Think You've Got It Bad? Check Out Bill Gates's Losses.
The more you have, the more you have to lose: Bill Gates's investments lost 20 percent -- or $3 billion -- in the fourth quarter of last year, according to SEC documents filed today.
According to the SEC, the value of the investments of the Bill and Melinda Gates Foundation now stands at $9.07 billion, down 19 percent, and the value of Cascade Investment LLC, Gates's fund, stands at $4.02 billion, down 18 percent.
The percentage decline is probably about the same or a little better than your investments have suffered. But the total amount is still a whole bunch of zeros more than your 401(k), we're guessing.
The foundation bought shares of McDonald's and Coca-Cola in the fourth quarter while selling stakes in AIG , Washington Mutual and, interestingly, Warren Buffett's Berkshire Hathaway.
Interesting, because Buffett said in 2006 he would begin giving away his personal fortune, much of it to Gates's foundation. Gates serves on Berkshire Hathaway's board and the two are bridge buddies.
(Disclosure: Buffet and Melinda Gates are directors of The Washington Post Co.)
Buffett and Gates are the world's richest and second-richest persons, respectively, according to Forbes.
Cascade bought shares in Eastman Kodak and Crocs, makers of the funky footwear. Guess Gates doesn't think they're a fad.
February 17, 2009; 12:19 PM ET
Categories: The Ticker | Tags: Bill Gates, Warren Buffett
Save & Share: Previous: Dow Testing November Lows
Next: JetBlue To Refund Fares For Laid-Off Workers
The comments to this entry are closed.