Boone Pickens sells all his Yahoo! shares, at a loss

lots of these old farts making bad trades these days

 

Lesson: corporate CEOs and boards are often *very stupid*

If you want to control the company, bid. Don't rely on bad management to look out for your interests. If they were good management, the stock wouldn't be that cheap in the first place.

 

bottom line, he got involved in a situation he knew nothing about and didn't understand fully. He lost.

Its like one of us deciding its a good idea to trade size on a future we never traded before. Chances are you'll get burned.

 

He probably needed to raise money to cover his oil position margins as it is falling pretty hard.

 

He was Yanged

 

At least he took it like a man and not like some punk blaming short sellers.

 

Yeah - he is probably getting hosed on oil recently, I bet you no one holds Congressional hearings to investigate shorting in the oil market. I bet no one investigates Yahoo for destroying tens of billions in market value, illegally breaking their fiduciary duty to shareholders.

The fact is, throughout history, fair, smart, competitive players like Pickens get ganged up on and hosed illegally and unethically by corrupt, dishonest, no-talent losers like Yang and the US govt. 80% of so called leaders in society neither want nor can handle a truly level playing field.

Yang is the definition of "lucky fool".

 

he fucked up on that trade but is still a billionaire. so who fucking cares.

 

He took it up the Ying Yang.

 

it went down because he bought 10 million shares at May.

basically he got screwed by the market everytime if you try to flip or scalp shares in that size.

that is what 300 million dollar position.