Lately, T. Boone Pickens would get better marks as a policy advocate and author than an energy investor.
The 80-year-old Texas oil magnate has bankrolled a massive public campaign for improved U.S. energy independence, and his new book, "The First Billion is the Hardest," is a best seller. But the downturn in energy has blindsided the industry veteran, leaving one of his hedge funds that focuses on energy stocks down almost 30% through August. A smaller commodity-focused fund is down 84%.All in, the funds have lost around $1 billion this year, a figure that includes $270 million of personal losses. "It's my toughest run in 10 years," said Mr. Pickens, a former geologist who earned billions by building an oil company and investing in energy. "We missed the turn in the market, there's nothing fun about it.">>>MORE
Wednesday, September 24, 2008
Pickens Funds Down About $1 Billion
From the Wall Street Journal: