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2021-06-22

Gates Split Casts Harsh Glare on $170 Billion Money Manager<blockquote>盖茨的分拆给1700亿美元的基金经理带来了严厉的目光</blockquote>

(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world

Gates Split Casts Harsh Glare on $170 Billion Money Manager<blockquote>盖茨的分拆给1700亿美元的基金经理带来了严厉的目光</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":120599281,"tweetId":"120599281","gmtCreate":1624326766343,"gmtModify":1634007748663,"author":{"id":3581947032682882,"idStr":"3581947032682882","authorId":3581947032682882,"authorIdStr":"3581947032682882","name":"651552d","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>5</body></html>","htmlText":"<html><head></head><body>5</body></html>","text":"5","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/120599281","repostId":1174609211,"repostType":4,"repost":{"id":"1174609211","kind":"news","pubTimestamp":1624325385,"share":"https://www.laohu8.com/m/news/1174609211?lang=zh_CN&edition=full","pubTime":"2021-06-22 09:29","market":"us","language":"en","title":"Gates Split Casts Harsh Glare on $170 Billion Money Manager<blockquote>盖茨的分拆给1700亿美元的基金经理带来了严厉的目光</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174609211","media":"Bloomberg","summary":"(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world","content":"(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.<blockquote>（彭博社）——近三十年来，迈克尔·拉森一直在悄悄地洗牌世界上最大的财富之一，他的首要任务是：让他极其富有的老板远离头条新闻。</blockquote> The conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns.<blockquote>保守的赌注、不起眼的办公室、投资公司听起来很普通的名字；它们都是精心设计的，以保护比尔·盖茨和梅林达·弗伦奇·盖茨免受批评，并产生稳定的回报，尽管看起来不起眼。</blockquote> The couple’s divorce announcement last month cracked the curated image. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.<blockquote>这对夫妇上个月的离婚声明打破了策划的形象。令人不快的细节被泄露，包括一份关于拉森涉嫌骚扰和欺负一些员工的报告。</blockquote> On Monday, a spokesman said that Bill and Melinda Gates Investments -- the 100-person strong team led by Larson that’s overseen their personal fortune and the endowment of their namesake foundation -- changed its name to Cascade Asset Management Co. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses’ personal wealth.<blockquote>周一，一位发言人表示，比尔和梅琳达·盖茨投资公司（Bill and Melinda Gates Investments）更名为Cascade Asset Management Co。这个绰号与Cascade Investment非常相似，Cascade Investment历来是BMGI管理盖茨夫妇个人财富的一部分。</blockquote> The rebranding is the latest step in the unfolding story of what will happen to one of the world’s largest fortunes when Gates and French Gates finalize their divorce. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth.<blockquote>此次品牌重塑是正在展开的故事的最新一步，当盖茨和法国人盖茨最终离婚时，世界上最大的财富之一将会发生什么。20世纪90年代中期，这位微软亿万富翁聘请拉森来监管这笔财富。</blockquote> 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.<blockquote>据财务文件和知情人士透露，据彭博新闻社估计，他管理的庞大投资组合价值约1700亿美元，多年来产生的回报比大盘高出约一个百分点。</blockquote> The record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often don’t outweigh the value of a good reputation. Part of Larson’s job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the world’s challenges, rather than make bold moves that could draw scrutiny.<blockquote>这一记录说明了超级富豪最上层的优先事项，他们的投资期限跨越几代人，风险较高的赌注往往不会超过良好声誉的价值。拉森的部分工作是帮助比尔·盖茨维护他作为致力于解决世界挑战的不可靠亿万富翁的形象，而不是做出可能引起审查的大胆举动。</blockquote> “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.<blockquote>家族办公室招聘公司Agreus Group的联合创始人塔亚布·穆罕默德(Tayyab Mohamed)表示：“其中一些人愿意为远离新闻而付出的代价很高。”</blockquote> The divorce and recent revelations about Cascade’s workplace culture, reported by the New York Times, raise questions about what’s next for Larson and the fortune he oversees. 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 group’s investment strategy and organizational structure won’t change.<blockquote>《纽约时报》报道了这起离婚事件以及最近有关卡斯卡德工作场所文化的爆料，引发了人们对拉森和他监管的财富的下一步发展的质疑。Cascade的一位发言人表示，BMGI正在更名，“以满足盖茨家族及其慈善工作不断变化的需求”，并且该集团的投资战略和组织结构不会改变。