Cascade Investment: Difference between revisions
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| key_people = [[Bill Gates]] ([[Chairman]])<br>[[Michael Larson (businessman)|Michael Larson]] ([[Chief investment officer|CIO]]) |
| key_people = [[Bill Gates]] ([[Chairman]])<br>[[Michael Larson (businessman)|Michael Larson]] ([[Chief investment officer|CIO]]) |
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| owner = Bill Gates |
| owner = Bill Gates |
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| num_employees = 100<ref name="slate"/> |
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| num_employees = 100<ref name=slate>{{Cite web|url=https://slate.com/business/2014/09/bill-gates-investment-manager-michael-larson-runs-cascade-investment-llc-gates-personal-investment-firm.html|title=Meet Bill Gates' Investment Manager|first=Julie|last=Bort|date=September 20, 2014|website=Slate Magazine}}</ref> |
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| subsid = Front Range Investment Holdings LLC, <br> Cottonwood Ag Management LLC, <br> Lakeland Sands Florida, LLC |
| subsid = Front Range Investment Holdings LLC, <br> Cottonwood Ag Management LLC, <br> Lakeland Sands Florida, LLC |
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}} |
}} |
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'''Cascade Investment, L.L.C.''' (Cascade) is an American [[holding company|holding]] and [[investment company]] headquartered in [[Kirkland, Washington]], United States. It is controlled by [[Bill Gates]], and managed by [[Michael Larson (businessman)|Michael Larson]].<ref name=" |
'''Cascade Investment, L.L.C.''' (Cascade) is an American [[holding company|holding]] and [[investment company]] headquartered in [[Kirkland, Washington]], United States. It is controlled by [[Bill Gates]], and managed by [[Michael Larson (businessman)|Michael Larson]].<ref name="wsj-14">{{cite web |last1=Das |first1=Anupreeta |last2=Karmin |first2=Craig |title=This Man's Job: Make Bill Gates Richer |url=https://www.wsj.com/articles/this-mans-job-make-bill-gates-richer-1411093811 |website=[[The Wall Street Journal]] |access-date=April 3, 2021 |date=September 19, 2014}}</ref> More than half of Gates' fortune is held in assets outside his holding of [[Microsoft]] shares.<ref name="forbes">{{cite web |last1=Miller |first1=Matthew |title=Gates No Longer World's Richest Man |url=https://www.forbes.com/2008/03/05/buffett-worlds-richest-cx_mm_0229buffetrichest.html |website=[[Forbes]] |access-date=April 3, 2021 |language=en |date=March 5, 2008}}</ref> Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates' holdings, which was managed by convicted felon [[Andrew Evans]].<ref>{{cite web |last1=Torres |first1=Craig |title=Convicted Felons Handle Gates Fortune |url=https://archive.seattletimes.com/archive/?date=19930307&slug=1689167 |website=[[The Seattle Times]] |access-date=April 3, 2021 |date=March 7, 1993}}</ref> |
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Larson controls [[Bill and Melinda Gates Investments]] (BMGI) as [[Chief Investment Officer]], and as such manages Gates' personal wealth through Cascade, "as well as handling the [[Bill & Melinda Gates Foundation Trust]] endowment."<ref name=" |
Larson controls [[Bill and Melinda Gates Investments]] (BMGI) as [[Chief Investment Officer]], and as such manages Gates' personal wealth through Cascade, "as well as handling the [[Bill & Melinda Gates Foundation Trust]] endowment."<ref name="ft-15">{{cite web |last1=Warwick-Ching |first1=Lucy |title=Cascade Investment, Bill Gates’ wealth manager |url=https://www.ft.com/content/ce87f48a-7208-11e5-9b9e-690fdae72044 |website=[[Financial Times]] |access-date=April 3, 2021 |date=October 21, 2015}}</ref> Cascade "does not like to call itself" a [[family office]] and BMGI "does not label itself as a family office."<ref name="ft-15"/> Larson accrued over the twenty years from 1995 an 11% [[compound annual return]],<ref name="ft-15"/> and as of 2014 had 100 employees working under his direction.<ref name="slate">{{cite web |last1=Bort |first1=Julie |title=Meet Bill Gates' Investment Manager |url=https://slate.com/business/2014/09/bill-gates-investment-manager-michael-larson-runs-cascade-investment-llc-gates-personal-investment-firm.html |website=[[Slate (magazine)|Slate]] |access-date=April 3, 2021 |language=en |date=September 20, 2014}}</ref> |
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==Notable investments== |
==Notable investments== |
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| {{n/a|Private}} |
| {{n/a|Private}} |
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| Hospitality |
| Hospitality |
