Pickens' Own Energy Funds Down $1B

Oil magnate's plan for own investments not so sharp
By Kevin Spak,  Newser Staff
Posted Sep 24, 2008 8:47 AM CDT
In this July 22, 2008 file photo, T. Boone Pickens is shown on Capitol Hill in Washington.    (AP Photo/Gerald Herbert, file)
camera-icon View 3 more images

(Newser) – T. Boones Pickens' energy plan might need some tweaking —at least when it comes to his own investments. Even as the billionaire campaigns for his energy independence proposal, his energy-focused hedge funds have lost about $1 billion this year, the Wall Street Journal reports. “It's my toughest run in 10 years,” says Pickens. “We missed the turn in the market, there’s nothing fun about it.”

As energy prices fell, Pickens’ energy stock fund dropped 30%, and his smaller commodities fund lost a whopping 84%. Pickens says he’s still devoted to running the funds, even as he crosses the country promoting his policy plan and new book The First Billion is the Hardest. And though his funds have mitigated their risk, Pickens isn’t buying the “global slowdown” theory —he remains, despite the losses, bullish on energy.