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.
MAR 13, 2012
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.

Latest News

Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming
Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming

Meanwhile, the founder of advisor list gives reasons for secret $6 million payment to editor.

U.S. Bank names chief private banking officer for wealth unit
U.S. Bank names chief private banking officer for wealth unit

Internal C-level promotion comes as US Bank builds out private banking, athlete-focused advice and alternatives infrastructure.

Why planning is the only strategy that holds in every market
Why planning is the only strategy that holds in every market

A structured financial plan doesn't just prepare clients for the future, it transforms how they respond to the present.

Gemini, Apex deal reflects prediction markets move towards mainstream retail investing
Gemini, Apex deal reflects prediction markets move towards mainstream retail investing

Regulated prediction markets for retail brokerage clients is the latest sign that prediction markets are entering the mainstream investing toolkit.

AmeriFlex Group launches AI program to identify advisors nearing succession
AmeriFlex Group launches AI program to identify advisors nearing succession

Proprietary Scout tool, built with Anthropic's Claude, profiles hundreds of firms in minutes to help the hybrid RIA scale its succession business.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income