DOCSLIB.ORG

First Sentier Investors American Listed Infrastructure Billionaire Buddies Love American Listed Infrastructure, So Should You!

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
First Sentier Investors American Listed Infrastructure Billionaire Buddies Love American Listed Infrastructure, So Should You! First Sentier Investors American Listed Infrastructure Billionaire buddies love American listed infrastructure, so should you! By Jessica Jouning and Andrew Greenup American Listed Infrastructure | January 2021 For qualified investors only Billionaire buddies, Warren Buffett and Bill Gates both have large portfolios of American listed infrastructure assets These billionaires are investing in infrastructure because it provides inflation- protected income and defensive capital growth Should you have an investment in American listed infrastructure to protect and grow your wealth? Legendary self-made billionaires Warren Buffett and Bill Gates It is not surprising that two of the world’s greatest capitalists are large investors in American listed infrastructure companies. have invested in American listed infrastructure companies These two friends have investments in US freight railways, to protect and grow their wealth. It’s always wise to monitor utilities, renewable energy, waste management, natural gas the investment decisions of smart people. From Berkshire pipelines and airports. Hathaway’s latest annual report “Today, BHE has the operating talent and experience to manage truly huge utility projects – Infrastructure provides essential services to society. These requiring investments of $100 billion or more – that could support assets have the defensive characteristics of high barriers to infrastructure benefitting our country, our communities and our entry, strong pricing power, structural growth and predictable shareholders. We stand ready, willing and able to take on such cash flows. opportunities.” American Listed Infrastructure (ALI) is a United States (US) So what are these brilliant billionaires actually investing in? focused asset class that provides investors with inflation- protected income and solid capital growth. It consists of listed Warren Buffett and Bill Gates companies that have infrastructure assets in the US. As the chart below illustrates, ALI has generated strong risk adjusted returns over the last 15 years. American Listed Infrastructure vs S&P500 600 500 400 300 200 100 Source: CNBC 0 2005 2007 2009 2011 2013 2015 2017 2019 American Listed Infrastructure S&P500 Source: FTSE USA Core Infra Capped TR Index, S&P500 Total Return Index USD, Bloomberg, First Sentier Investors. 1 First Sentier Investors American Listed Infrastructure Warren Buffett’s Berkshire Hathaway BNSF locomotives keeping America moving infrastructure empire Warren Buffet’s Berkshire Hathaway (BRK) generates around 15% of its profits from a portfolio of infrastructure assets1. These include: – Burlington Northern Santa Fe (BNSF), the largest freight railway operator in the US – Berkshire Hathaway Energy (BHE), the fourth largest electric and gas utility in the US operating across 11 states through MidAmerican Energy, PacifiCorp and NV Energy – Berkshire Hathaway Renewables (BHR), the second largest renewable energy company in the US with a 7% market share in wind and solar – BHE Pipeline Group, which operates three natural gas pipeline systems that transport over 18% of all interstate gas Source: BNSF website transmission in the US and owns 25% of the Cove Point LNG export terminal Bill Gates’s infrastructure portfolio BRK has built this empire via both acquisitions (MidAmerican Bill Gates’s infrastructure investments are held via his $50 in 2000, PacifiCorp in 2005, BNSF in 2009, NV Energy in 2013 billion private holding company, Cascade Investment LLC4. and Dominion Gas Transmission in 2020) and organic capital This fund has around 50% of its value in five listed infrastructure 2 expenditure including $29 billion on renewable energy and companies including the fund’s two largest holdings. These 3 $38 billion on rail track and rolling stock. This combination has investments are: yielded consistent profit growth through economic cycles. – 34% holding in Republic Services5 (RSG), the second largest BKE infrastructure’s consistent profit growth (EBIT $b) waste management company in the US 9 – 14% holding in Canadian National Railway6 (CNR), Canada’s 8 largest and US’ fifth largest freight railway operating across Canada and south through Memphis to the US