T. Boone Pickens liquidates energy equity hedge fund

Date: Friday, October 31, 2008
Author: Elizabeth Souder, Dallas News.com

Hedge fund operator and oil prognosticator T. Boone Pickens liquidated one of his hedge funds last month as the stock markets plunged.

The Dallas billionaire converted his energy equity fund to cash and offered investors the opportunity to withdraw their money early.

The fund started with $2 billion and could be down to around $400 million to $500 million after withdrawals, according to someone familiar with the fund.

The fund was down 60 percent this year after heady gains in previous years.

The 7-year-old fund ended 2007 up 24.3 percent, and in 2005, it gained 88.6 percent.

Mr. Pickens' commodity fund has lost 84 percent of its value this year.

Mr. Pickens has correctly predicted the direction of oil markets many times. Earlier this year, he said oil would hit $150 a barrel; it peaked in July at $145.29.