人物篇 实战练习3 Still a great Job: Making Sure Bill Gates Stays rich When we last checked in on mich ael larson the man who runs Bill Gates money, Larson was mana ging a mere $11.5 billion and Gates was just be ginn ing to get his philanthropic ef forts in gear. Five years later Larson runs about 44 billion some $17 billion of which is Gates personal fortune, not in cluding Microsoft stock Gates owns another $29 billion in MSFT ). The remaining 26.8 billion in Larson s port folio belongs to the Bill Melinda Gates Foundation, by far the[41 biggest foundation (by assets) in the world. If the press-shy Larson, 44, was a big deal when I wrote about him in 1999, he surely is a bigger deal today Almost as impressive as the size of the portfolio is the re- markab le job larson has done in vesting it. Its true that last year his portfolio was up on ly a bout 17 % which compares un favorably with the s&P 500(up 22 in 2003). But you may re- member that Larson is an extremely conservative in vest or who would naturally underper for m in boffo years. I don t consider it so bad because we basically didn t own any stocks, explains Larson, who has joined other nonprofit boards and committees at Claremont McKenna College, the University of washington and the U nited Negro College Fund. The picture brightens if you look at Larson s numbers over three years, in which he generated a comp ound annual return of more than 10%(com pared with -12% for the s&P). And over the past five years he