Gulf Coast 7 – 3.5% holding in Waste Management (WM), the largest waste 6 company in the US 5 – 17% holding in Signature Aviation (SIG), the largest private jet airport operator in the US 4 – 8.4% holding in Otter Tail Corp (OTTR), an electric utility with 3 operations in Minnesota and the Dakotas 2 Cascade Investments is the largest single shareholder of CNR, 1 SIG and RSG and is the second largest shareholder in OTTR. 0 In addition, Cascade Investments has a board representative 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 at RSG. BNSF Berkshire Hathaway Energy Republic Services taking out the trash Source: Company annual reports, First Sentier Investors “I felt it was an opportunity to buy a business that is going to be around for 100 or 200 years, that’s interwoven with the American economy in a way that, if the American economy prospers, the business will prosper. It is the most efficient way of moving goods in the country.” – Warren Buffett on BNSF acquisition from 2009 CNBC interview Source: RSG website 1 Source: Company reports 2 Berkshire Hathaway 2019 10-K report 3 BNSF 2010-2019 10-K reports 4 Source: Bloomberg 5 Cascade Investment LLC has been a shareholder in RSG since 1999 and has consistently increased its stake in the company. 6 Cascade Investment LLC has been increasing its stake in CNR since 2006 when it revealed a 6% holding. 2 First Sentier Investors American Listed Infrastructure What is so attractive about American listed Conclusion infrastructure? Warren Buffett and Bill Gates are self-made billionaires and Buffett’s and Gates’ infrastructure investments have many significant investors in American listed infrastructure. It’s always similar characteristics which have produced strong earnings and wise to monitor the investment decisions of smart people. While investment performances. utilities, freight railways and waste management companies may not be as exciting as their high profile holdings in Microsoft, Apple First, many of these assets operate in positive industry structures or Coca-Cola, American listed infrastructure has demonstrated with high barriers to entry, a limited number of competitors its ability to consistently protect and grow the wealth of these and strong pricing power. They operate either as regulated billionaires over time. monopolies (utilities), or in regional oligopolies (freight railway, waste management and private jet airports). These industry Is it time you also got on board the infrastructure train? structures allow rational pricing behaviour and capital discipline which enables these assets to deliver returns well above cost American listed infrastructure is driving renewable of capital and pricing growth at or above inflation over long investment time frames. Market share of US waste and North American rail sectors Other 49% Other class 1s 59% BNSF 28% WM 31% RSG 20% CNR 13% Source: Company reports, First Sentier Investors Second, the essential service nature of infrastructure produces stable demand and predictable cash flows. We need utilities to power our homes, we need goods to be moved across the country and we need our trash to be taken away. This stability of demand underpins defensive earnings streams, protecting profits in downturns and growing them in upturns. Third, these companies have exposure to long-term positive structural growth drivers. Electric utilities are fundamental in the decarbonization of electricity through investment in carbon free renewable energy. In Buffett’s own words, “We have got a Source: NextEra Energy big appetite for wind or solar … If someone walks in with a solar project tomorrow and it takes a billion dollars or three billion dollars, we’re ready to do it”. Furthermore, freight railroads and electric utilities are key enablers in the decarbonization of the transportation sector while waste management has expansion opportunities in recycling. This all results in a long pipeline of infrastructure investment opportunities and underpins long-term structural earnings growth. Fourth, these companies have world leading management teams and strong corporate governance. CNR is widely regarded as the best freight rail company globally and we regard them as one of the best managed companies in the infrastructure industry. Likewise, BHE and BHR are viewed as industry leaders in the fast-growing renewables space. Lastly, these infrastructure companies are well financed and have low cost of capital, optimized capital structures and rational dividend payout ratios. This