analyse how our Sites are used. cookies Some of Michael Larsons investments over the years: ValueWalk.com is a highly regarded, non-partisan site the website provides unique coverage on hedge funds, large asset managers, and value investing. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere & Co. to track operator Canadian National Railway Co. to waste management firm Republic Services Inc. companies rooted in the physical world of making, moving and selling goods, and cleaning things up. In 1994, Larson and his wife moved to Seattle. I needed to have complete faith in the person I picked since I didnt ever want to have to look over their shoulder.. 2011-2023 VALUEWALK LLC. Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. Get Verified Emails for 20 Cascade Investment Employees. Access your favorite topics in a personalized feed while you're on the go. Read our Cookies Policy to learn more. Cascade's most recent Form 13F filed with the SEC showed assets of $2.1 billion. Part owner of Whistler Four Seasons ski resort in Canada, At least 100,000 acres of farmland across the United States, A 490-acre ranch in Wyoming once owned by Buffalo Bill. French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. So whats in the portfolios? Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. The most common Cascade Investment email format is [first]. Under Larson, Cascade has focused some of its attention on UK-listed stocks. Cascade is the personal investment entity of William H. Gates III, the sole member of Cascade. The family office market can take many forms, from a single former executive assistant helping a patriarch/matriarch, to a 40-person professional investment organisation that also deals with personal affairs. Bill Gates money manager: What to know about Michael Larson, Bennett inks new deal with Schaumburg Boomers, Bill Gates Says He's Fighting Climate Change. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. Following the divorce of Bill Gates and Melinda French Gates, their money manager has come under some serious scrutiny. [5], Larson reportedly directs Cascade's investments through Bill and Melinda Gates Investments, a firm that also manages the portfolios of the Bill and Melinda Gates Foundation and other connected entities. Of the nonbond portion of Gates portfolio, another $250 million is in what Larson calls real stuff.. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. He attended Claremont College, finishing in three years with a degree in economics, and then went directly to the University of Chicago, where he picked up an MBA at the age of 21. Most of the time, even Bill Gates doesnt know what investments Cascade owns. With a high-profile job adjacent to a billionaire duo, Larson gets a sliver of the Bill and Melinda Gates investments. Larson, who has worked as Gates' money manager for nearly three decades through Cascade, made sexual and racist comments, 10 former employees and others familiar with the firm told The Times. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates ' personal fortune through Cascade Investment. 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. Larson denied "some but not all" of the allegations of misconduct detailed in The Times report. Larson also holds Berkshire Hathawayhe owned 300 shares last year and recently bought a bunch morewhich he thinks became particularly attractive after its Gen Re acquisition. Another reason bonds are attractive to Larson is that as new money streams in, scaling up in the fixed-income markets is much easier than in stocks. [1], After receiving his MBA from the University of Chicago, Larson went to work for ARCO doing mergers and acquisitions. Michael Larson is one of the most powerful men in US wealth management you have never heard of. And second, we just had an inflow of a couple of billion dollars.. However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. Cascade also owns around 270,000 acres of land, enough to make it the single biggest owner of U.S. farmland, according to the Land Report. This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. Family business consulting, private company services and even strategic philanthropy advice have joined the lexicon of wealth management for the extremely rich, she says. Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. Based in Kirkland, Washington, Cascade shies away from media attention. Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. Find unique places to stay with local hosts in 191 countries. He assumed the role in 1994. Cascade does not publicly disclose its performance results but it has been reported that because of Larsons relatively conservative strategy, Cascades losses in the 2008 financial crisis were smaller than the industry average for the full year. The holdings havent uniformly jived with the Gateses charitable endeavors or priorities, which include global health and, more recently, climate change. Learn more about Michael Larson, Investment Advisor, Cascade Investment Group including contact information, career history, news and intelligence. Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. Since then Gatess fortune has grown to around $80bn (of which he has given away around half) after Larson diversified the funds out of Microsoft, Gatess software company, and into a broad range of investments. www.vbprofiles.com is now www.topionetworks.com. Cascade Investment paid settlements to at least seven people who witnessed Larson's behavior, The Times reported. Being the investment chief for one of the worlds biggest family fortunes might seem like an enviable job for an investor mulling creative bets. ThePrint with exceptional reporters, columnists and editors is doing just that. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. From Fortune: He told me I would be working for a wealthy guy in the Pacific Northwest,I actually thought it was Craig McCaw.. Copyright 2023 Market Realist. Michael Larson, manager of Gates' $170 billion who was supposed to keep Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes, Microsoft names Satya Nadella chairman, rewards him for turning around tech giant, How medieval Kashmir became centre of the world Vaishnavism, Puranas, and war, Baker who framed Sadak 2 actor on drug charges in Sharjah was told off by her mother, wanted revenge, Laws expire at UP border: In the MP/MLA courts of the ganglands, cases come to crawl. He also has a position in junk bonds and foreign government bondsDanish, German, Canadianas well as foreign corporates, gobs of mortgage-backed securities, and all sorts of hedging investments. Since 1995, Larson has delivered a compound annual return of around 11 per cent. You can sign up for additional alert options at any time. In February of that year, Gates held a celebration at his mansion near Seattle in honor of Larson, who at that point had been working for Gates for 20 years. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. Bill Woodson, north America head of the family office group at Citi Private Bank, says: While family offices take different forms, the challenges they face are very similar and, as a result, the ultimate solutions they adopt as they evolve tend to be similar, although addressed with varying levels of focus, staffing and professionalism.. Who is Michael Larson? 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. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. A spokesman declined to comment to The Times. "There's a clear process for employees, contractors and partners to share concerns either anonymously or by name, and any issue raised over the company's history has been taken seriously and resolved appropriately," the spokesperson continued. People may receive compensation for some links to products and services on this website. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. By providing your email address below, you are providing consent to Ecolab Inc. to send you the requested Investor Email Alert updates. The way BMGI is structured allows the foundation to separate its programme work from its investments, say people close to the organisation. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. Larson, 61, has worked for Gates through Cascade since 1994. Then he shifted gears and joined Putnam Investments in Boston, managing bond funds. Larson is the center of numerous claims, ranging from sexism to racism. New Summer Internships jobs added daily. 5 free lookups per month. Michael Larson is the Business Manager of Cascade Investment, L.L.C. The New York Times reported on Sunday that Larson had become a point of contention between Gates and his wife, Melinda French Gates, after he was accused of sexual harassment in 2017. Apparently Larson didnt have as much as an unpaid parking ticket in his file (has he considered running for office? It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth.
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