Posted on 10/28/2008 6:38:01 AM PDT by Daus
Investors Flee Boone Pickens' Hedge Fund: Report Reuters | 28 Oct 2008 | 04:54 AM ET
About half of the investors in T. Boone Pickens' energy-oriented equity hedge fund have asked to withdraw their money on the heels of losses of about 60 percent this year, the Wall Street Journal said, citing people close to the matter.
Pickens and his investment fund have lost $2 billion since peaking in late June, Pickens told the CBS program '60 Minutes' on Sunday.
His fund, BP Capital, will have about $400 million to $500 million after expected withdrawals, the Journal said.
A few weeks ago, Pickens moved the fund almost entirely into cash to help ride out the volatility in the energy patch, the paper said, citing people close to the matter.
Pickens is expected to personally hold about 20 percent of the fund after the withdrawals and after he does some selling along with his investors, according to the paper.
He has lost an estimated $400 million or so in his funds this year, according to the paper.
Pickens could not be immediately reached for comment by Reuters.
WELL, THAT’S WHAT CAPITALISM IS ALL ABOUT. HE KNOWS THAT MORE THAN ANYONE ELSE..............
Looks like the old snake oil salesman may be well on his way to losing his second billion dollars.
I expect Boone Pickens to come out for Obama! How else can he keep a lid on oil and gas production and thus assure higher oil prices?
Pickens said that oil will “never go below $100 again” in August......how long until that prediction was shattered?
Just how many billions will T-Bone and Buffett end up losing?
You don't know Boone.
It seems Congress, and every other puke in elected office, is so busy giving away our treasure to da po folk that there isn't going to be any left for the T Bone.
What will we he do without all those GE wind turbines?
Slim Pickens left for Mr. T. Pity the fool. /sarcasm
Maybe this will keep his annoying commercials off the air.
Pickens, Jim Rogers, and Soros like to buy commodities, which I think should never make good investments, so I don’t feel sad that they are losing. Buffet is more of a traditional investor who profits from growth and innovation. Though today, everybody is losing, but Buffet less so.
Didn’t this jerk just endorse Obama? This is reason enough for a lover of capitalism to pull their money out.
We know him here. Pickens is a crook. He wanted to use wind power as an excuse to extort water from ranchers.
He would sidle up to Obama in a heartbeat if it would make him cash.
Screw him. http://lubbockonline.com/stories/071008/loc_302185743.shtml
Makes me even happier that the Longhorns beat T Boone U last Saturday.
“Looks like the old snake oil salesman may be well on his way to losing his second billion dollars.”
I agree. Old T-Bone has spent millions on trying to sell windmills. While they can be a part of the long term solution he is not concentrating on the short term solution of using the most dependable and energy dense sources. Oil, Coal and Nuclear.
If he spent his money on exposing those who are blocking progress on short term solutions, he might bear some fruit.
That too!
Check out the link in #13 and search the web for more in that direction.
You’ll get a pretty good picture of what that scoundrel was doing with his “Pickens Plan” nonsense.
“...but I need your help,” his commercials said. Really? When a billionaire needs ‘our’ help, what does that usually mean? Yep. Even more billions from the public.
Buffett is taking a hit.
What I heard Pickens say on Cavuto was that oil would never go below $100 again, and if it does it won't stay there for long....nothing like hedging your bets, huh?
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