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| 47%<ref name=" |
| 47%<ref name="ft-15"/><ref>{{cite web |title=Four Seasons Hotels agrees to bid from Gates and Alwaleed |url=https://www.nytimes.com/2007/02/12/business/worldbusiness/12iht-hotel.4568993.html |website=[[The New York Times]] |access-date=April 3, 2021 |date=February 12, 2007}}</ref> |
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|- |
|- |
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| [[Ecolab]] |
| [[Ecolab]] |
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| {{nyse|ECL}} |
| {{nyse|ECL}} |
||
| Conglomerate |
| Conglomerate |
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| 25%<ref>{{ |
| 25%<ref>{{cite web |last1=Stych |first1=Ed |title=Bill Gates' stake in Ecolab could get bigger |url=https://www.bizjournals.com/twincities/news/2012/05/07/microsoft-gates-can-invest-in-ecolab.html |website=[[American City Business Journals]] |access-date=April 3, 2021 |date=May 7, 2012}}</ref> |
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|- |
|- |
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| [[Canadian National Railway]] |
| [[Canadian National Railway]] |
||
| {{ubl|{{Toronto Stock Exchange|CNR}}|{{New York Stock Exchange|CNI}}}} |
| {{ubl|{{Toronto Stock Exchange|CNR}}|{{New York Stock Exchange|CNI}}}} |
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| Rail transport |
| Rail transport |
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| 14.2%<ref>{{ |
| 14.2%<ref>{{cite web |title=Canadian National Railway Company {{!}} SC 13G |url=https://www.sec.gov/Archives/edgar/data/16868/000110465920020187/a20-7783_1sc13ga.htm |website=[[U.S. Securities and Exchange Commission]] |access-date=3 April 2021 |date=December 31, 2019}}</ref> |
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|- |
|- |
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| [[FEMSA]] |
| [[FEMSA]] |
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| {{ubl|{{BMV|FEMSA|5305}}|{{NYSE|FMX}}}} |
| {{ubl|{{BMV|FEMSA|5305}}|{{NYSE|FMX}}}} |
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| Beverage and Retail |
| Beverage and Retail |
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| <ref name=" |
| <ref name="ft-15" /> |
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|- |
|- |
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| [[Berkshire Hathaway]] |
| [[Berkshire Hathaway]] |
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| {{ubl|{{NYSE|BRK.A}}|{{NYSE|BRK.B}}}} |
| {{ubl|{{NYSE|BRK.A}}|{{NYSE|BRK.B}}}} |
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| Conglomerate |
| Conglomerate |
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| 4%<ref name=" |
| 4%<ref name="ft-15" /> |
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|- |
|- |
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| [[Strategic Hotels & Resorts]] |
| [[Strategic Hotels & Resorts]] |
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| {{n/a|Private}} |
| {{n/a|Private}} |
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| Hospitality |
| Hospitality |
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| 9.8%<ref name=" |
| 9.8%<ref name="ft-15"/><ref>{{cite web |last1=Gallun |first1=Alby |title=Could Bill Gates be the next owner of Strategic Hotels? |url=https://www.chicagobusiness.com/article/20150810/CRED03/150819997/bill-gates-could-acquire-chicago-s-strategic-hotels |website=[[Crain's Chicago Business]] |access-date=April 3, 2021 |language=en |date=August 10, 2015}}</ref> |
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|- |
|- |
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| [[Republic Services]] |
| [[Republic Services]] |
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| {{nyse|RSG}} |
| {{nyse|RSG}} |
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| Waste management |
| Waste management |
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| 34.1%<ref>{{ |
| 34.1%<ref>{{cite web |title=Republic Services, Inc. {{!}} DEF 14A |url=https://www.sec.gov/Archives/edgar/data/1060391/000119312520083880/d757944ddef14a.htm |website=[[U.S. Securities and Exchange Commission]] |access-date=3 April 2021 |date=March 24, 2020}}</ref> |
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|- |
|- |
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| [[Deere & Company]] |
| [[Deere & Company]] |
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| {{nyse|DE}} |
| {{nyse|DE}} |
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| Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer. |
| Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer. |
