michael larson cascade email michael larson cascade email

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. Qualifications With more than 40 years of portfolio management experience, Mr. Larson has deep investment expertise and broad understanding of the capital markets, business cycles and capital efficiency and allocation practices. Michael Larson is in charge of Cascade Investment and was reportedly accused of sexual harassment in 2017. Who is Michael Larson? 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. 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 is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. About half of it$750 millionis in what Larson calls private equity; thats buyout funds and direct investments, such as Gates stake in Teledesic, McCaws satellite company (Larson is on its board). jane.doe@cascadeinvestors.com), which is being used by 100.0% of Cascade Investment work email addresses. He assumed the role in 1994. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. . Source: getty. Larson reportedly showed nude photographs of women to members of Cascade Investments staff (there are about 100 people working for him who have been asked to sign non-disclosure agreements as a term of their employment). Cascade is the personal investment entity of William H. Gates III, the sole member of Cascade. "I regret this greatly but have done a lot of work to change.". de C.V. It so happens that one of Larsons interests is media stocks. However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. The couples divorce announcement last month cracked the curated image. He means real assets, like commodities (hes been in and out of crude oil futures) and real estate, such as investments in the Reserve, a real estate and golf course development near Palm Springs, and in the Cliveden hotels in England. Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. He studied at Claremont McKenna College for three years, achieving a degree in economics. This page is not available in other languages. According to Cascade, this is a low ratio. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. Larson called the investment shop Cascade Investment because the generic name would allow him to operate in the market without drawing attention. Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. 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). Other directorships held during the past five years Director of Republic Services, Inc. and Fomento Economico Mexicano, S.A.B. Cascade Investment, L.L.C. So far, Gates seems to be backing Larson, toothough the same cannot be said for French Gates, who sticks with the fact she was unaware of the claims against Larson and would not approve of them. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. 30 Apr 2023 20:37:03 Basically we are short on the yield curve right now, Larson says, again reflecting his wary view of the markets. 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. The most common Cascade Investment email format is [first]. Larson is the center of numerous claims, ranging from sexism to racism. These guys have discretion over the money we give them, but if I dont agree with their take on interest rates or the yen, Ill override them by hedging, Larson says. Learn more about Michael Larson, Investment Advisor, Cascade Investment Group including contact information, career history, news and intelligence. NOW WATCH: Bill Gates has a net worth of over $96 billion here's how he makes and spends his money, Larson's alleged inappropriate workplace behavior. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. After two years, he struck out on his own. Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. [6] Larson, 61, has worked for Gates through Cascade since 1994. 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. The holdings havent uniformly jived with the Gateses charitable endeavors or priorities, which include global health and, more recently, climate change. India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. Insider could not reach Larson. Larson reportedly told a Black employee she lived 'in the ghetto. cookies Bill Gates' money manager Michael Larson is accused of making racist and sexist comments. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. and is the Chief Investment Officer for William H. Gates III. The No. Cascade has around 100 employees, who, when traveling on business, must stay at a low-cost hotel, not the Four Seasons, despite the fact that Cascade owns a large chunk of the hotel chain. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. His response: My investment group chose to do this.. He favors cable stocks such as TCI and Liberty Media, as well as Cox Communications and Barry Dillers USA Networks. Unflattering details spilled out, including a report that Larson allegedly harassed & bullied some employees. Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. However, the severity of these claims and the consideration that many may not have come forward are food for thought. Berkshire isnt. Part of Larsons job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the worlds challenges, rather than make bold moves that could draw scrutiny. ), because Early gave him the thumbs-up. New Summer Internships jobs added daily. 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 firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa. Cascade has holdings in property and non-technology companies. Gates $5 billion personal portfolio is another matter. The foundations assets under management have returned an average of about 8.6% per year since 2001, according to a person familiar with the matter, beating the S&P 500 Indexs average annual 7.5% gain over the past two decades. He decided to attend Claremont McKenna and graduated in three years with a degree in economics. Being the investment chief for one of the worlds biggest family fortunes might seem like an enviable job for an investor mulling creative bets. Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. Found email list ings include: @cascademgt.com. By providing your email address below, you are providing consent to Ecolab Inc. to send you the requested Investor Email Alert updates. analyse how our Sites are used. And second, we just had an inflow of a couple of billion dollars.. Regardless, it's a sizable fortune to manage for one of the world's wealthiest people. Qualifications With more than 30 years of portfolio management experience, Mr. Larson has deep investment expertise and broad understanding of the capital markets, business cycles and capital efficiency and allocation practices. In 2008, it bought a 3 per cent share of Carpetright, the flooring retailer, but has since reduced its stake. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. Business data for Cascade Investment, LLC: This page was last edited on 7 January 2023, at 14:28. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is in charge of managing Bills personal wealth through Cascade Investment, as well as handling the Bill & Melinda Gates Foundation Trust endowment. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person. Market Realist is a registered trademark. "Melinda and I are free to pursue our vision of a healthier and better-educated world because of what Michael has done," Gates said, according to The Journal. 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. He also owns some emerging-market debt and high-yield issues. Additionally, claims have come forth of sexist and racist comments that Larson made. New York: For almost three decades, Michael Larson has quietly shuffled around one of the worlds biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines. Larson is the chief investment officer for the Bill & Melinda Gates Foundation. 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. 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. Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. This article about a financial services corporation of the United States is a stub. Gates hired him almost 30 years ago, when the Microsoft cofounder's net worth was closer to $5 billion. Micheal Larson is the money manager at a firm called Cascade Investments, a company whose only job is to manage the wealth of Gates and French Gates (Cascade is also referred to as Bill and Melinda Gates Investments, of BMGI). Resume. Find unique places to stay with local hosts in 191 countries. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. He adds that family offices are changing and evolving in a number of fundamental ways. Sophie Alexander , Anders Melin and Tom Maloney 22 June, 2021 09:09 am IST "Years ago, earlier in my career, I used harsh language that I would not use today," Larson said in a statement to The Times. Gates' assets and Larson's investment strategy have largely been kept under wraps, but sources told The Journal that Cascade had produced consistent gains for Gates, with a compound annual return of 11% from 1995 to 2014. According to this Fortune article, published during March 1999, Michael Larson runs the three portfolios he managed at the time in very different ways Larson managed money for The William H. Gates Foundation, the Gates Learning Foundation and Bill Gates personal portfolio at the time. 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. The portfolio is pretty conservatively positioned right now for a couple of reasons, says Larson. Cascade Investment paid settlements to at least seven people who witnessed Larson's behavior, The Times reported. EDIT CAREER. Mohamed said its of little surprise that Larson has remained in his role after the allegations, given his decades-long tenure with Gates and the loyalty it has likely engendered. But I had to meet him.. This helps family offices professionalise earlier than they would have before. Cascade's most recent Form 13F filed with the SEC showed assets of $2.1 billion. I think he had just fired some people, and I thought he would be difficult to work for. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. According to Fortune, hes always been interested in science and likes to read up on the topic as well as investing in cutting-edge biotech companies. Larson denied making the remark in a statement to The Times, as well as "some but not all" of the other allegations of misconduct. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses personal wealth. We want to make sure you get the most out of our platform. Apparently Larson didnt have as much as an unpaid parking ticket in his file (has he considered running for office? [1] Larson subsequently earned an MBA from the University of Chicago at the age of 21. An investment firm paid at least seven settlements to people who are alleged to have witnessed workplace misconduct by Bill Gates' money manager Michael Larson, The New York Times reported Wednesday. since 1994. ThePrint with exceptional reporters, columnists and editors is doing just that. A spokesman for Cascade said BMGI is changing its name to allow for the evolving needs of the Gates family and their philanthropic work and that the groups investment strategy and organizational structure wont change. So he came out, and the two men hit it off. As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. personalising content and ads, providing social media features and to In addition, Mr. Larson serves as director to a number of closed end funds and mutual funds within the Western Asset Management fund complex. