Citing his own low energy because of health problems, T. Boone Pickens announced that he’s closing his energy-focused hedge fund after two decades.
The oilman, now 89 and having suffered a series of stroke, also admitted that financial performance of the fund played a role in the move. “It’s no secret the past year has not been good to me, from a health perspective or a financial one,” he wrote in a letter published Friday. “If you are lucky enough to make it to 89 years of age like I have, those things tend to put life in perspective. Trading oil is not as intriguing to me as it once was.”
His firm, however, will continue to run several mutual funds, a source told The Wall Street Journal.
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