</blockquote> 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 she’s in the process of claiming an even larger control of her share of the riches. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.<blockquote>弗伦奇·盖茨(French Gates)的名字于2014年加入BMGI，在Cascade将价值超过30亿美元的股权转让给她后，她一直成为人们关注的焦点，导致一些业内人士猜测她正在要求对自己的股份拥有更大的控制权。财富。根据彭博亿万富翁指数，他们的总财富超过1400亿美元。</blockquote> Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. A Cascade representative has said the matters were examined and didn’t warrant his dismissal. A representative for Gates didn’t respond to a request for comment.<blockquote>61岁的拉森承认，正如《泰晤士报》报道中所指控的那样，他有时会使用严厉的语言，但否认他虐待员工。Cascade的一名代表表示，这些事情已经过审查，没有理由解雇他。盖茨的代表没有回应置评请求。</blockquote> Mohamed said it’s 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.<blockquote>穆罕默德表示，考虑到拉森在盖茨长达数十年的任期以及由此可能产生的忠诚，拉森在指控后继续留任并不奇怪。</blockquote> “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.<blockquote>穆罕默德说：“如果拉森没有像他那样的职业影响力，那就是简单的“是的，他应该辞职”，他的公司帮助家族理财室填补领导职位。</blockquote> Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. A former bond-fund manager, he won Gates’s loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactor’s good name, according to people familiar with Cascade, who asked not to be named speaking about the company’s inner workings.<blockquote>拉森经常穿着粉色衬衫，回避聚光灯，很少参加家族理财室专业人士的会议。据熟悉Cascade的人士透露，作为一名前债券基金经理，他通过提供稳定的回报并向员工灌输他们的主要关注点是保护捐助者的好名声的观念，赢得了盖茨的忠诚。在谈到公司的内部运作时，这些人士要求匿名。</blockquote> The manager had broad leeway from Gates on investment decisions, they both have said. French Gates rarely attended meetings in Cascade’s 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.<blockquote>他们都表示，这位经理在投资决策上与盖茨有很大的回旋余地。据一位熟悉该公司的人士透露，在Cascade早期，除了年度面对面聚会外，弗伦奇·盖茨很少参加会议，即使参加，她也往往是被动的参与者。</blockquote> She was unaware of most of the allegations involving Larson “given her lack of ownership of and control over BMGI,” her spokeswoman, Courtney Wade, said in a statement.<blockquote>她的发言人考特尼·韦德(Courtney Wade)在一份声明中表示，“鉴于拉森缺乏对BMGI的所有权和控制权”，她并不知道涉及拉森的大部分指控。</blockquote> It’s unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether she’s now setting up a family office of her own. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people.<blockquote>目前尚不清楚French Gates将她的钱放在哪里，包括从Cascade转移的超过30亿美元，也不清楚她现在是否正在建立自己的家族办公室。她还经营着Pivotal Ventures，这是一家投资和孵化公司，成立于2015年，专注于性别和种族平等，拥有约90名员工。</blockquote> Conservative Mandate<blockquote>保守授权</blockquote> Being the investment chief for one of the world’s biggest family fortunes might seem like an enviable job for an investor mulling creative bets. There’s hardly a worry about fundraising, client withdrawals or onerous regulations. But it often instead involves simply keeping wealth steady.<blockquote>对于考虑创造性赌注的投资者来说，成为世界上最大家族财富之一的投资主管似乎是一份令人羡慕的工作。几乎不用担心筹款、客户提款或繁琐的监管。但它往往只是简单地保持财富稳定。</blockquote> Aside from detracting attention from the Gateses, Larson’s main mandate has been to invest conservatively -- try to maximize returns but don’t lose money, one of the people said.<blockquote>其中一位知情人士表示，除了转移人们对盖茨夫妇的注意力外，拉森的主要任务是保守投资——努力实现回报最大化，但不要亏损。</blockquote> That reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvania’s Wharton School.<blockquote>宾夕法尼亚大学沃顿商学院管理学教授拉斐尔·阿米特表示，这反映了大型家族办公室和基金会的典型投资方式。</blockquote> “The No. 1 objective is preservation of capital,” he said, adding that’s why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art.<blockquote>“首要目标是保本，”他说，并补充说这就是家族办公室投资组合如此多样化的原因，不仅包括公共股票，还包括固定收益、大宗商品和艺术品等资产。</blockquote> In a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. At the time, the portfolios both for the foundation and for the Gateses’ personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels.<blockquote>在二十年前的《财富》杂志的一篇报道中，拉尔森解释说，他的大部分策略都归结为对抗微软股票的波动。当时，基金会和盖茨夫妇个人资金的投资组合主要由债券组成，部分押注于私募股权、大宗商品、佛罗里达州房地产和英国酒店。</blockquote> That has shifted. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere &amp; 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.