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. Whether you live in India or overseas, you can take a paid subscription by clicking here. [9] This constituted one of the investment firm's largest holdings. 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. powered by Digital Info. Most of the time, even Bill Gates doesnt know what investments Cascade owns. That track record is broadly representative of Cascades overall returns, another person said. $10 billion is farmed out to around 25 other money managers, helping to hide the trail and generate other ideas. Email. Get updates on the latest posts and more from ValueWalk straight to your inbox. Director of Ecolab since 2012. The Times published a bombshell report Wednesday detailingLarson's alleged inappropriate workplace behavior at Cascade Investment, which manages Bill Gates' and Melinda French Gates' fortune. French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. [2] It is controlled by Bill Gates, and managed by Michael Larson. Larson's net worth is projected to be in the millions, though it's unclear where the number lies. 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 foundation's future may or may not include Larson, depending on the outcome of the claims. He was also accepted at the University of Washington and Claremont McKenna College. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. From there Larson went to work for Arco doing mergers and acquisitions. Michael Larson, head of Cascade Investment, shared nude photos of women online with co-workers, rated female employees' attractiveness, and made a racist comment to a Black employee, among. Copyright 2023 Market Realist. The Times report also described sources as saying Gates had pursued female employees and been dismissive of French Gates in work meetings at Microsoft. If you think about it, 90%-plus of Bills wealth is in a single technology stock. Previously, Michael was a Manager, Investment at BMGi. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Michael Larson is an American money manager. [1] In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson. After submitting your request, you will receive an activation email to the requested email address. [7], With 269,000 acres of farmland (which has been historically countercyclical to the stock market) being held through a wide network of shell companies, Cascade Investment is the largest farmland owner in the United States. Gen Re was in the S&P 500. ' . Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. To access all the content for free, please sign up by entering your email. At least six employees had told Gates several of whom also approached his wife, Melinda French Gates to complain about Larson's misconduct, according to The Times report. 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. The Times reported that the handling of the situation had put Bill and Melinda Gates at odds. Cascade Investment Chief Investment Officer 1994 Board and Advisor Roles So after the deal, index managers had to sell Berkshire, depressing the price.. He also has served on several other public company boards providing him relevant corporate governance experience. 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. French Gates, whose name was added to BMGI in 2014, has been in focus after Cascade transferred equity stakes worth more than $3 billion to her, leading some in the industry to speculate shes in the process of claiming an even larger control of her share of the riches. But it often instead involves simply keeping wealth steady. The interview was what really sold me on Michael, says Gates. BMGI is an organisation that manages the portfolios of Cascade, the Bill & Melinda Gates Foundation Trust and other entities, but again it does not label itself as a family office. Manager, Investment at Cascade Funding . 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. The head hunter had heard of Larson from a few investors in Tacoma, Washington. After a few years, Larson moved to Boston to work for Putnam Investments managing bond funds. You must click the activation link in order to complete your subscription. Sources also told The Journal that Gates and Larson mostly had a professional relationship and that they rarely interacted socially. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. Sign up for notifications from Insider! Its basically the same strategy most individual investors engage in.. 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. Language links are at the top of the page across from the title. 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. Michael Larson also manages the funds for the Bill Gates Foundation. Bets on the bond market have been reduced recently in favor of private equity and other types of adventurous, so-called alternative assets. Email. He grew up in North Dakota and Albuquerque, New Mexico, and received an MBA from the University of Chicago, Fortune reported in 1999. Mr. He was accused by multiple former employees of creating "a culture of fear" at the Gates family office,. And its the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees. Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. Many of them are business-owning families or those so-called financial families, who have sold operating businesses. ", 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. Married with three children, Michael Larson prefers Levis jeans and dark pink shirts. 1 objective is preservation of capital, he said, adding thats why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art. 3/13/2023 2:22 PM. 