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| 10.06%<ref>{{ |
| 10.06%<ref>{{cite web |title=Deere & Company {{!}} DEF 14A |url=https://www.sec.gov/Archives/edgar/data/315189/000120677421000055/de3809451-def14a.htm |website=[[U.S. Securities and Exchange Commission]] |access-date=April 3, 2021 |date=January 8, 2021}}</ref> |
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|- |
|- |
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| [[Bunzl]] |
| [[Bunzl]] |
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| {{lse|BNZL}} |
| {{lse|BNZL}} |
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| Distribution and Outsourcing |
| Distribution and Outsourcing |
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| 6%<ref name=" |
| 6%<ref name="ft-15" /> |
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|- |
|- |
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| [[Carpetright]] |
| [[Carpetright]] |
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| {{lse|CPR}} |
| {{lse|CPR}} |
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| Retail |
| Retail |
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| 3%<ref name=" |
| 3%<ref name="ft-15" /> |
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|- |
|- |
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| [[Diageo]] |
| [[Diageo]] |
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| {{ubl|{{lse|DGE}}|{{nyse|DEO}}}} |
| {{ubl|{{lse|DGE}}|{{nyse|DEO}}}} |
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| Beverages |
| Beverages |
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| <ref name=" |
| <ref name="ft-15" /> |
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|- |
|- |
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| [[AutoNation]] |
| [[AutoNation]] |
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| {{nyse|AN}} |
| {{nyse|AN}} |
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| Car dealership |
| Car dealership |
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| 14%<ref name=" |
| 14%<ref name="wsj-14"/><ref>{{cite web |last1=Bort |first1=Julie |title=Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft |url=https://www.businessinsider.com/bill-gates-worth-over-100-billion-95-billion-richer-2019-3 |website=[[Business Insider]] |access-date=April 3, 2021 |date=Mar 20, 2019}}</ref><ref>{{cite web |title=Cascade Investment – Portfolio Holdings |url=https://fintel.io/i/cascade-investment |website=Fintel.io |access-date=April 3, 2021 |language=en}}</ref> |
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|- |
|- |
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| [[Microsoft]] |
| [[Microsoft]] |
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| {{NASDAQ|MSFT}} |
| {{NASDAQ|MSFT}} |
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| Software and Hardware conglomerate |
| Software and Hardware conglomerate |
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| 3.6%<ref name=" |
| 3.6%<ref name="wsj-14"/> |
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|- |
|- |
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| [[Beyond Meat]] |
| [[Beyond Meat]] |
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| {{NASDAQ|BYND}} |
| {{NASDAQ|BYND}} |
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| Food |
| Food |
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| <ref name=" |
| <ref name="wsj-14"/><ref>{{cite web |last1=Gunther |first1=Marc |title=The Bill Gates-backed company that’s reinventing meat |url=https://fortune.com/2013/10/03/the-bill-gates-backed-company-thats-reinventing-meat |website=[[Fortune (magazine)|Fortune]] |access-date=April 3, 2021 |language=en |date=October 3, 2013}}</ref> |
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|- |
|- |
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| [[Ritz-Carlton]] in San Francisco |
| [[Ritz-Carlton]] in San Francisco |
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| {{n/a|Private}} |
| {{n/a|Private}} |
||
| Hospitality |
| Hospitality |
||
| <ref name="slate"/> |
|||
| <ref>{{Cite news|url=http://www.slate.com/blogs/business_insider/2014/09/20/bill_gates_investment_manager_michael_larson_runs_cascade_investment_llc.html|title=The Man Making Bill Gates Richer|last=Bort|first=Julie|date=2014-09-20|work=Slate|access-date=2018-02-07|language=en-US|issn=1091-2339}}</ref> |
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|- |
|- |
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| [[TerraPower]] |
| [[TerraPower]] |
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| {{n/a|Private}} |
| {{n/a|Private}} |
||
| Nuclear power |
| Nuclear power |
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| <ref name=" |