<blockquote>这种情况已经改变了。如今，Cascade持有约570亿美元的公共股票，从农业设备制造商Deere公司到轨道运营商加拿大国家铁路公司，再到废物管理公司Republic Services Inc.——这些公司植根于制造、运输和销售商品和清理物品的物理世界。</blockquote> 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 firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa.<blockquote>根据土地报告，Cascade还拥有约270,000英亩的土地，足以使其成为美国最大的农田所有者。该公司还参与了货币和大宗商品交易、风险投资以及坦帕市中心房地产综合体的开发。</blockquote> The foundation’s 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.<blockquote>该基金会最近的纳税申报表还显示，8.04亿美元的公司债券和58亿美元的其他投资，如抵押贷款支持证券、银行贷款和主权债务。</blockquote> Stable Returns<blockquote>稳定的回报</blockquote> Cascade doesn’t disclose its overall investment performance, but financial reports from the foundation offer clues. The foundation’s 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&amp;P 500 Index’s average annual 7.5% gain over the past two decades. That track record is broadly representative of Cascade’s overall returns, another person said.<blockquote>Cascade没有透露其整体投资业绩，但基金会的财务报告提供了线索。据一位知情人士透露，自2001年以来，该基金会管理的资产平均每年回报率约为8.6%，超过了标普500指数过去二十年7.5%的年均涨幅。另一位人士表示，这一业绩记录广泛代表了Cascade的整体回报。</blockquote> Cascade’s assets have periodically been boosted by proceeds from the sales of Gates’s Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Buffett is one of the Gates Foundation’s three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation.<blockquote>盖茨出售微软股票的收益定期增加Cascade的资产。伯克希尔·哈撒韦公司（Berkshire Hathaway Inc.）的创始人沃伦·巴菲特（Warren Buffett）定期向该基金会捐赠价值数十亿美元的该集团股票。据该基金会称，巴菲特与盖茨和弗伦奇·盖茨一起是盖茨基金会的三名董事会成员之一，但不参与捐赠基金的投资决策。</blockquote> One remarkable feature of the portfolio is how little it changes. Of the 15 stocks listed in the foundation trust’s most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago.<blockquote>投资组合的一个显着特点是变化很小。基金会信托最近提交的文件披露了在美国交易所交易的头寸，其中列出了15只股票，其中10只股票十年前就在投资组合中。</blockquote> The holdings haven’t uniformly jived with the Gateses’ charitable endeavors or priorities, which include global health and, more recently, climate change.<blockquote>这些资产与盖茨夫妇的慈善事业或优先事项并不一致，其中包括全球健康和最近的气候变化。</blockquote> Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. It was long the biggest owner of Signature Aviation Plc, the world’s largest operator of private-jet bases, before joining a consortium that took the company private this year. And it’s the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees.<blockquote>盖茨在他最近关于气候变化的书中表示，Cascade在2019年之前一直持有对石油和天然气公司的投资。在加入今年将该公司私有化的财团之前，它长期以来一直是全球最大的私人飞机基地运营商Signature Aviation Plc的最大所有者。它是Republic Services Inc.的最大股东，该公司多年来一直与国际卡车司机工会兄弟会不和，后者的成员是雇员。</blockquote> Gates has occasionally made it clear that Larson has broad discretion to make investment decisions. In a March “Ask me anything” event on Reddit, a user asked about his purchases of farmland. His response: “My investment group chose to do this.”<blockquote>盖茨偶尔会明确表示，拉森拥有做出投资决策的广泛自由裁量权。在Reddit上3月份的“问我任何问题”活动中，一名用户询问了他购买农田的情况。他的回应是：“我的投资团队选择了这样做。”</blockquote> Two decades ago, Larson put it more bluntly.<blockquote>二十年前，拉尔森说得更直白。</blockquote> “When people find out that Cascade has made an investment in something, that’s not Bill Gates,” he said in the Fortune interview. “I wish everyone understood that.”<blockquote>“当人们发现Cascade投资了某件事时，那就不是比尔·盖茨了，”他在接受《财富》采访时表示。“我希望每个人都能理解这一点。”</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gates Split Casts Harsh Glare on $170 Billion Money Manager<blockquote>盖茨的分拆给1700亿美元的基金经理带来了严厉的目光</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGates Split Casts Harsh Glare on $170 Billion Money Manager<blockquote>盖茨的分拆给1700亿美元的基金经理带来了严厉的目光</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-06-22 09:29\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.<blockquote>（彭博社）——近三十年来，迈克尔·拉森一直在悄悄地洗牌世界上最大的财富之一，他的首要任务是：让他极其富有的老板远离头条新闻。</blockquote> The conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns.<blockquote>保守的赌注、不起眼的办公室、投资公司听起来很普通的名字；它们都是精心设计的，以保护比尔·盖茨和梅林达·弗伦奇·盖茨免受批评，并产生稳定的回报，尽管看起来不起眼。</blockquote> The couple’s divorce announcement last month cracked the curated image. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.<blockquote>这对夫妇上个月的离婚声明打破了策划的形象。令人不快的细节被泄露，包括一份关于拉森涉嫌骚扰和欺负一些员工的报告。</blockquote> On Monday, a spokesman said that Bill and Melinda Gates Investments -- the 100-person strong team led by Larson that’s overseen their personal fortune and the endowment of their namesake foundation -- changed its name to Cascade Asset Management Co. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses’ personal wealth.<blockquote>周一，一位发言人表示，比尔和梅琳达·盖茨投资公司（Bill and Melinda Gates Investments）更名为Cascade Asset Management Co。这个绰号与Cascade Investment非常相似，Cascade Investment历来是BMGI管理盖茨夫妇个人财富的一部分。</blockquote> The rebranding is the latest step in the unfolding story of what will happen to one of the world’s largest fortunes when Gates and French Gates finalize their divorce. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth.<blockquote>此次品牌重塑是正在展开的故事的最新一步，当盖茨和法国人盖茨最终离婚时，世界上最大的财富之一将会发生什么。20世纪90年代中期，这位微软亿万富翁聘请拉森来监管这笔财富。</blockquote> 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.<blockquote>据财务文件和知情人士透露，据彭博新闻社估计，他管理的庞大投资组合价值约1700亿美元，多年来产生的回报比大盘高出约一个百分点。</blockquote> The record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often don’t outweigh the value of a good reputation. Part of Larson’s job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the world’s challenges, rather than make bold moves that could draw scrutiny.<blockquote>这一记录说明了超级富豪最上层的优先事项，他们的投资期限跨越几代人，风险较高的赌注往往不会超过良好声誉的价值。拉森的部分工作是帮助比尔·盖茨维护他作为致力于解决世界挑战的不可靠亿万富翁的形象，而不是做出可能引起审查的大胆举动。</blockquote> “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.<blockquote>家族办公室招聘公司Agreus Group的联合创始人塔亚布·穆罕默德(Tayyab Mohamed)表示：“其中一些人愿意为远离新闻而付出的代价很高。”</blockquote> The divorce and recent revelations about Cascade’s workplace culture, reported by the New York Times, raise questions about what’s next for Larson and the fortune he oversees. 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 group’s investment strategy and organizational structure won’t change.<blockquote>《纽约时报》报道了这起离婚事件以及最近有关卡斯卡德工作场所文化的爆料，引发了人们对拉森和他监管的财富的下一步发展的质疑。Cascade的一位发言人表示，BMGI正在更名，“以满足盖茨家族及其慈善工作不断变化的需求”，并且该集团的投资战略和组织结构不会改变。</blockquote> 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 she’s in the process of claiming an even larger control of her share of the riches. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.<blockquote>弗伦奇·盖茨(French Gates)的名字于2014年加入BMGI，在Cascade将价值超过30亿美元的股权转让给她后，她一直成为人们关注的焦点，导致一些业内人士猜测她正在要求对自己的股份拥有更大的控制权。财富。根据彭博亿万富翁指数，他们的总财富超过1400亿美元。</blockquote> Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. A Cascade representative has said the matters were examined and didn’t warrant his dismissal. A representative for Gates didn’t respond to a request for comment.<blockquote>61岁的拉森承认，正如《泰晤士报》报道中所指控的那样，他有时会使用严厉的语言，但否认他虐待员工。Cascade的一名代表表示，这些事情已经过审查，没有理由解雇他。盖茨的代表没有回应置评请求。</blockquote> Mohamed said it’s 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.<blockquote>穆罕默德表示，考虑到拉森在盖茨长达数十年的任期以及由此可能产生的忠诚，拉森在指控后继续留任并不奇怪。</blockquote> “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.<blockquote>穆罕默德说：“如果拉森没有像他那样的职业影响力，那就是简单的“是的，他应该辞职”，他的公司帮助家族理财室填补领导职位。</blockquote> Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. A former bond-fund manager, he won Gates’s loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactor’s good name, according to people familiar with Cascade, who asked not to be named speaking about the company’s inner workings.<blockquote>拉森经常穿着粉色衬衫，回避聚光灯，很少参加家族理财室专业人士的会议。据熟悉Cascade的人士透露，作为一名前债券基金经理，他通过提供稳定的回报并向员工灌输他们的主要关注点是保护捐助者的好名声的观念，赢得了盖茨的忠诚。在谈到公司的内部运作时，这些人士要求匿名。</blockquote> The manager had broad leeway from Gates on investment decisions, they both have said. French Gates rarely attended meetings in Cascade’s 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.