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A 79% return is both astounding and not enough. T. Boone Pickens has seen his energy funds push that much higher this year, but it comes on the heels of 2008, in which his firm, BP Capital, lost more than 90% of its value – plunging from assets under management of more than $4 billion to $500 million. The Energy Equity fund lost 64% of its value, with the Energy Fund off 98%.
The 54% decline in oil prices from last summer – from a record high of $147 – not only pushed Pickens' investments lower but prompted him to exit positions and, in October, lift restrictions on withdrawals by his clients.
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