ensures returns to shareholders are sustainable over the long-term. 3 First Sentier Investors American Listed Infrastructure Important Information This document has been prepared for general informational purposes only and is only intended to provide a summary of the subject matter covered. It does not purport to be comprehensive or to give advice. The views expressed are the views of the writer at the time of issue and may change over time. This is not an offer document and does not constitute an offer or invitation or investment recommendation to distribute or purchase securities, shares, units or other interests or to enter into an investment agreement. No person should rely on the content and/or act on the basis of any material contained in this document. This document is confidential and must not be copied, reproduced,
Load more

Recommended publications
  • United States Securities and Exchange Commission Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 20)* AutoNation, Inc. (Name of Issuer) Common Stock, Par Value $0.01 (Title of Class of Securities) 05329W102 (CUSIP Number) Jenny Zhou, Esq. 2365 Carillon Point Kirkland, WA 98033 (425) 889-7900 (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications) February 16, 2021 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.o Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
    [Show full text]
  • FORM 4 OMB Number: 3235-0287 Washington, D.C
    OMB APPROVAL UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 4 OMB Number: 3235-0287 Washington, D.C. 20549 Estimated average burden [ ] Check this box if no longer hours per response... 0.5 subject to Section 16. Form 4 or STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF Form 5 obligations may SECURITIES continue. See Instruction 1(b). Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 1. Name and Address of Reporting Person * 2. Issuer Name and Ticker or Trading Symbol 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) CASCADE INVESTMENT, L.L.C. AUTONATION, INC. [ AN ] _____ Director __X__ 10% Owner (Last) (First) (Middle) 3. Date of Earliest Transaction (MM/DD/YYYY) _____ Officer (give title below) _____ Other (specify below) 2365 CARILLON POINT 5/3/2021 (Street) 4. If Amendment, Date Original Filed (MM/DD/YYYY) 6. Individual or Joint/Group Filing (Check Applicable Line) KIRKLAND, WA 98033 ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security 2. Trans. Date 2A. Deemed 3. Trans. Code 4. Securities Acquired (A) 5. Amount of Securities Beneficially Owned 6. 7. Nature (Instr. 3) Execution (Instr. 8) or Disposed of (D) Following Reported Transaction(s) Ownership of Indirect Date, if any (Instr. 3, 4 and 5) (Instr. 3 and 4) Form: Beneficial Direct (D) Ownership or Indirect (Instr.
    [Show full text]
  • Abortion-Pdf
    (Name of Project) by (Name of First Writer) (Based on, If Any) Revisions by (Names of Subsequent Writers, in Order of Work Performed) Current Revisions by (Current Writer, date) Name (of company, if applicable) Address Phone Number NOTE: Add American politics to every section and compare American politics and siding with pronatalism or supporting the murdering the baby. ABORTION: AMERICA’S FINAL SOLUTION ---------------------------------------------------- REM: Research. Did Margaret Sanger correspond with Hitler? Did she speak to numerous KKK rallies? REM: Burnishing Chapts. 12-15. ---------------------------------------------------- To M and T. Two women with the courage of convictions not seen in generations. ABORTION: A PRIMER ON AMERICA’S FINAL SOLUTION “A nation, and its people, are considered most atrocious by the manner in which they treat their very weakest” - Calvin Lee Burke FORWARD Before we begin it must be stated that we are going to do this in a semi-secular manner. This so that those seeking to refute -- by ad hominem digression -- this primer as somehow just religious fanaticism will be annulled by things called facts, numbers and authentic historical documents. Also, the use of properly referenced Wiki, Boolean operators, and sundry LexisNexis articles, required for the completed work, was to large to allow for a readable primer. The rough draft and bibliography, will be available separately on-line. Full version of the rough draft w/BIBLIOGRAPHY is on-line here: 2. ABORTION:AMERICA’S-FINAL-SOLUTION.fdr , and also, .pdf for Adobe files at Book.com. Abstract: A History: 140,000,000 abortions in the United States since WWII ... Rhyme this liberal Chime: Here we roe again: Using Roe V.
