks at any given time, it too is almost entirely in bondsabout 75% short-term U.S. governments and corporates. He decided to attend Claremont McKenna and graduated in three years with a degree in economics. . Cascade has holdings in property and non-technology companies. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. The other reason we do equities is because we have some expertise in certain areas, and we make money at it.. Language links are at the top of the page across from the title. Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. That reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvanias Wharton School. Michael Larson leads the Investment office and manages assets for Bill Gates and the Bill and Melinda Gates Foundation Trust Board of Directors Republic Services Jan 2009 - Present14 years 4. The Gateses' Public Split Spotlights a Secretive Fortune - New York Times A former bond-fund manager, he won Gatess loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactors good name, according to people familiar with Cascade, who asked not to be named speaking about the companys inner workings. The way BMGI is structured allows the foundation to separate its programme work from its investments, say people close to the organisation. Sign up for notifications from Insider! The foundation's future may or may not include Larson, depending on the outcome of the claims. He also has served on several other public company boards providing him relevant corporate governance experience. From there Larson went to work for Arco doing mergers and acquisitions. He started digital-image company Corbis Corp. in 1989. But Bert called all 13 and kept each of em on the phone for an hour.. Across the world, Tillotson believes there are about 79,000 very rich individuals (those with personal wealth greater than $50m) who control roughly $19tn in assets. [2] When Larson started at Cascade, informally known as BGI (Bill Gates Investments), he was the only employee. Other directorships held during the past five years Director of Republic Services, Inc. and Fomento Economico Mexicano, S.A.B. Gates already knew about the conviction, but began looking for someone new after the uproar. A spokesman declined to comment to The Times. Given Gates huge position in Microsoft, why does Larson own equities at all? and is the Chief Investment Officer for William H. Gates III. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. About 5% of Gates portfolio is farmed out to managers like McNamees Integral Capital Partners and Blue Ridge Capital, a New York hedge fund run by John Griffin, former right-hand man of Julian Robertson at Tiger Management. So where once the term family office was synonymous with the isolated management of an individual familys wealth, today it perhaps best describes a growing body of professional knowledge and an industry in its own right that includes both specialist and general practitioners.. He grew up in North Dakota and Albuquerque, New Mexico, and received an MBA from the University of Chicago, Fortune reported in 1999. Stay up to date with what you want to know. People may receive compensation for some links to products and services on this website. Ecolab.com uses cookies to give you the best possible experience. EDIT CAREER. Bill Gates decided to hire Michael Larson after the Journal reported in 1993 that the entrepreneurs money manager at the time had previously been convicted of bank fraud. Michael Larson Email & Phone Number - Cascade F.. | ZoomInfo [1] Early life and education Larson was born in Sacramento, California in October 1959. cookies Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. Michael Larson also manages the funds for the Bill Gates Foundation. 694 Summer Internships jobs in Paris, le-de-France, France (6 new) It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. 30 Apr 2023 20:37:03 Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. French Gates rarely attended meetings in Cascades early days aside from the annual in-person gathering, and when she did she tended to be a passive participant, according to one of the people familiar with the firm. The Times reported that a lawyer sent the Gateses a letter alleging that Larson had been sexually harassing a woman who managed a bike shop. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. Get updates on the latest posts and more from ValueWalk straight to your inbox. Larson was a student of Professor Jerry St. Dennis while at Claremont McKenna College. The divorce and recent revelations about Cascades workplace culture, reported by the New York Times, raise questions about whats next for Larson and the fortune he oversees. Who is Bill Gates' money manager Michael Larson? - The Sun Its five largest publicly disclosed equity holdings are: Canadian National Railway; Republic Services, the waste removal company; Ecolab, the disinfectant maker; Femsa, the drinks group; and Deere, the maker of agricultural machinery. Bill Gates's divorce pulls his Water Street Tampa investment into spotlight Married with three children, Michael Larson prefers Levis jeans and dark pink shirts. [9] This constituted one of the investment firm's largest holdings. ("Cascade"), of which I am the General Counsel. Gates has spent much of his wealth on his charitable foundation, as well as on his $125 million estate in Washington, a luxury-car collection, and a private plane. ", https://en.wikipedia.org/w/index.php?title=Michael_Larson_(businessman)&oldid=1147949433, This page was last edited on 3 April 2023, at 05:49. In one instance, sources told The Times that Larson made a racist comment to former employee Stacy Ybarra, who is Black. The foundations most recent tax returns also shows $804 million of corporate bonds and $5.8 billion of other investments like mortgage-backed securities, bank loans and sovereign debt. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. ALL RIGHTS RESERVED. Michael Larson, 61, the man in charge at Gates's money-management firm, Cascade Investment, is reported to have judged women on their attractiveness and made sexually and racially. Gates has occasionally made it clear that Larson has broad discretion to make investment decisions. A spokesperson for the Gates Foundation told Insider in a statement: "BMGI is a professionally run organization with oversight and governance, including regularly occurring HR reviews that have taken place for over 20 years. A Culture of Fear at the Firm That Manages Bill Gates's Fortune Gates money manager had to be smart, trustworthy and as clean as a whistle. 3/13/2023 2:22 PM.
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