Tuesday, October 06, 2009

T. Boone Pickens

T. Boone Pickens is being interviewed at WBF. He is worth about $1.15 Billion (down from $3B a couple of years ago but up from $2 million 20 years ago). He is many things including a shareholder activist, author, investor, geologist etc.

His view is that shareholders, not management, should elect the directors. Interesting view that I agree with. He has a unique suggestion for doing this (too long to go into here).

He believes that cheap oil is part of our problem. It stifles innovation and creativity.

I like the way he thinks big. I like the way he seems to be a good old boy.

He has definite views on energy. He wants the US to be energy independent. He has spent $62 million on promoting the Pickens plan. When asked if he was an environmentalist, he said "No". He ties his interest in the environment to money and security (getting off foreign oil). I worry that his plan might be self serving.

He is a big advocate of natural gas. And to free up natural gas, he advocates solar and wind.

And his quotes:

"Hell, tough times come and go"

"An economist is someone who does not have the personality to be an accountant"

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