October 06, 2009

T. Boone Pickens Interview: “We Pay For Both Sides of the War”

Texas oilman and billionaire investor T. Boone Pickens had a free-flowing conversation with Alan Murray of the Wall Street Journal.  Recently, he has spent $62 million touting the Pickens Plan for national security.  Pickens: “We’re paying for both sides of the war.”

Pickens was folksy as he recounted various business stories, reflected on energy outlook, and shared lots of stories (with his disarming Texas drawl).  It was quite interesting to contrast Rubenstein and Sachs’ commentaries on leverage with Pickens.  Both Rubenstein and Sachs warned of the perils of leverage.  Yet Pickens was worth $24 million at age 68, and a billionaire at age 70—extraordinary leverage!! 

A few standout excerpts of the conversation:

The audience:

Overall, great talk.  He’s still charging hard at 78!