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.

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