Cascade Investment, L.L.C., the investment vehicle tied to Bill Gates and a 10%+ owner of Republic Services, Inc. (NYSE: RSG), added another small purchase to what has become a sustained stretch of open-market buying. On August 19, 2026, Cascade bought 705 shares of RSG at $216.65 apiece, a transaction worth $152,737.62. Following the purchase, Cascade’s directly held stake stands at 112,225,486 shares.
On its own, a 705-share purchase is a rounding error against a stake north of 112 million shares. But this filing is not an isolated event — it is the latest entry in a run of 31 separate open-market purchases by Cascade between August 10 and August 19, 2026, which together total $346,521,383. That is a substantial and rapid accumulation of capital deployed into RSG stock over a roughly nine-day window, and it is why we flag this filing under our ‘cluster buy’ classification rather than treating it as a standalone data point.
A Pattern That Keeps Growing
We have been tracking this buying campaign as it has unfolded. Earlier installments showed the running total climbing from $186 million to $263 million over the course of the month — detailed in our earlier coverage, RSG: Cascade’s August Buying Spree Reaches $263M. The latest disclosure pushes that cumulative figure to $346.5 million, underscoring that this is not a one-off addition but an ongoing, methodical accumulation pattern spanning dozens of individual trades.
The mechanics of the buying are worth noting: each transaction is reported as an open-market purchase, meaning Cascade is paying market price with its own capital rather than receiving shares through options, grants, or other compensation-related mechanisms. That distinction matters when evaluating insider activity, since open-market buying reflects a direct financial commitment rather than a routine award tied to an executive’s compensation package.
Academic research on insider trading has found that clustered buying activity — multiple insiders or a single large holder making repeated purchases in a short window — has historically correlated with periods of subsequent outperformance, though such patterns are statistical tendencies observed across many companies over time, not predictions for any individual stock or filing. This article is a report on a disclosed transaction and pattern of transactions; it is not a recommendation to buy, sell, or hold shares of Republic Services.
We will continue to monitor Cascade’s filings related to Republic Services as they are disclosed to the SEC, given the size and pace of the buying observed so far this month.
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Source: original SEC Form 4 filing.