Date: November 16, 2010
Source: News Room
The Bill and Melinda Gates Foundation is buying more shares of Waste Management. It has added roughly two million shares of the company in the third quarter, raising its stake to 17.6 million shares from 15.7 million shares at the end of the second quarter. About a year ago, the foundation which is the world's largest private philanthropic fund, doubled its holding in Houston, Texas-based Waste Management to 15.7 million shares, from a previous position of 7.8 million shares. Bill Gates also holds 55 million shares of number two ranked Republic Services representing a sizeable 15% stake through his personal investment vehicle Cascade Investment LLC. The foundation holds about 1.3 million shares of Republic. Bill Gates and his good friend Warren Buffet have been attracted to the waste industry's top players for being well managed, cash flow generating enterprises sitting atop irreplaceable landfill assets while their shares are selling at a discount to the companies' estimated intrinsic value.
See also: "Barron's: Why Republic Services Looks Sexy to Billionaires," (www.wasteinfo.com/news/wbj20100727A.htm).
See also: "Barron's Reports: Waste Stocks Have Plenty of Room to Grow," (www.wasteinfo.com/news/wbj20091201A.htm).
See also: "Billionaires Circling the Waste Industry," (www.wasteinfo.com/news/wbj20091117B.htm).