Pickens Loses $1 Billion on Oil Bets

Two of the tycoon's funds dropped 30 percent and 84 percent, respectively.

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A setback for T. Boone Pickens: Funds run by the Texas oil tycoon and hedge fund manager have lost roughly $1 billion this year. That includes $270 million out of Pickens's own pocket, the WSJ reports. One hedge fund focused on energy was down nearly 30 percent through August, and the paper said a smaller, commodity-centric fund is down a whopping 84 percent. "It's my toughest run in 10 years," he told the Journal.

Crude oil prices are up by more than a dollar today, at nearly $108 a barrel. Pickens told the paper he thinks oil will finish the year around $120 or $125 a barrel.

Dealbreaker's take:

If he really thinks so, wonder why he reduced his exposure to energy so dramatically when it toyed with $90. Between this and that whole Yahoo thing, we wonder if our favorite oilman should spend less time standing on a soapbox and more time with his analysts.

(In July, Pickens dumped 10 million shares of Yahoo stock after the company failed to reach an agreement with Microsoft.)

In other news, Pickens told a crowd at the National Press Club Monday that he's down with the proposed $700 billion government bailout plan.