    [Show full text]
  • Cascade Investment Advisors, Inc. Form 13F-HR Filed 2021-08-04
    SECURITIES AND EXCHANGE COMMISSION FORM 13F-HR Initial quarterly Form 13F holdings report filed by institutional managers Filing Date: 2021-08-04 | Period of Report: 2021-06-30 SEC Accession No. 0001681490-21-000004 (HTML Version on secdatabase.com) FILER Cascade Investment Advisors, Inc. Mailing Address Business Address 503 HIGH STREET 503 HIGH STREET CIK:1681490| IRS No.: 911815841 | State of Incorp.:OR | Fiscal Year End: 1231 OREGON CITY OR 97045 OREGON CITY OR 97045 Type: 13F-HR | Act: 34 | File No.: 028-17496 | Film No.: 211143619 503-417-1950 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document OMB APPROVAL UNITED STATES SECURITIES AND EXCHANGE OMB Number: 3235-0006 COMMISSION Expires: July 31, 2015 Washington, D.C. 20549 Estimated average burden hours per response: 23.8 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 06-30-2021 Check here if Amendment: ☐ Amendment Number: This Amendment (Check only one.): ☐ is a restatement. ☐ adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Cascade Investment Advisors, Inc. Address: 503 HIGH STREET OREGON CITY, OR 97045 Form 13F File Number: 028-17496 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michelle Rand Title: President and Chief Compliance Officer Phone: 503-703-3622 Signature, Place, and Date of Signing: Michelle Rand Oregon City, OREGON 08-04-2021 [Signature] [City, State] [Date] Report Type (Check only one.): ☒ 13F HOLDINGS REPORT.
    [Show full text]
  • Autonation 2016 Annual Report
    2016 AutoNation, Inc. 2016 ANNUAL REPORT REPORT ANNUAL Inc. 2016 AutoNation, ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 1-13107 AutoNation, Inc. (Exact name of registrant as specified in its charter) Delaware 73-1105145 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 200 SW 1st Ave Fort Lauderdale, Florida 33301 (Address of principal executive offices) (Zip Code) (954) 769-6000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, Par Value $0.01 Per Share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Sear's Bankruptcy: from Roebuck to No Bucks
    University of Tennessee, Knoxville TRACE: Tennessee Research and Creative Exchange Chapter 11 Bankruptcy Case Studies College of Law Student Work 2019 Sear's Bankruptcy: From Roebuck to No Bucks Drew Hove Taylor Smith Bei Yang Follow this and additional works at: https://trace.tennessee.edu/utk_studlawbankruptcy Recommended Citation Hove, Drew; Smith, Taylor; and Yang, Bei, "Sear's Bankruptcy: From Roebuck to No Bucks" (2019). Chapter 11 Bankruptcy Case Studies. https://trace.tennessee.edu/utk_studlawbankruptcy/57 This Article is brought to you for free and open access by the College of Law Student Work at TRACE: Tennessee Research and Creative Exchange. It has been accepted for inclusion in Chapter 11 Bankruptcy Case Studies by an authorized administrator of TRACE: Tennessee Research and Creative Exchange. For more information, please contact [email protected]. SEARS’S BANKRUPTCY: FROM ROEBUCK TO NO BUCKS Photo: Mike Segar – Reuters BY: DREW HOVE, TAYLOR SMITH & BEI YANG THE UNIVERSITY OF TENNESSEE COLLEGE OF LAW TABLE OF CONTENTS TABLE OF CONTENTS .................................................................................................................................................... 2 CAST OF PLAYERS ....................................................................................................................................................... 5 I. INTRODUCTION .................................................................................................................................................... 7 II. BACKGROUND...................................................................................................................................................