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. Belong anywhere with Airbnb. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. Michael Larson (born October 1959) is an American money manager. Biography Chief Investment Officer to William H. Gates III. Like Cascade, many single family investment firms are moving away from the term family office. Thank you for accessing our content on the Topio Networks Market Intelligence Center. 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. 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. The arrangement is simple: Mr. Larson makes money, and Mr. Gates gives it away. Wall Street Journal. Michael Larson, manager of Gates' $170 billion who was supposed to keep them out of the news Bill and Melinda Gates' divorce announcement cracked the curated image. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. [2] When Larson started at Cascade, informally known as BGI (Bill Gates Investments), he was the only employee. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. The rebranding is the latest step in the unfolding story of what will happen to one of the worlds largest fortunes when Gates and French Gates finalize their divorce. Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. 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. My most important job is asset allocation, he says. Today’s top 694 Summer Internships jobs in Paris, le-de-France, France. ALL RIGHTS RESERVED. He studied at Claremont McKenna College for three years,. Additionally, Michael Larson has been known to create limited liability corporations especially for real estate purchases, keeping Cascades name off the documents. Offers may be subject to change without notice. Bill and Melinda Gates announced on May 3 that they are splitting after 27 years of marriage. [1] Gates has occasionally made it clear that Larson has broad discretion to make investment decisions. The other reason we do equities is because we have some expertise in certain areas, and we make money at it.. Even a small fraction of a percentage would be enough to make Larson a rich man. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. 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. Please speak to a licensed financial professional before making any investment decisions. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. They talked about AlbuquerqueMicrosofts hometown in the early daysabout risk management, and about investing, of course. He also has served on several other public company boards providing him relevant corporate governance experience. He also called employees "stupid" and would call their work "garbage," sources told The Times. [1] Early life and education Larson was born in Sacramento, California in October 1959. He is the chief investment officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. He is Chairman of the Board of Directors at Western Asset and has been a member of the Board of Directors at Teledesic, Pan American Silver, Ecolab, Hamilton Lane, FoodTrader.com, Republic Services and AutoNation. The high-profile couple announced earlier this month that they would separate after 27 years of marriage. Cascade's sole. Well send you a myFT Daily Digest email rounding up the latest US news every morning. What they signal is that family wealth investment management is big business. Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. The outcome of the investigation was not clear, but Larson kept his job, The Times said. Despite the divorce, the Bill & Melinda Gates Foundation is staying intact. Family business consulting, private company services and even strategic philanthropy advice have joined the lexicon of wealth management for the extremely rich, she says. According to the Wall Street Journal, Michael Larson has all sorts of tricks for keeping Cascades and Bill Gates name from appearing on other investments. 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. The price some of these guys are willing to pay to stay out of the news is high, said Tayyab Mohamed, co-founder of family office recruiting firm Agreus Group. This has meant that more money has been created to go into the foundations mission to fight disease and improve education in the developing world. The money I have outside Microsoft is less than 10% of the total, says Gates. 5 free lookups per month. By using Ecolab.com, you consent to our use of cookies. 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. Ecolab respects your privacy and security, so weve updated our Privacy Policy to comply with the EU General Data Protection Regulation (GDPR) effective May 25, 2018. As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. Had Larson not had the professional impact he had, it would be a simple yes, he should resign, said Mohamed, whose company helps family offices fill leadership positions. 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. In August, it increased its stake in Strategic Hotels and Resorts to 9.8 per cent. Who is Michael Larson? Building on a century of innovation, Ecolab has annual sales of $14 billion, employs more than 47,000 associates and operates in more than 170 countries around the world. Evans was involved in bank fraud and even served a stint in jail, where Gates visited him. Access your favorite topics in a personalized feed while you're on the go. Background Report. He really doesnt need much, if any, equity exposure at all, says Larson. If you do not wish to receive our cookies, adjust your browser settings. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. Apr 30, 2023 - Rent from people in le-de-France, France from $20/night.