Bad July: Boone Takes His Eye off the Ball

Boone Pickens might be doing the Lord's work in trying to spearhead a change in America via the Pickens Plan, but he took his eye of the ball in July, with his commodity fund suffering a horrific drawdown last month:

Sources say the commodity half of the legendary wildcatter's hedge fund BP Capital sank about 35 percent in July. The fund is believed to be down about 10 percent currently for the year.

"We notified our commodity-fund investors last week that the steep decline in natural gas and oil prices has had an adverse impact on our performance," a Pickens spokeswoman said in an e-mail.

"We continue to analyze the market and adjust accordingly," she added, declining to comment further. New York Post

BP Capital runs roughly $7 billion in two funds with the BP Capital Commodity fund apparently taking the hit. Boone called for $150 oil before Morgan Stanley famously did in early June, but his promotion of the Pickens Plan clearly consumed him last month, and it would appear he did not take any chips off the table. With Brian Hunter back staking the natural gas pits, and Peter Thiel sitting on the sidelines after making a well timed exit from crude this spring, you can bet the drama in the energy pits is far from over. But this round goes to the young bucks.

The Pickens Plan

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OIL’S SLIM PICKENS
New York Post
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