Tuesday, November 11, 2008

T. Boone

WASHINGTON - JULY 22:  Oil billionaire T. Boon...Image by Getty Images via DaylifeTaylor Meyer writes in with a great article on T. Boone Pickens, the oil man turned all-around alternative energy badass. I can't believe I'm actually linking to an article in Dallas Monthly (given how much I despised the Dallas Cowboys in the 90's), but it's a really interesting article. Some quotes & thoughts that stood out to me:
  • "At my age, I can't plant small trees." - T. Boone explaining why he's in a rush to see alternative energy adopted in the US.
  • "This is a problem we can't drill our way out of." - explaining that more oil exploration won't get the job done.
  • "Do you think I'm doing this to make more money?" - Yes & No. He was down to his last dollar and I'm sure he now believes you can never have enough. Besides, for people like Boone, making money is just how you keep score. So yes, I think he's doing it to make more money. But that is ok too. Social purpose combined with financial discipline can be very powerful. This orientation enables T. Boone to attract follow-on capital to his ventures, which gives them a better chance of succeeding, which is in the public's best interest.
  • He has been wildly successful and wildly destructive financially as well. I'm not sure he appreciates risk. There is a great quote from a younger guy about how they present info to T. Boone that argues against making an investment, and yet he does it anyways. The young guy says he has ice in his veins, but why is he really making those bets? Does he not appreciate risk or does he see something we don't. The only way to know, would be to be able to go back and read his deal notes someday. Now that would be a treasure.
Reblog this post [with Zemanta]