<blockquote>他们都表示，这位经理在投资决策上与盖茨有很大的回旋余地。据一位熟悉该公司的人士透露，在Cascade早期，除了年度面对面聚会外，弗伦奇·盖茨很少参加会议，即使参加，她也往往是被动的参与者。</blockquote> She was unaware of most of the allegations involving Larson “given her lack of ownership of and control over BMGI,” her spokeswoman, Courtney Wade, said in a statement.<blockquote>她的发言人考特尼·韦德(Courtney Wade)在一份声明中表示，“鉴于拉森缺乏对BMGI的所有权和控制权”，她并不知道涉及拉森的大部分指控。</blockquote> It’s unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether she’s now setting up a family office of her own. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people.<blockquote>目前尚不清楚French Gates将她的钱放在哪里，包括从Cascade转移的超过30亿美元，也不清楚她现在是否正在建立自己的家族办公室。她还经营着Pivotal Ventures，这是一家投资和孵化公司，成立于2015年，专注于性别和种族平等，拥有约90名员工。</blockquote> Conservative Mandate<blockquote>保守授权</blockquote> Being the investment chief for one of the world’s biggest family fortunes might seem like an enviable job for an investor mulling creative bets. There’s hardly a worry about fundraising, client withdrawals or onerous regulations. But it often instead involves simply keeping wealth steady.<blockquote>对于考虑创造性赌注的投资者来说，成为世界上最大家族财富之一的投资主管似乎是一份令人羡慕的工作。几乎不用担心筹款、客户提款或繁琐的监管。但它往往只是简单地保持财富稳定。</blockquote> Aside from detracting attention from the Gateses, Larson’s main mandate has been to invest conservatively -- try to maximize returns but don’t lose money, one of the people said.<blockquote>其中一位知情人士表示，除了转移人们对盖茨夫妇的注意力外，拉森的主要任务是保守投资——努力实现回报最大化，但不要亏损。</blockquote> That reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvania’s Wharton School.<blockquote>宾夕法尼亚大学沃顿商学院管理学教授拉斐尔·阿米特表示，这反映了大型家族办公室和基金会的典型投资方式。</blockquote> “The No. 1 objective is preservation of capital,” he said, adding that’s why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art.<blockquote>“首要目标是保本，”他说，并补充说这就是家族办公室投资组合如此多样化的原因，不仅包括公共股票，还包括固定收益、大宗商品和艺术品等资产。</blockquote> In a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. At the time, the portfolios both for the foundation and for the Gateses’ personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels.<blockquote>在二十年前的《财富》杂志的一篇报道中，拉尔森解释说，他的大部分策略都归结为对抗微软股票的波动。当时，基金会和盖茨夫妇个人资金的投资组合主要由债券组成，部分押注于私募股权、大宗商品、佛罗里达州房地产和英国酒店。</blockquote> That has shifted. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere &amp; 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.<blockquote>这种情况已经改变了。如今，Cascade持有约570亿美元的公共股票，从农业设备制造商Deere公司到轨道运营商加拿大国家铁路公司，再到废物管理公司Republic Services Inc.——这些公司植根于制造、运输和销售商品和清理物品的物理世界。</blockquote> 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 firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa.<blockquote>根据土地报告，Cascade还拥有约270,000英亩的土地，足以使其成为美国最大的农田所有者。该公司还参与了货币和大宗商品交易、风险投资以及坦帕市中心房地产综合体的开发。</blockquote> The foundation’s 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.<blockquote>该基金会最近的纳税申报表还显示，8.04亿美元的公司债券和58亿美元的其他投资，如抵押贷款支持证券、银行贷款和主权债务。</blockquote> Stable Returns<blockquote>稳定的回报</blockquote> Cascade doesn’t disclose its overall investment performance, but financial reports from the foundation offer clues. The foundation’s 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&amp;P 500 Index’s average annual 7.5% gain over the past two decades. That track record is broadly representative of Cascade’s overall returns, another person said.<blockquote>Cascade没有透露其整体投资业绩，但基金会的财务报告提供了线索。据一位知情人士透露，自2001年以来，该基金会管理的资产平均每年回报率约为8.6%，超过了标普500指数过去二十年7.5%的年均涨幅。另一位人士表示，这一业绩记录广泛代表了Cascade的整体回报。</blockquote> Cascade’s assets have periodically been boosted by proceeds from the sales of Gates’s Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Buffett is one of the Gates Foundation’s three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation.<blockquote>盖茨出售微软股票的收益定期增加Cascade的资产。伯克希尔·哈撒韦公司（Berkshire Hathaway Inc.）的创始人沃伦·巴菲特（Warren Buffett）定期向该基金会捐赠价值数十亿美元的该集团股票。