Being the investment chief for one of the worlds biggest family fortunes might seem like an enviable job for an investor mulling creative bets. Larson attended Valley High School in Albuquerque. 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] In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson. Witnesses of Misconduct by Bill Gates' Money Manager Paid Off: NYT 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. 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. Of the 15 stocks listed in the foundation trusts most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago. At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. Ltd. All rights reserved. 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. Larson also has a significant amount of money in short positionsactually more than usual right nowwhich reflects his view that many stocks are fully, if not overly, valued. Cascades assets have periodically been boosted by proceeds from the sales of Gatess Microsoft stock. The shop was partially owned by Rally Capital, a firm that Cascade had invested in. Jamie Walters, CAIA on Twitter: "Michael Larson (born October 1959) is The Wall Street Journal profiled Larson in 2014, summarizing his job as to "make Bill Gates richer.". Cascade doesnt disclose its overall investment performance, but financial reports from the foundation offer clues. Michael Larson is Bill Gates' private money manager and runs Gates' personal investment company Cascade Investment LLC, funded solely by Gates. The sprawling portfolio under his purview, estimated by Bloomberg News to be valued at about $170 billion, has over the years generated returns that beat the broader stock market by about a percentage point, according to financial filings and people familiar with the matter. [6] Larson accrued over the twenty years from 1995 an 11% compound annual return,[6] and as of 2014 had 100 employees working under his direction. [1], Larson was born in Sacramento, California in October 1959. He also owns some emerging-market debt and high-yield issues. It declined to comment on its investment strategies but it is known to invest globally and across many asset classes. The interview was what really sold me on Michael, says Gates.