    [Show full text]
  • CANADIAN NATIONAL RAILWAY CO Form SC 13D
    SECURITIES AND EXCHANGE COMMISSION FORM SC 13D/A Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities [amend] Filing Date: 2021-05-04 SEC Accession No. 0001104659-21-061095 (HTML Version on secdatabase.com) SUBJECT COMPANY CANADIAN NATIONAL RAILWAY CO Mailing Address Business Address 935 DE LA GAUCHETIERE 935 DE LA GAUCHETIERE CIK:16868| IRS No.: 980018609 | State of Incorp.:A8 | Fiscal Year End: 1231 ST WEST ST W Type: SC 13D/A | Act: 34 | File No.: 005-48661 | Film No.: 21889813 MONTREAL QUEBEC MONTREAL QUEBEC SIC: 4011 Railroads, line-haul operating CANADA H3B 2M9 A8 00000 CANADA A8 H3B 2M9 5143996569 FILED BY CASCADE INVESTMENT, L.L.C. Mailing Address Business Address 2365 CARILLON POINT 2365 CARILLON POINT CIK:1052192| IRS No.: 911680459 | State of Incorp.:WA | Fiscal Year End: 1231 KIRKLAND WA 98033 KIRKLAND WA 98033 Type: SC 13D/A 4258897900 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) * Canadian National Railway Co. (Name of Issuer) Common Shares, No Par Value (Title of Class of Securities) 136375102 (CUSIP Number) Jacki Badal, Esq. 2365 Carillon Point Kirkland, WA 98033 (425) 889-7900 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) May 3, 2021 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
    [Show full text]
  • Autonation, Inc. Incoming Letter Dated December 18, 2019
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON , D.C. 20549 DIVISION OF CORPORATION FINANCE January 24, 2020 Brian V. Breheny Skadden, Arps, Slate, Meagher & Flom LLP [email protected] Re: AutoNation, Inc. Incoming letter dated December 18, 2019 Dear Mr. Breheny: This letter is in response to your correspondence dated December 18, 2019 concerning the shareholder proposal (the “Proposal”) submitted to AutoNation, Inc. (the “Company”) by John Chevedden (the “Proponent”) for inclusion in the Company’s proxy materials for its upcoming annual meeting of security holders. We also have received correspondence from the Proponent dated December 22, 2019, December 29, 2019, January 1, 2020, January 2, 2020, January 8, 2020, January 13, 2020 and January 14, 2020. Copies of all of the correspondence on which this response is based will be made available on our website at http://www.sec.gov/divisions/corpfin/cf-noaction/14a- 8.shtml. Sincerely, M. Hughes Bates Acting Deputy Chief Counsel Enclosure cc: John Chevedden *** ***FISMA & OMB Memorandum M-07-16 January 24, 2020 Response of the Office of Chief Counsel Division of Corporation Finance Re: AutoNation, Inc. Incoming letter dated December 18, 2019 The Proposal asks the board to take the steps necessary to amend the appropriate company governing documents to give the owners of a combined 10% of the company’s outstanding common stock the power to call a special meeting (or the lowest percentage under state law). You have expressed your view that the Proposal is vague and indefinite because it is subject to multiple interpretations regarding what percentage of outstanding common stock would be required to be held in order to call a special meeting.
    [Show full text]
  • MERGER PROPOSED—YOUR VOTE IS VERY IMPORTANT Dear Stockholders of Kansas City Southern
    MERGER PROPOSED—YOUR VOTE IS VERY IMPORTANT Dear Stockholders of Kansas City Southern: On May 21, 2021, Kansas City Southern (which we refer to as “KCS”), Canadian National Railway Company (which we refer to as “CN”) and Brooklyn Merger Sub, Inc., a wholly owned subsidiary of CN (which we refer to as “merger sub”), entered into an Agreement and Plan of Merger (which, as it may be amended from time to time, we refer to as the “merger agreement”) that provides for the acquisition of KCS by CN. On the terms and subject to the conditions set forth in the merger agreement, merger sub will merge with and into KCS (which we refer to as the “merger”), with KCS surviving the merger as a wholly owned subsidiary of CN. At the effective time of the merger (which we refer to as the “effective time”), each share of common stock, par value $0.01 per share, of KCS (which we refer to as “KCS common stock”) issued and outstanding immediately prior to the effective time (other than certain excluded shares as described in the merger agreement) that you own will be converted into the right to receive (i) 1.129 (which number we refer to as the “exchange ratio”) CN common shares (which we refer to as the “CN common shares”) and (ii) $200.00 in cash, without interest (which we refer to, collectively, as the “merger consideration”), and each share of 4% noncumulative preferred stock of KCS, par value $25.00 (which we refer to as the “KCS preferred stock” and, together with the KCS common stock, the “KCS voting stock”), issued and outstanding immediately prior to the effective time (other than certain excluded shares as described in the merger agreement) that you own will be converted into the right to receive $37.50 per share in cash, without interest (which we refer to as the “preferred merger consideration”).