据该基金会称，巴菲特与盖茨和弗伦奇·盖茨一起是盖茨基金会的三名董事会成员之一，但不参与捐赠基金的投资决策。</blockquote> One remarkable feature of the portfolio is how little it changes. Of the 15 stocks listed in the foundation trust’s most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago.<blockquote>投资组合的一个显着特点是变化很小。基金会信托最近提交的文件披露了在美国交易所交易的头寸，其中列出了15只股票，其中10只股票十年前就在投资组合中。</blockquote> The holdings haven’t uniformly jived with the Gateses’ charitable endeavors or priorities, which include global health and, more recently, climate change.<blockquote>这些资产与盖茨夫妇的慈善事业或优先事项并不一致，其中包括全球健康和最近的气候变化。</blockquote> Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. It was long the biggest owner of Signature Aviation Plc, the world’s largest operator of private-jet bases, before joining a consortium that took the company private this year. And it’s the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees.<blockquote>盖茨在他最近关于气候变化的书中表示，Cascade在2019年之前一直持有对石油和天然气公司的投资。在加入今年将该公司私有化的财团之前，它长期以来一直是全球最大的私人飞机基地运营商Signature Aviation Plc的最大所有者。它是Republic Services Inc.的最大股东，该公司多年来一直与国际卡车司机工会兄弟会不和，后者的成员是雇员。</blockquote> Gates has occasionally made it clear that Larson has broad discretion to make investment decisions. In a March “Ask me anything” event on Reddit, a user asked about his purchases of farmland. His response: “My investment group chose to do this.”<blockquote>盖茨偶尔会明确表示，拉森拥有做出投资决策的广泛自由裁量权。在Reddit上3月份的“问我任何问题”活动中，一名用户询问了他购买农田的情况。他的回应是：“我的投资团队选择了这样做。”</blockquote> Two decades ago, Larson put it more bluntly.<blockquote>二十年前，拉尔森说得更直白。</blockquote> “When people find out that Cascade has made an investment in something, that’s not Bill Gates,” he said in the Fortune interview. “I wish everyone understood that.”<blockquote>“当人们发现Cascade投资了某件事时，那就不是比尔·盖茨了，”他在接受《财富》采访时表示。“我希望每个人都能理解这一点。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174609211","content_text":"(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.\nThe conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns.\nThe couple’s divorce announcement last month cracked the curated image. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.\nOn Monday, a spokesman said that Bill and Melinda Gates Investments -- the 100-person strong team led by Larson that’s overseen their personal fortune and the endowment of their namesake foundation -- changed its name to Cascade Asset Management Co. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses’ personal wealth.\nThe rebranding is the latest step in the unfolding story of what will happen to one of the world’s largest fortunes when Gates and French Gates finalize their divorce. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth.\nThe 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.\nThe record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often don’t outweigh the value of a good reputation. Part of Larson’s job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the world’s challenges, rather than make bold moves that could draw scrutiny.\n“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.\nThe divorce and recent revelations about Cascade’s workplace culture, reported by the New York Times, raise questions about what’s next for Larson and the fortune he oversees. 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 group’s investment strategy and organizational structure won’t change.\nFrench 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 she’s in the process of claiming an even larger control of her share of the riches. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.\nLarson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. A Cascade representative has said the matters were examined and didn’t warrant his dismissal. A representative for Gates didn’t respond to a request for comment.\nMohamed said it’s 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.\n“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.