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Friday, November 20, 2009
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T. Boone Pickens takes $1B bath on hedge funds
Famed Texas oil investor T. Boone Pickens, who has recently called for greater energy independence by investing in alternative sources, has seen his energy-related hedge funds lose nearly $1 billion this year, The Wall Street Journal reported today.
Mr. Pickens, founder of Dallas-based hedge fund manager BP Capital LLC, has seen two funds rack up nearly $1 billion in total losses, leading to $270 million in personal losses for the oil magnate. One hedge fund is down nearly 30% through Aug. 31 and one of his smaller commodity-focused funds is down 84%. “It's my toughest run in 10 years,” he told the Journal. Mr. Pickens has been touting his alternative energy plan, which includes increased investments in wind turbines. A BP Capital spokesman did not respond to a request for the names of the funds.
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