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2021-06-22

Gates Split Casts Harsh Glare on $170 Billion Money Manager<blockquote>盖茨分裂对价值 1700 亿美元的基金经理施加了严厉的目光</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>盖茨分裂对价值 1700 亿美元的基金经理施加了严厉的目光</blockquote>

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Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.<blockquote>这对夫妇上个月宣布离婚的消息打破了精心策划的形象。令人不快的细节被泄露出来，包括一份关于拉尔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>本周一，比尔和梅林达-盖茨投资公司（Bill and Melinda Gates Investments）的一位发言人表示，拉尔森领导的由 100 人组成的强大团队负责管理他们的个人财富和同名基金会的捐赠。这个名字与 Cascade Investment 非常相似，Cascade Investment 历来是 BMGI 的一部分，负责管理盖茨夫妇的个人财富。</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>盖茨和弗伦奇-盖茨最终离婚后，这位世界上最大的财富之一将面临怎样的命运。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，彭博新闻社估计，他管辖下的庞大投资组合价值约为 1700 亿美元，多年来产生的回报率比大盘高出约 1 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>这些记录说明了超级富豪阶层的优先事项，他们的投资视野跨越几代人，风险较高的赌注往往不会超过良好声誉的价值。拉尔森的部分工作是帮助比尔-盖茨维护他作为一个致力于解决世界挑战的摇摆不定的亿万富翁的形象，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）说：”其中一些人愿意为不出现在新闻中付出的代价很高。</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》报道了离婚事件和最近有关卡斯卡德工作场所文化的揭露，这引发了人们对拉尔森和他所监管的财富的下一步走向的质疑。Cascade 的一位发言人表示，BMGI 将更改名称，“以满足盖茨家族及其慈善工作不断变化的需求”，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 年被添加到 BMGI，在 Cascade 将价值超过 30 亿美元的股权转让给她后，她一直备受关注，这导致业内一些人猜测她正在要求对自己的财富份额拥有更大的控制权。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岁的拉尔森承认，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。喀斯喀特公司的一名代表表示，这些事情已经进行了审查，并没有理由解雇他。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>穆罕默德说，鉴于拉尔森在盖茨任职数十年，以及由此可能产生的忠诚度，拉尔森在指控发生后继续担任这一职务并不奇怪。</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：”如果拉尔森没有他所拥有的专业影响力，那么答案很简单，他应该辞职。</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>拉尔森经常穿着粉红色衬衫，回避聚光灯，很少参加家族办公室专业人士的会议。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和向员工灌输他们的首要关注点是保护恩人的好名声的观念，赢得了盖茨的忠诚。</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比盖茨有很大的回旋余地。据一位熟悉卡斯卡德公司的人士透露，在卡斯卡德公司成立初期，除了一年一度的面对面聚会外，弗伦奇-盖茨很少参加会议，即使参加了，她也往往是一个被动的参与者。</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）在一份声明中说，“鉴于她对 BMGI 缺乏所有权和控制权”，她并不知道涉及拉尔森的大部分指控。</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>目前还不清楚弗伦奇-盖茨把钱放在哪里，包括从 Cascade 转移的 30 多亿美元，以及她现在是否正在建立自己的家族办公室。她还经营着Pivotal Ventures，这是一家成立于2015年的投资和孵化公司，专注于性别和种族平等，拥有大约90名员工。</blockquote> Conservative Mandate<blockquote>保守派授权</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>对于一个正在考虑创造性赌注的投资者来说，担任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、客户提款或繁琐的法规。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>其中一位知情人士说，除了转移人们对盖茨夫妇的注意力外，拉尔森的主要任务是保守投资--努力实现回报最大化，但不要赔钱。</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（Raphael Amit）说，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>“他说：”首要目标是保全资本，并补充说，这就是家族理财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》杂志报道中，拉尔森解释说，他的大部分策略都可以归结为应对微软股票的波动。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，也有一些押注于私募股权、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 (Martin &amp; Co.) 到轨道运营商加拿大国家铁路公司 (Canadian National Railway Co.)，再到废物管理公司 Republic Services Inc.，这些公司植根于制造、移动和销售商品以及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27万英亩的土地，足以使其成为美国最大的农田所有者。该公司还涉足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，有 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 没有披露其总体投资业绩，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指数在过去二十年中 7.5% 的年均回报率。另一位人士说，这一记录大致代表了 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>出售盖茨微软股票的收益会定期增加 Cascade 的资产。伯克希尔·哈撒韦公司的创始人沃伦·巴菲特定期向该基金会捐赠价值数十亿美元的企业集团股份。据盖茨基金会称，巴菲特是盖茨基金会的三名董事会成员之一，与盖茨和弗伦奇-盖茨并列，但他不参与基金会的投资决策。</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>该投资组合的一个显著特点是变化很小。基金会信托基金最新提交的文件披露了在美国交易所交易的头寸，其中列出的 15 只股票中有 10 只是十年前的投资组合。</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>盖茨在最近出版的关于气候变化的书中表示，Cascade 在 2019 年之前一直持有石油和天然气公司的投资。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，后来加入了一个财团，今年将该公司私有化。它还是 Republic Services Inc. 多年来，Republic Services Inc.</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，拉尔森在做出投资决策方面拥有广泛的自由裁量权。在 3 月份 Reddit 上的 “问我任何问题 ”活动中，一位用户询问了他购买农田的情况。他的回答是： “我的投资团队选择这样做”。</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>“他在接受《财富》杂志采访时说：”当人们发现 Cascade 投资了某个东西时，那不是比尔-盖茨。“我希望每个人都能明白这一点。”