    [Show full text]
  • Hockey Is Nothing Like Investing Number 17 | July 2014
    COVE STREET CAPITAL Hockey is Nothing Like Investing Number 17 | July 2014 As one of the leading investment firms in “ El Segundo...PAUSE...we simply do not get tired of celebrating another Stanley Cup victory by a team that practices a mile away from our global headquarters.” HOCKEY IS NOTHING LIKE INVESTING CSC STRATEGY LETTER NUMBER 17 Hockey is Nothing Like Investing 3 JULY 14 — As one of the leading investment firms in Lacking somewhat in the subtlety category, we repeat El Segundo...PAUSE...we simply do not get tired of our core beliefs: celebrating another Stanley Cup victory by a team that practices a mile away from our global headquarters, and • We have had terrific trailing performance which whose entire roster lives within three miles of our office. mathematically steals from future performance, And yes, putting a whupping on the Rangers AND the a challenge which has mostly played out in 2014— Blackhawks makes it even more fun. notwithstanding a “where-did-that-come-from-like June.” But careful analysis of the playoffs offers some very subtle lessons applicable to the day-to-day practice of • An extended period of low interest rates and the investing. The particular example worth noting here is increasingly wide availability of credit have squashed the measurable improvement in the Kings’ quality of many available return opportunities in many asset play as the regular season morphed into the playoffs classes and many countries. This is not sustainable. and then again as the playoffs progressed and even • If you have the ability and the mandate to be patient more so as individual series progressed into 7th games and opportunistic, time tends to fix these things.
    [Show full text]
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No. 9)* REPUBLIC SERVICES, INC. (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 760759100 (CUSIP Number) Matthew S. Topham, Esq. Laurie A. Smiley, Esq. K&L Gates LLP Arian Colachis, Esq. 925 Fourth Avenue, Suite 2900 2365 Carillon Point Seattle, Washington 98104 Kirkland, WA 98033 (206) 623-7580 (425) 889-7900 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) February 27, 2009 (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
    [Show full text]
  • Cbbed209-3F30-4B9e-Ad2c-Fc7f2dffca92.Pdf
    PRESS RELEASES Feb 23, 2012 Michael Larson Appointed to Ecolab's Board ST. PAUL, Minn.--(BUSINESS WIRE)-- The Board of Directors of Ecolab Inc. announced that it has appointed Michael Larson to the Ecolab board. Mr. Larson is Chief Investment Officer to William H. Gates III and the Business Manager of Cascade Investment, L.L.C., in Kirkland, WA. He has been responsible for Mr. Gates' non-Microsoft investments as well as the assets of the Bill and Melinda Gates Foundation Trust since 1995. Previously, Larson was with Harris Investment Management, Putnam Investment Management and ARCO. He also serves as a director of AutoNation, Inc.; Republic Services, Inc.; Grupo Televisa, S.A.B.; and Fomento Mexicano Economico, S.A.B. de C.V. Douglas M. Baker, Jr., Ecolab's Chairman and Chief Executive Officer commented on Larson's appointment, saying, "We are very pleased to have Michael join Ecolab's board. He adds valued public company board experience as well as a long-term shareholder perspective to our board. We look forward to his counsel as we further develop our aggressive growth plans." Larson's appointment increases the size of Ecolab's Board to 15 from 14 members. About Ecolab With 2011 pro forma sales of $11 billion and more than 40,000 employees, Ecolab Inc. (NYSE: ECL) is the global leader in water, hygiene and energy technologies and services that provide and protect clean water, safe food, abundant energy and healthy environments. Ecolab delivers comprehensive programs and services to the food, energy, healthcare, industrial and hospitality markets in more than 160 countries.
    [Show full text]