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.