\nLarson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. A former bond-fund manager, he won Gates’s loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactor’s good name, according to people familiar with Cascade, who asked not to be named speaking about the company’s inner workings.\nThe manager had broad leeway from Gates on investment decisions, they both have said. French Gates rarely attended meetings in Cascade’s 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.\nShe was unaware of most of the allegations involving Larson “given her lack of ownership of and control over BMGI,” her spokeswoman, Courtney Wade, said in a statement.\nIt’s unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether she’s now setting up a family office of her own. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people.\nConservative Mandate\nBeing the investment chief for one of the world’s biggest family fortunes might seem like an enviable job for an investor mulling creative bets. There’s hardly a worry about fundraising, client withdrawals or onerous regulations. But it often instead involves simply keeping wealth steady.\nAside from detracting attention from the Gateses, Larson’s main mandate has been to invest conservatively -- try to maximize returns but don’t lose money, one of the people said.\nThat reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvania’s Wharton School.\n“The No. 1 objective is preservation of capital,” he said, adding that’s why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art.\nIn a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. At the time, the portfolios both for the foundation and for the Gateses’ personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels.\nThat has shifted. 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.\nCascade 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 firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa.\nThe foundation’s 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.\nStable Returns\nCascade doesn’t disclose its overall investment performance, but financial reports from the foundation offer clues. The foundation’s 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 Index’s average annual 7.5% gain over the past two decades. That track record is broadly representative of Cascade’s overall returns, another person said.\nCascade’s assets have periodically been boosted by proceeds from the sales of Gates’s Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Buffett is one of the Gates Foundation’s three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation.\nOne remarkable feature of the portfolio is how little it changes. Of the 15 stocks listed in the foundation trust’s most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago.\nThe holdings haven’t uniformly jived with the Gateses’ charitable endeavors or priorities, which include global health and, more recently, climate change.\nCascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. It was long the biggest owner of Signature Aviation Plc, the world’s largest operator of private-jet bases, before joining a consortium that took the company private this year. And it’s the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees.\nGates has occasionally made it clear that Larson has broad discretion to make investment decisions. In a March “Ask me anything” event on Reddit, a user asked about his purchases of farmland. His response: “My investment group chose to do this.”\nTwo decades ago, Larson put it more bluntly.\n“When people find out that Cascade has made an investment in something, that’s not Bill Gates,” he said in the Fortune interview. “I wish everyone understood that.”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1849,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}