</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>盖茨分裂对价值 1700 亿美元的基金经理施加了严厉的目光</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>盖茨分裂对价值 1700 亿美元的基金经理施加了严厉的目光</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-拉尔森（Michael Larson）一直在默默地经营着世界上最大的财富之一，他的首要任务是：让他那些极其富有的老板们远离头条新闻。</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、这家投资公司听起来很普通的名字；它们都是经过精心设计的，旨在保护比尔·盖茨和梅林达·弗伦奇·盖茨免受批评，并产生稳定的回报，尽管看起来并不令人印象深刻。</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>这对夫妇上个月宣布离婚的消息打破了精心策划的形象。令人不快的细节被泄露出来，包括一份关于拉尔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>本周一，比尔和梅林达-盖茨投资公司（Bill and Melinda Gates Investments）的一位发言人表示，拉尔森领导的由 100 人组成的强大团队负责管理他们的个人财富和同名基金会的捐赠。这个名字与 Cascade Investment 非常相似，Cascade Investment 历来是 BMGI 的一部分，负责管理盖茨夫妇的个人财富。</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>盖茨和弗伦奇-盖茨最终离婚后，这位世界上最大的财富之一将面临怎样的命运。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，彭博新闻社估计，他管辖下的庞大投资组合价值约为 1700 亿美元，多年来产生的回报率比大盘高出约 1 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>这些记录说明了超级富豪阶层的优先事项，他们的投资视野跨越几代人，风险较高的赌注往往不会超过良好声誉的价值。拉尔森的部分工作是帮助比尔-盖茨维护他作为一个致力于解决世界挑战的摇摆不定的亿万富翁的形象，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）说：”其中一些人愿意为不出现在新闻中付出的代价很高。</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》报道了离婚事件和最近有关卡斯卡德工作场所文化的揭露，这引发了人们对拉尔森和他所监管的财富的下一步走向的质疑。Cascade 的一位发言人表示，BMGI 将更改名称，“以满足盖茨家族及其慈善工作不断变化的需求”，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 年被添加到 BMGI，在 Cascade 将价值超过 30 亿美元的股权转让给她后，她一直备受关注，这导致业内一些人猜测她正在要求对自己的财富份额拥有更大的控制权。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岁的拉尔森承认，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。喀斯喀特公司的一名代表表示，这些事情已经进行了审查，并没有理由解雇他。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>穆罕默德说，鉴于拉尔森在盖茨任职数十年，以及由此可能产生的忠诚度，拉尔森在指控发生后继续担任这一职务并不奇怪。</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：”如果拉尔森没有他所拥有的专业影响力，那么答案很简单，他应该辞职。</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>拉尔森经常穿着粉红色衬衫，回避聚光灯，很少参加家族办公室专业人士的会议。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和向员工灌输他们的首要关注点是保护恩人的好名声的观念，赢得了盖茨的忠诚。</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比盖茨有很大的回旋余地。据一位熟悉卡斯卡德公司的人士透露，在卡斯卡德公司成立初期，除了一年一度的面对面聚会外，弗伦奇-盖茨很少参加会议，即使参加了，她也往往是一个被动的参与者。</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）在一份声明中说，“鉴于她对 BMGI 缺乏所有权和控制权”，她并不知道涉及拉尔森的大部分指控。</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>目前还不清楚弗伦奇-盖茨把钱放在哪里，包括从 Cascade 转移的 30 多亿美元，以及她现在是否正在建立自己的家族办公室。她还经营着Pivotal Ventures，这是一家成立于2015年的投资和孵化公司，专注于性别和种族平等，拥有大约90名员工。</blockquote> Conservative Mandate<blockquote>保守派授权</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>对于一个正在考虑创造性赌注的投资者来说，担任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、客户提款或繁琐的法规。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>其中一位知情人士说，除了转移人们对盖茨夫妇的注意力外，拉尔森的主要任务是保守投资--努力实现回报最大化，但不要赔钱。</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（Raphael Amit）说，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>“他说：”首要目标是保全资本，并补充说，这就是家族理财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》杂志报道中，拉尔森解释说，他的大部分策略都可以归结为应对微软股票的波动。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，也有一些押注于私募股权、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 (Martin &amp; Co.) 到轨道运营商加拿大国家铁路公司 (Canadian National Railway Co.)，再到废物管理公司 Republic Services Inc.，这些公司植根于制造、移动和销售商品以及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27万英亩的土地，足以使其成为美国最大的农田所有者。该公司还涉足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，有 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 没有披露其总体投资业绩，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指数在过去二十年中 7.5% 的年均回报率。另一位人士说，这一记录大致代表了 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>出售盖茨微软股票的收益会定期增加 Cascade 的资产。伯克希尔·哈撒韦公司的创始人沃伦·巴菲特定期向该基金会捐赠价值数十亿美元的企业集团股份。据盖茨基金会称，巴菲特是盖茨基金会的三名董事会成员之一，与盖茨和弗伦奇-盖茨并列，但他不参与基金会的投资决策。</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>该投资组合的一个显著特点是变化很小。基金会信托基金最新提交的文件披露了在美国交易所交易的头寸，其中列出的 15 只股票中有 10 只是十年前的投资组合。</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>盖茨在最近出版的关于气候变化的书中表示，Cascade 在 2019 年之前一直持有石油和天然气公司的投资。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，后来加入了一个财团，今年将该公司私有化。它还是 Republic Services Inc. 多年来，Republic Services Inc.</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，拉尔森在做出投资决策方面拥有广泛的自由裁量权。在 3 月份 Reddit 上的 “问我任何问题 ”活动中，一位用户询问了他购买农田的情况。他的回答是： “我的投资团队选择这样做”。</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>“他在接受《财富》杂志采访时说：”当人们发现 Cascade 投资了某个东西时，那不是比尔-盖茨。“我希望每个人都能明白这一点。”</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":2706,"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}