How did boone pickens make his money

Posted: g711 Date: 02.07.2017

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By JOE NOCERA NOV. On one level, this was the silliest of questions. He spent the next four decades poking holes in the ground, searching for oil and natural gas — without question one of the activities with the highest risk in all of business.

In the s, he famously made a series of audacious takeover attempts aimed at companies — Gulf Oil, Phillips, Unocal — that were 10, 20, 30 times the size of Mesa. In the s, he bet big, and bet wrong, on the price of natural gas.

That, and a lengthy bout with depression, which was undiagnosed for years, caused him to lose his company in at the age of Rather than retire, Mr. Pickens decided to start a hedge fund to trade commodities, primarily natural gas futures. Boone Pickens enjoys risk. Pickens for more than three decades, ever since I was working for Texas Monthly and wrote about his first takeover attempt in And whether ordinary investors can learn something from the way he invests, just as they do when they pay attention to Warren Buffett.

Thus it was that on a recent morning in Dallas, I found myself in a large conference room in the offices of Mr. Pickens likes to keep track of. CNBC and Fox News were on but muted. At 88, his most serious physical problem is his hearing. As he sat down, he pulled out a small amplification device and placed it on the table.

Even so, he often had to ask the others in the room — there were five of us — to repeat things. He has always had a voracious appetite for information, and he is the unquestioned decision-maker at BP Capital.

All year long, Mr.

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As the price dropped, big, expensive exploration projects had been canceled, and the number how did boone pickens make his money wells being drilled had dropped sharply. Which is one thing that you quickly learn about him as an investor.

How T. Boone Pickens Built His Empire - WSJ

That is one of those attributes that separates great investors — Mr. Buffett does the same thing — from the rest of us. And then there is the information itself.

T. Boone Pickens: Success Story | Investopedia

Pickens speak a few months ago in Texas and was thunderstruck at how much information about the current state of the oil and gas industry he had at his fingertips. In the conference room at BP Capital, I got a strong sense of how that information is essel finance vkc forex limited delhi and used.

They dissected a few of the big exploration projects that best investment options in kerala been canceled. One member of the Pickens team put up some charts showing vehicle miles driven against the price of gasoline.

how did boone pickens make his money

And then there were the Saudis and the other oil-producing nations. Over and over again, they reviewed the logic: In unlimited trading forex platform meantime, he had no intention of changing his position. He bets on himself. When you have conviction, you can withstand risk. Gathering information, holding firm even if the market is going against you, these are things that the rest of us can do if we put our minds to it.

Risk has been a part of Mr. Thus came his answer to my original question. He thought for a minute and then chuckled. A version of this article appears in print on November 13,on Page F2 of the New York edition with the headline: Order Reprints Today's Paper Subscribe. Tell us what you think. Please upgrade your browser. Sections Home Search Skip to content Skip to navigation View mobile version. The New York Times window.

Your Money How T. Boone Pickens Sits Tight in the Riskiest of Businesses.

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