國(guó)際經(jīng)貿(mào)高級(jí)英語——精讀與翻譯ppt-全文預(yù)覽
【正文】 will change the equity market’s point of emphasis. Agriculture, for instance, will e back. Stocks like Deere amp。Unit Three How Bill Gates Invests His Money ? TEXT Tending the Investment Pools As Gates converts billions of dollars of Microsoft stock into philanthropic tender, Michael Larson will be shepherding the funds every step of the way. He will manage the foundation portfolios until the dollars are expended on syringes, scholarships, and software. “People have no idea the kind of pressure that Michael Larson operates under, says Roger McNamee. “For one thing, he’s running money for two of the largest foundations in the world. The better he does, the more good works can be done. Unit Three How Bill Gates Invests His Money Here’s how Larson’s job works. He’s in charge of three large pots of money: the two foundations and the $5 billion or so in Gates’ personal portfolio, which is mostly invested through Cascade, though there are other smallish accounts also under Larson’s auspices. Each of these three pools is discretely managed, with its own objectives and investments. And there’s one thing both Gates and Larson want to make perfectly clear. “Michael and I talk regularly about general investment matters, but he has full discretion over the portfolio. Gates says. Larson, his usual grin gone for a second, says, “I wish everyone understood that. When people find out that Cascade has made an investment in something, that’s not Bill Gates. I’ll call Bill about something I’m buying if he needs to know, but Bill might not have any idea what Cascade owns. (There are exceptions to this rule. For instance, Gates makes his own investments in biotech－ more on that later.) Unit Three How Bill Gates Invests His Money So what’s in the portfolios? The Learning Foundation is the simplest. Because Patty Stonesifer and her crew have a fairly constant need for cash, Larson keeps this portfolio mostly in shortmaturity . government and corporate fixedine securities. The William H. Gates Foundation is a little more plicated. Though it may have a smattering of stocks at any given time, it too is almost entirely in bonds—about 75% shortterm . governments and corporates. “The portfolio is pretty conservatively positioned right now for a couple of reasons,” says Larson. “First, it reflects my view of the markets. And second, we just had an inflow of a couple of billion dollars.” Another reason bonds are attractive to Larson is that as new money streams in, scaling up in the fixedine markets is much easier than in stocks. Unit Three How Bill Gates Invests His Money As for the other 25% of this foundation’s assets, Larson has made investments running the whole gamut of the bond market. He holds some inflationprotected Treasury bonds called TIPs, and plainvanilla corporate bonds like Ford, Du Pont, and Time Warner (parent of Time Inc., FORTUNE’s publisher). He also has a position in junk bonds and foreign government bonds—Danish, German, Canadian—as well as foreign corporates, gobs of mortgagebacked securities, and all sorts of hedging investments. Larson farms out some 15% of the overall portfolio to bond managers at Man Grenfell, PIMCO, Miller Anderson amp。 that’s buyout funds and direct investments, such as Gates’ stake in Teledesic, McCaw’s satellite pany (Larson is on its board). That figure a
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