| <ref name="wsj-14"/> |
||
|- |
|- |
||
| [[Transformco]] |
| [[Transformco]] |
||
| {{n/a|Private}} |
| {{n/a|Private}} |
||
| Retail and real estate |
| Retail and real estate |
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| Debt interest<ref>{{cite |
| Debt interest<ref>{{cite web |last1=Zumbach |first1=Lauren |title=Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates |url=https://www.chicagotribune.com/business/ct-biz-sears-loan-lampert-cascade-0605-story.html |website=[[Chicago Tribune]] |access-date=April 3, 2021 |date=June 4, 2018}}</ref> |
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|- |
|- |
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|[[Vroom.com|Vroom]] |
|[[Vroom.com|Vroom]] |
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|{{NASDAQ|VRM}} |
|{{NASDAQ|VRM}} |
||
|Car dealership |
|Car dealership |
||
| |
|<ref>{{cite web |title=Vroom, Inc. {{!}} S-1 |url=https://www.sec.gov/Archives/edgar/data/1580864/000119312520145219/d801274ds1.htm#bc801274_16 |website=[[U.S. Securities and Exchange Commission]] |access-date=April 3, 2021 |date=May 18, 2020}}</ref> |
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|- |
|- |
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| [[StorageMart]] |
| [[StorageMart]] |
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| {{n/a|Private}} |
| {{n/a|Private}} |
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| Self-storage |
| Self-storage |
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| <ref>{{ |
| <ref>{{cite web |last1=Herald |first1=C. R. E. |title=Bill Gates' Cascade Investment, GIC buy stakes in StorageMart |url=https://www.creherald.com/bill-gates-cascade-investment-gic-buy-stakes-in-storagemart |website=CRE Herald |access-date=April 3, 2021 |date=October 14, 2020}}</ref> |
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==References== |
==References== |
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{{ |
{{Reflist}} |
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==External links== |
==External links== |
Revision as of 13:06, 3 April 2021
Company type | Private |
---|---|
Industrie | Investments Conglomerate |
Gegründet | 1995 |
Gründer | Bill Gates |
Hauptsitz | , Vereinigte Staaten |
Key people | Bill Gates (Chairman) Michael Larson (CIO) |
Owner | Bill Gates |
Number of employees | 100[1] |
Subsidiaries | Front Range Investment Holdings LLC, Cottonwood Ag Management LLC, Lakeland Sands Florida, LLC |
Cascade Investment, L.L.C. (Cascade) is an American holding and investment company headquartered in Kirkland, Washington, United States. It is controlled by Bill Gates, and managed by Michael Larson.[2] More than half of Gates' fortune is held in assets outside his holding of Microsoft shares.[3] Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates' holdings, which was managed by convicted felon Andrew Evans.[4]
Larson controls Bill and Melinda Gates Investments (BMGI) as Chief Investment Officer, and as such manages Gates' personal wealth through Cascade, "as well as handling the Bill & Melinda Gates Foundation Trust endowment."[5] Cascade "does not like to call itself" a family office and BMGI "does not label itself as a family office."[5] Larson accrued over the twenty years from 1995 an 11% compound annual return,[5] and as of 2014 had 100 employees working under his direction.[1]
Notable investments
Unternehmen | Ticker | Sector | Ownership % |
---|---|---|---|
Four Seasons Hotels and Resorts | Private | Hospitality | 47%[5][6] |
Ecolab | NYSE: ECL | Conglomerate | 25%[7] |
Canadian National Railway | Rail transport | 14.2%[8] | |
FEMSA | Beverage and Retail | [5] | |
Berkshire Hathaway | Conglomerate | 4%[5] | |
Strategic Hotels & Resorts | Private | Hospitality | 9.8%[5][9] |
Republic Services | NYSE: RSG | Waste management | 34.1%[10] |
Deere & Company | NYSE: DE | Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer. | 10.06%[11] |
Bunzl | LSE: BNZL | Distribution and Outsourcing | 6%[5] |
Carpetright | LSE: CPR | Einzelhandel | 3%[5] |
Diageo | Beverages | [5] | |
AutoNation | NYSE: AN | Car dealership | 14%[2][12][13] |
Microsoft | Nasdaq: MSFT | Software and Hardware conglomerate | 3.6%[2] |
Beyond Meat | Nasdaq: BYND | Food | [2][14] |
Ritz-Carlton in San Francisco | Private | Hospitality | [1] |
TerraPower | Private | Nuclear power | [2] |
Transformco | Private | Retail and real estate | Debt interest[15] |
Vroom | Nasdaq: VRM | Car dealership | [16] |
StorageMart | Private | Self-storage | [17] |
See also
References
- ^ a b c Bort, Julie (September 20, 2014). "Meet Bill Gates' Investment Manager". Slate. Retrieved April 3, 2021.
