Bitcoin has rebounded from major losses before, and its long-term growth remains impressive. Before the pandemic boom in crypto prices, its value hovered well below $10,000. True believers, who call themselves Bitcoin maximalists, remain adamant that the cryptocurrency will eventually break from its correlation with risk assets.

Michael Saylor, the chief executive of the business-intelligence company MicroStrategy, has spent billions of his firm’s money on Bitcoin, building up a stockpile of more than 125,000 coins. As the price of Bitcoin has cratered, the company’s stock has dropped roughly 75 percent since November.

In an email, Mr. Saylor blamed the crash on “traders and technocrats” who don’t appreciate Bitcoin’s long-term potential to transform the global financial system.

“In the near term, the market will be dominated by those with less appreciation of the virtues of Bitcoin,” he said. “Over the long term, the maximalists will be proven correct, because billions of people need this solution, and awareness is spreading to millions more each month.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

The Gateses’ Public Split Spotlights a Secretive Fortune

The fortune of Bill Gates and Melinda French Gates exceeds the size of Morocco’s annual economy, combines the value of Ford, Twitter and Marriott International and is triple the endowment of Harvard. While few know how their wealth will be divided in the divorce, one thing is clear: breaking it up can’t be easy.

Mr. Gates built one of the great fortunes in human history when he founded Microsoft in 1975 with Paul Allen. The Gateses’ net worth is estimated to be more than $124 billion, and includes assets as varied as trophy real estate, public company stocks and rare artifacts.

There’s a big stake in the luxury Four Seasons hotel chain. There are hundreds of thousands of acres of farmland and ranch land, including Buffalo Bill’s historic Wyoming ranch. There are billions of dollars’ worth of shares in companies like AutoNation and Waste Management. There’s a beachfront mansion in Southern California. And one of Leonardo da Vinci’s notebooks.

“The amount of money and the diversity of assets that are involved in this divorce boggles the imagination,” said David Aronson, a lawyer who has represented wealthy clients in divorce cases. “There have rarely been cases that are even close to this in size.”

2019 divorce between the Amazon founder Jeff Bezos and his now ex-wife, the novelist and philanthropist MacKenzie Scott, was bigger. Mr. Bezos had an estimated fortune of $137 billion, though mostly in Amazon stock, and Ms. Scott kept 4 percent of Amazon’s shares, worth $36 billion at the time.

But Mr. Gates has for decades been diversifying his holdings; he owns just 1.3 percent of Microsoft. Instead, his stock portfolio includes stakes in dozens of publicly traded companies. He is the largest private owner of farmland in the country, according to The Land Report. In addition to the Four Seasons, he has stakes in other luxury hotels and a company that caters to private jet owners. His real estate portfolio includes one of the largest houses in the country and several equestrian facilities. He owns stakes in a clean energy investment fund and a nuclear energy start-up.

Forbes, or $146 billion, according to the research firm Wealth-X. Including the Gates Foundation’s endowment and the Gates personal fortune, Cascade most likely oversees assets that put it on par or beyond some of the world’s biggest hedge funds in size.

Mr. Larson operates Cascade with an obsessive level of secrecy, going to great lengths to cloak the firm’s transactions so that they can’t easily be traced back to the Gateses. In a 1999 interview with Fortune magazine, Mr. Larson said he chose the name “Cascade” because it was a generic-sounding name in the Pacific Northwest.

that questions about the future of the Gates Foundation immediately arose following news of the divorce. The foundation directs billions to 135 countries to help fight poverty and disease. As of 2019, it had given away nearly $55 billion. (In 2006, Mr. Buffett pledged $31 billion of his fortune to the Gates Foundation, greatly increasing its grant making.)

Since he stepped down from day-to-day operations at Microsoft in 2008, Mr. Gates has devoted much of his time to the foundation. He also runs Gates Ventures, a firm that invests in companies working on climate change and other issues. Over the decades, Mr. Gates shed the image of a ruthless tech executive battling the United States government on antitrust to be viewed as a global do-gooder. And he appears to be keenly aware of the stark contrast between the scale of his wealth and his role as a philanthropist. “I’ve been disproportionately rewarded for the work I’ve done — while many others who work just as hard struggle to get by,” he acknowledged in a year-end blog post from 2019.

told The New York Times last year. “There’s just none.”

Matthew Goldstein contributed reporting.

View Source

Can Companies Make Employees Get Vaccinated?

Environmental, social and governance issues are increasingly important for companies, and a decision in one of the three aspects of so-called E.S.G. often has implications for the others. The more that board members can see these connections, the more likely they’ll act in society’s interest, argues the economist and author Dambisa Moyo, who also sits on the boards of 3M and Chevron. The same goes for stakeholders who want companies to be better citizens.

