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

(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.

[Images (4)]

[Quotes (1)]

In this July 22, 2008 file photo, T. Boone Pickens is shown on Capitol Hill in Washington. (AP Photo/Gerald Herbert, file)

T. Boone Pickens listens to opening statements on Capitol Hill, July 22, 2008 prior to testifying before the Senate Homeland Security and Government Affairs Committee hearing on his energy plan. (AP Photo/Gerald Herbert)

Oil and gas developer T. Boone Pickens addresses a town hall meeting on energy independence Wednesday, July 30, 2008 in Topeka, Kan. (AP Photo/Charlie Riedel)

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It's like mashing all your fingers in the door.
This has been a pretty
bad period for us. - T. Boone Pickins

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Pickens' Own Energy Funds Down $1B