- ^ a b c d e Das, Anupreeta; Karmin, Craig (September 19, 2014). "This Man's Job: Make Bill Gates Richer". The Wall Street Journal. Retrieved April 3, 2021.
- ^ Miller, Matthew (March 5, 2008). "Gates No Longer World's Richest Man". Forbes. Retrieved April 3, 2021.
- ^ Torres, Craig (March 7, 1993). "Convicted Felons Handle Gates Fortune". The Seattle Times. Retrieved April 3, 2021.
- ^ a b c d e f g h i j Warwick-Ching, Lucy (October 21, 2015). "Cascade Investment, Bill Gates' wealth manager". Financial Times. Retrieved April 3, 2021.
- ^ "Four Seasons Hotels agrees to bid from Gates and Alwaleed". The New York Times. February 12, 2007. Retrieved April 3, 2021.
- ^ Stych, Ed (May 7, 2012). "Bill Gates' stake in Ecolab could get bigger". American City Business Journals. Retrieved April 3, 2021.
- ^ "Canadian National Railway Company | SC 13G". U.S. Securities and Exchange Commission. December 31, 2019. Retrieved 3 April 2021.
- ^ Gallun, Alby (August 10, 2015). "Could Bill Gates be the next owner of Strategic Hotels?". Crain's Chicago Business. Retrieved April 3, 2021.
- ^ "Republic Services, Inc. | DEF 14A". U.S. Securities and Exchange Commission. March 24, 2020. Retrieved 3 April 2021.
- ^ "Deere & Company | DEF 14A". U.S. Securities and Exchange Commission. January 8, 2021. Retrieved April 3, 2021.
- ^ Bort, Julie (Mar 20, 2019). "Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft". Business Insider. Retrieved April 3, 2021.
- ^ "Cascade Investment – Portfolio Holdings". Fintel.io. Retrieved April 3, 2021.
- ^ Gunther, Marc (October 3, 2013). "The Bill Gates-backed company that's reinventing meat". Fortune. Retrieved April 3, 2021.
- ^ Zumbach, Lauren (June 4, 2018). "Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates". Chicago Tribune. Retrieved April 3, 2021.
- ^ "Vroom, Inc. | S-1". U.S. Securities and Exchange Commission. May 18, 2020. Retrieved April 3, 2021.
- ^ Herald, C. R. E. (October 14, 2020). "Bill Gates' Cascade Investment, GIC buy stakes in StorageMart". CRE Herald. Retrieved April 3, 2021.
External links
- Cascade Investment, L.L.C.: Private Company Information - Bloomberg
- Legal Letter from Mark R. Beatty (General Counsel of Cascade Investment, L.L.C.)
- SEC filings of Cascade Investment, L.L.C.
- Investment companies of the United States
- Bill Gates
- Conglomerate companies of the United States
- Holding companies of the United States
- Companies based in Kirkland, Washington
- American companies established in 1995
- Financial services companies established in 1995
- Holding companies established in 1995
- 1995 establishments in Washington (state)
- Privately held companies based in Washington (state)
- Financial services company stubs