Cascade Investment, L.L.C.

Bill Gates' wholly owned holding company, led by Michael Larson

For nearly 30 years, Michael Larson had served as Mr. Gates’s money manager, earning solid returns on the Gateses’ and the foundation’s combined $174 billion investment portfolio through a secretive operation called Cascade Investment. Cascade owned assets like stocks, bonds, hotels and vast tracts of farmland, and it also put the Gateses’ money in other investment vehicles. Larson was put on leave while the investigation of a sexual harassment claim was underway, but he was eventually reinstated. He remains in charge of Cascade.

Relationships Interlocks Giving Data

Leadership & Staff

Jerry A S T Dennis

• Position ('00→?)

Ouliang Xu He looks after energy and agricultural products sector investments.

• Security Analyst

Robert P Thomas

• Portfolio Manager

Patrick Martinell A Director of Hamilton Lane Advisors, Inc.

• Position

Michael Larson Investment Advisor to Mr. William H. Gates, III

• Business Manager

Owners

Bill Gates Founder of Microsoft

• Owner ('94→?); percent stake: 100%

Holdings

1 / 2

Patriot Coal Corporation

• Institutional investor

Waste Management, Inc. Has the largest trucking fleet in the garbage industry

• Owner; percent stake: 7%

Four Seasons Hotels and Resorts hotel chain

• Owner (Sep '21→?)

Ginkgo Bioworks

• Owner

Canadian National Railway Company Canada's largest freight railroad, provides service throughout North America

• Owner; percent stake: 15%

Republic Services, Inc. Second largest provider of garbage collection services in the US

• Owner; percent stake: 33%

Liberty Global plc The company is an international provider of video, voice and broadband internet services, with consolidated broadband communications and/or direct-to-home satellite operations mainly in Europe, Japan

• Institutional investor; percent stake: 5%

AutoNation, Inc. Automotive retailing

• Owner; percent stake: 11%

Deere & Company Company that manufactures agricultural, construction, and forestry machinery, diesel engines, drivetrains used in heavy equipment, and lawn care equipment.

• Owner

Berkshire Hathaway Inc. Holding company headquartered in Omaha, Nebraska

• Owner; percent stake: 5%