(Reuters) - The commodity half of oil tycoon T. Boone Pickens's BP Capital hedge fund lost 35 percent of its value in July, the New York Post said, citing sources. The fund is believed to be down about 10 percent for the year, the paper said. A Pickens spokeswoman told the paper that commodity-fund investors were informed that the steep decline in natural gas and oil prices has had an adverse impact on its performance. "We continue to analyze the market and adjust accordingly," the spokeswoman was quoted as saying. Pickens's office could not immediately be reached for comment. http://www.reuters.com/article/hedgeFundsNews/idUSARO33670420080813
Yep. Nat-Gas has crashed from $13.75 to as low as 7.96 intra-day today. A most volatile commodity that has a strong tendency to "over-shoot" either way.
Interesting that he's losing so big on his commodities plays and all the while he's releasing radio ads encouraging people to consider wind power to get us off oil. Of course, I guess the ads also promote running all cars on NG.
Pickens says they only do one trade per month. At the beginning of each month they decide whether they will be long or short for the whole month and go with it unconditionally. Sounds pretty stupid to me, but he's the billionaire. Something must have worked for him sometime along the line.
lol guys. the guy is up 8x since 2000. he had ups and down all along and everytime his fund went down it was a huge opportunity