Top traders made more than $1 bln in '05: magazine

[TomClash]

NEW YORK (Reuters) - Boone Pickens' bet on crude oil last year helped the Texas investor take home an estimated $1.5 billion, perhaps the highest-ever one-year income, thanks to the surge to record highs in oil and other commodity prices.

<snip>

But it's clear that his "long crude" position was a solid investment. The average price for oil rose 37 percent to nearly $57 per barrel in 2005, its most expensive year. Natgas rose almost 50 percent.

Gasoline, meanwhile, reached record highs on tight supplies after Hurricane Katrina hit in August and sent oil above $70 a barrel.

Pickens, 77 has about $5 billion under management through his Dallas-based fund company, BP Capital, which has been betting that the world's oil supply can't keep pace with increasing energy demand.

<snip>

All told, the top 100 investors grossed a total of $12.5 billion, almost double the prior year's $6.6 billion, Trader Monthly said.


http://today.reuters.com/business/newsarticle.aspx?type=ousiv&storyID=2006-03-26T143518Z_01_N24525959_RTRIDST_0_BUSINESSPRO-MARKETS-TRADERS-BILLIONAIRES-DC.XML

[acmavm]

1. And these are the people who are getting the tax breaks.

.

[MrPrax]

2. What a visionary!!...

Love to know what subscriber service he had that predicted an 'upturn' in the oil market and figured it was a 'good' bet.

Or maybe Boone just used a magic eight ball! The man is a genius at seeing this trend...

[gizmo1979]

3. And yet my annuity can't make a dime!

What the hell is up with that?

[TomClash]

4. If you're turning the tools you get axed because you make too much

If you're moving money you get fabulous wealth.

What a world.

[adriennui]

5. these investors

do not produce a thing. although i'm solidly upper middle,
capitalism is looking more corrupt each day. there really is such a thing as having too much money.

[TomClash]

8. Hedge fund managers

are filthy rich and they love themselves.

[high density]

6. I'm sure those top speculators in the US will now produce hundreds of jobs

thanks to Bush's tax cuts! :crazy:

[elvisbear]

7. Boone Pickens was the guy who donated $165 mill to Okla St.

Guess he had a little extra after food, clothing, and shelter. :eyes: