Boone Pickens: Why I Bought $250 Million of Yahoo (YHOO)

Henry Blodget | May 20, 2008 1:01 PM

If you want to make a killing in the markets, it's smart to study the reasoning and discipline of seasoned professional investors. For example, just this morning on CNBC, there was the unassailable logic Boone Pickens employed when deciding to plunk down $250 million on Yahoo (YHOO):

Becky Quick: WE WANT TO ASK YOU ABOUT OTHER THINGS GOING ON IN BUSINESS, TOO. YOUR GOOD FRIEND CARL ICAHN, TEN MILLION SHARES HE PICKED UP. WHAT DO YOU THINK OF THAT?

Boone Pickens: I MEAN, CARL ICAHN IS A SMART GUY, HE DOES GREAT THINGS FOR SHAREHOLDERS. AND I'M A -- BECAUSE OF CARL ICAHN, I'M A SHAREHOLDER IN YAHOO! TOO.

Quick: REALLY?

Pickens: THAT'S RIGHT.

Quick: HOW MUCH DID YOU BUY?

Pickens: 10 MILLION SHARES. AT THE SAME TIME HE JUMPED IN [i.e., long before all the suckers CNBC viewers found out about it]. WHEN I SAW WHAT HE DID, I'LL JUMP IN WITH CARL. HE GOES IN FIRST, I JUMP IN BEHIND HIM.

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13 Comments

Mike B said:

May. 20, 2:12 PM

T.Boone may want to stick to energy trades.

chris said:

May. 20, 8:22 PM

He went short oil at 100 -- think he ought to stick to wind (seems to have a lot of that :))

Neek said:

May. 21, 8:09 AM

You know when the big hungry vultures are piling up and circling like this, that the end is near. Even worse when it's the raiders of the 80's who are now older, wiser, bigger, and hungrier.

Poor Jerry. All of a sudden Ballmer doesn't look too bad anymore.

Sean P said:

Jul. 30, 7:23 AM

I guess greed has something to do with all this too. And what about following the herd, if you go in with your eyes closed then it's likely that you'll get stung at some stage.

R.Rocco said:

Jul. 30, 10:43 AM

Poor poor T.Boone, ehh he's still loaded. Other than his pride being dinged, I dont think he'll notice it. Hey Mr. Pickens, while your throwing money around....:)

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