Tuesday, December 13, 2005

Billionaire Investors start paying attention to peak oil

For the past few months he's been holed up in hard-core research mode—reading books, academic studies, and, yes, blogs. Every morning he rises before dawn at one of his houses in Texas or South Carolina or California (he actually owns a piece of Pebble Beach Resorts) and spends four or five hours reading sites like LifeAftertheOilCrash.net or DieOff.org, obsessively following links and sifting through data. How worried is he? He has some $500 million of his $2.5 billion fortune in cash, more than ever before.

It does seem strange that if you believe an oil-induced crash is coming you wouldn't be invested heavily in oil stocks. Then again, if I was heavily invested in oil stocks, I wouldn't tell Fortune magazine, either, unless I was looking for a quick cash out.
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