T. Boone Pickens Hurt by Oil’s Slide
It’s hard to feel sorry for a man who has been trying to use the government’s power (along with Nancy Pelosi) to make a lot of money. So I won’t feel bad for him, not one bit.
The billionaire Texas financier T Boone Pickens is suffering a costly headache from the volatile price of oil which has caused the value of investments in his hedge fund, BP Capital, to plunge.
BP Capital’s commodity fund dropped in value by 34% in July according to figures obtained by the New York Post, which reported that it is nursing a drop of 10% for the year to date.
Although it did not confirm the figures, BP Capital issued a statement conceding that it was suffering.
“We notified our commodity fund investors last week that the steep decline in natural gas and oil prices has had an adverse impact on our performance.”
Oops!
I guess that when you live by oil you will also die by oil.
If you haven’t been paying attention, Mr. Pickens has been bankrolling a massive marketing blitz to get the government to assist him on changing our nation’s energy policy (HERE and HERE).
Pickens is bankrolling prime-time television commercials in the US to promote his ideas and has sought a dialogue with presidential candidates John McCain and Barack Obama.
The funny thing is that Mr. Pickens is having a horrible losing streak recently.
Pickens’ investment prowess suffered another setback recently when he spent about $250m on 10m shares in Yahoo in support of an attempt by Carl Icahn to unseat the internet company’s board. He sold the shares in July at a steep loss, blasting Yahoo’s management as “pathetic” as Icahn’s rebellion floundered.
Hopefully he will get the message and go back to doing what he knows best - drilling for oil.
BigT
Tell Your Friends! Bookmark Me!
Take Me To Your Homepage!
