Tax Reform in This Election Year: It's Not Likely
Which Credit Card Rewards Does the IRS Care About?
Memo to T. Boone Pickens: before you write another book about the art of the comeback, make sure your comeback is complete and that your career is on stable ground.On September 2, Pickens' book The First Billion Is the Hardest: Reflections on a Life of Comebacks and America's Energy Future hit the stores. Now he's in need of another comeback as a huge pullback in energy prices and investor withdrawals have sent the value of Pickens' hedge fund assets down to less than $500 million. When his fund peaked in June, he was managing $2 billion.
With the market in the toilet and investors fleeing for the exits, Pickens has reportedly moved the fund almost entirely into cash -- perhaps a sign that he has abandoned his long-term bullish outlook on oil prices.
However, Pickens' contributions to America now go beyond wealth-building. While he initially made his name as a Carl Icahn-style corporate raider back in the 1980s, he's moved on to finding solutions to our dependence on foreign oil. The Pickens Plan has garnered the support of the Sierra Club, former Clinton Chief of Staff John Podesta, and even Senator Barack Obama -- an impressive feat given that Pickens is an ardent Republican.
And he's not out money yet. Apparently he just gave $63 million to Oklahoma State to pay for a football stadium.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
10-28-2008 @ 4:00PM
John Lux said...
What boggles my mind is there are still companies like Fidelis Energy (FDEI) that is a "Penny Stock" and they have ZERO debt and would be a PERFECT fit into Mr. Pickens line of thinking! FDEI should be a $5 stock and not a penny stock! WHAT GIVES? Is the natural gas and energy just a big farce??
11-07-2008 @ 11:54AM
Eric said...
I have a farm in Kentucky close to the Ohio river. I want and would like to put some wind turbines on the farm to help with electricity and have clean energy and at the same time try to have the farm at least bring some kind of income in. You can see the electric plants in the far distance that use coal to produce electricity, and this would have to help them as well. There is nothing like this in this area and i think it would be great to start something here as well. Every little thing helps. However, i cant or dont have the money to try to start this and dont think electric company would want to venture into this. i was hoping to email t-boone himself but i know that is impossible and only a fantasy.