Moyo spoke with DealBook about her new book, “How Boards Work: And How They Can Work Better in a Chaotic World.” The interview had been edited and condensed for clarity.

DealBook: What do people misunderstand about how boards work?

Moyo: People’s perception is quite facile but it’s important to understand the array of issues and what levers they actually have, the complexity and range of decisions board members face and their limits. In my time on boards in different industries and countries, I’ve seen almost every crisis except bankruptcy, along with the rise of the E.S.G. agenda.

What’s the most important attribute in a board member?

Good judgment. You can’t be dogmatic. You have to be flexible and pragmatic.

How is running a company different today than before?

Corporations have always been part of the communities and societies they operated in. But in areas where the government was leading before, for a whole host of reasons, companies have been stepping up, for example with E.S.G. issues.

What’s the story with E.S.G.?

People often don’t realize how the different goals interact or create second-order problems. For example, when students at Oxford University constantly encourage the endowment to defund energy companies, they don’t think about the 1.5 billion people in the world who still don’t have access to power, and how that influences diversity and inclusion. They see no connection. But the kids from energy-poor countries are not going to make it to Oxford that way.

Is it all too complex?

I’m very optimistic we can get there. We need to be less hasty and more innovative. I do think we need to create some kind of framework that supports society and has teeth. And, most importantly, that’s sustainable.

View Source

David Swensen, Who Revolutionized Endowment Investing, Dies at 67

Other money managers joining universities sought Mr. Swensen’s advice. He always suggested that they keep their offices on campus if possible, and he was sensitive to matters that students brought up, like climate change. Students have continued to push Yale to take a stronger stand on the issue.

Mr. Swensen acknowledged that greenhouse gas emissions posed a grave threat and asked managers to consider the financial risks of climate change, particularly if the government imposed carbon taxes. The investment office recently estimated that 2.6 percent of the endowment is invested in fossil fuel producers, a multi-decade low, and that it expects that decline to continue.

In 2018, Mr. Swensen said Yale would not invest in outlets that sell assault weapons. Most recently he encouraged endowments to hire more women and members of minorities.

Over the years he was a trustee or adviser to a host of institutions, including the Brookings Institution, the Carnegie Corporation, the Courtauld Institute of Art, the Chad Zuckerberg Initiative and the states of Connecticut and Massachusetts.

Mr. Swensen’s first marriage, to Susan Foster, ended in divorce. In addition to Ms. McMahon, he is survived by three children from his first marriage, Alexander Swensen, Timothy Swensen and Victoria Coleman; his mother, Grace; two brothers, Stephen and Daniel; three sisters, Linda Haefemeyer, Carolyn Popp and Jane Swensen; and two grandchildren. He lived in Killingworth, Conn.

Mr. Swensen was as concerned about the small investor as he was about his endowment. In his book “Unconventional Success: A Fundamental Approach to Personal Investment” (1995), he advised people to keep their costs low and to stick to exchange-traded funds, which invest across an entire index of stocks, rather than investing with money managers or mutual funds that select individual stocks, and where the costs can erode profits. It was virtually impossible for the average investor to get into the best private funds, he said.

Alex Traub contributed reporting.

View Source

National Endowment for the Humanities Announces New Grants

The New York Botanical Garden, the Children’s Museum of Indianapolis and the Judd Foundation in Marfa, Texas, are among 225 beneficiaries of new grants from the National Endowment for the Humanities that were announced on Wednesday.

The grants, which total $24 million, will support projects at museums, libraries, universities and historic sites in 45 states, as well as in Washington and Puerto Rico. They will enable the excavation of a newly discovered ancient Egyptian brewery by researchers from New York University, the implementation of a traveling exhibition honoring Emmett Till’s legacy at the Children’s Museum of Indianapolis, and research for a biography of the congressman and civil rights leader John Lewis by David Greenberg, a professor at Rutgers University.

Adam Wolfson, the endowment’s acting chairman, said in a statement that the new projects “embody excellence, intellectual rigor and a dedication to the pursuit of knowledge, even as our nation and the humanities community continue to face the challenges of the pandemic.”

As part of a new grant program in archaeology and ethnography, seven of the awards will support empirical field research, including the excavation of the ancient city of Teotihuacan in central Mexico and the investigation of settlement and migration patterns on the Micronesian islands of Pohnpei and Kosrae.

Los Angeles County Museum of Art will receive a grant to produce an exhibition, “Dining With the Sultan,” that features art depicting Islamic courtly dining culture and culinary traditions from the eighth through the 19th centuries. And at California State University’s Fullerton campus, a team will use Bob Damron’s Address Books, a prominent travel directory used by L.G.B.T.Q. Americans in the late 20th century, to create interactive maps and visualizations.

View Source