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1、UnitThreeHowBillGatesInvestsHisMoneyTEXTTendingtheInvestmentPoolsAsGatesconvertsbillionsofdollarsofMicrosoftstockintophilanthropictender,MichaelLarsonwillbeshepherdingthefundseverystepoftheway.Hewillmanagethefoundationportfoliosuntilthedollarsareexpendedonsyringes,scholarships,andsoft
2、ware.“PeoplehavenoideathekindofpressurethatMichaelLarsonoperatesunder,"saysRogerMcNamee.“Foronething,he’srunningmoneyfortwoofthelargestfoundationsintheworld.Thebetterhedoes,themoregoodworkscanbedone."UnitThree HowBillGatesInvestsHisMoneyHere’showLarson’sjobworks.He’sinchargeofthreelar
3、gepotsofmoney:thetwofoundationsandthe$5billionorsoinGates’personalportfolio,whichismostlyinvestedthroughCascade,thoughthereareothersmallishaccountsalsounderLarson’sauspices.Eachofthesethreepoolsisdiscretelymanaged,withitsownobjectivesandinvestments.Andthere’sonethingbothGatesandLarson
4、wanttomakeperfectlyclear.“MichaelandItalkregularlyaboutgeneralinvestmentmatters,buthehasfulldiscretionovertheportfolio."Gatessays.Larson,hisusualgringoneforasecond,says,“Iwisheveryoneunderstoodthat.WhenpeoplefindoutthatCascadehasmadeaninvestmentinsomething,that’snotBillGates.I’llcallB
5、illaboutsomethingI’mbuyingifheneedstoknow,butBillmightnothaveanyideawhatCascadeowns."(Thereareexceptionstothisrule.Forinstance,Gatesmakeshisowninvestmentsinbiotech－moreonthatlater.)UnitThree HowBillGatesInvestsHisMoneySowhat’sintheportfolios?TheLearningFoundationisthesimplest.BecauseP
6、attyStonesiferandhercrewhaveafairlyconstantneedforcash,Larsonkeepsthisportfoliomostlyinshort-maturityU.S.governmentandcorporatefixed-incomesecurities.TheWilliamH.GatesFoundationisalittlemorecomplicated.Thoughitmayhaveasmatteringofstocksatanygiventime,ittooisalmostentirelyinbonds—about
7、75%short-termU.S.governmentsandcorporates.“Theportfolioisprettyconservativelypositionedrightnowforacoupleofreasons,”saysLarson.“First,itreflectsmyviewofthemarkets.Andsecond,wejusthadaninflowofacoupleofbilliondollars.”AnotherreasonbondsareattractivetoLarsonisthatasnewmoneystreamsin,sca
8、lingu
