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With a Plan for Reducing U.S. Oil Dependency
It’s never too late to top your personal best.
Now eighty years old, T. Boone Pickens is a legendary figure in the business world. Known as the “Oracle of Oil” because of his uncanny ability to predict the direction of fuel prices, he built Mesa Petroleum, one of the largest independent oil companies in the United States, from a $2,500 investment. In the 1980s, Pickens became a household name when he executed a series of unsolicited buyout bids for undervalued oil companies, in the process reinventing the notion of shareholders’ rights. Even his failures were successful in that they forced risk-averse managers to reconsider the way they did business.
When Pickens left Mesa at age sixty-eight after a spectacular downward spiral in the company’s profits, many counted him out. Indeed, what followed for him was a painful divorce, clinical depression, a temporary inability to predict the movement of energy prices, and the loss of 90 percent of his investing capital. But Pickens was far from out.
From that personal and professional nadir, Pickens staged one of the most impressive comebacks in the industry, turning his investment fund’s remaining $3 million into $8 billion in profit in just a few years. That made him, at age seventy-seven, the world’s second-highest-paid hedge fund manager. But he wasn’t done yet. Today, Pickens is making some of the world’s most colossal energy bets. If he has his way, most of America’s cars will eventually run on natural gas, and vast swaths of the nation’s prairie land will become places where wind can be harnessed for power generation. Currently no less bold than he was decades ago when he single-handedly transformed America’s oil industry, Pickens is staking billions on the conviction that he knows what’s coming. In this book, he spells out that future in detail, not only presenting a comprehensive plan for American energy independence but also providing a fascinating glimpse into key resources such as water—yet another area where he is putting billions on the line.
From a businessman who is extraordinarily humble yet is considered one of the world’s most visionary, The First Billion Is the Hardest is both a riveting account of a life spent pulling off improbable triumphs and a report back from the front of the global energy and natural-resource wars—of vital interest to anyone who has a stake in America’s future.
From the Hardcover edition.
Heavy on the Biography. Light on "America's Energy Future".
| Customer Rating:   | The title, "The First Billion is the Hardest: Reflections on a Life of Comebacks and America's Energy Future", is misleading.
"The First Billion is the Hardest" suggests a discussion of making money, but it doesn't build upon this theme at all.
If you're looking for a detailed biography of Pickens' oil career, this is your book. All but one chapter are dedicated to the high-risk career T. Boone Pickens has lived - with all of the triumph and agony that came with it.
If you're looking for details on America's energy future or the Pickens Plan, this is not your book. You're better off going to his website www.pickensplan.com. Only one chapter mentions this.
Yet another misleading feature are his "Booneisms". These are inserted throughout the book like Donald Trump with his leading lines, except Trump's are actual tidbits of great information or motivation. You could flip through Trump's books reading only his quotes and really come away with something. Boone's, on the other hand, are meaningless. Booneism #19, for example, is "We're catching 'em faster than we can string 'em". It may be a Texan saying or something, but doesn't stand on its own as anything worthy of highlighting.
In summary, the book offers a mildly interesting read but certainly no take-aways on business, billions, oil, and very very little on "America's Energy Future". I commend the man for taking a high-risk leap into wind power but, again, it's better stated on his website than in his book. |
the truth behind gas prices
| Customer Rating: | A great book! T. Boone Pickens is a true Patriot. One who loves this country and mankind before the love of money. I enjoyed knowing more about the man and his direction for America's energy future; even though I did not agree with everything he says. For example, as the author of The Truth Behind Gas Prices, a former gas dealer and someone who has studied this industry for 12 years, I believe oil companies are manipulating supply to raise prices. Nevertheless, this book and his life is an inspiration to me.
Richard Clough
www.thetruthbehindgasprices.com
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A Good Quick Read, one part inspiration and one good plan
| Customer Rating: | As of this writing, Boone has probably lost a billion since the oil/gas markets have crashed and his BP Capital hedge fund has dropped some 60% this year. This is a man who bets big, levers up and generates spectacular results when he's right and awful results when wrong. However, the fact that he's lost so much this year shouldn't be a reason to gloat or a reason to dismiss this book.
His is an inspirational story in that his most dramatic success and probably his most daring plans have come at an age where most people are content retiring and sliding downhill. His description of physical exercise as crucial to his spirit, energy and mental health should inspire seniors that it's never too late to go for it.
The reviewers who criticze his ego are off the mark in my opinion. He is constantly crediting others with helping him be successful, but in the end, if an 80 year old man can still accomplish what he has in the past decade, that man has the right to boast a bit in my book even I don't see much of that here anyway.
Finally, perhaps the most important part of the book is the end where he presents the Pickens Plan. Many have criticized the plan as self-serving or pure self-enrichment. While there may be some truth to it, I feel the benefits of adopting the plan far outweigh the negatives and if an octogenarian who is extremely philanthropic benefits in the process, so what! He admits in the book that he likely won't be around when his plan would yield real economic benefits for him, but the benefits to the country in terms of diminishing our dependence on oil purchased from countries that do their best to undermine us every chance they get will last far into the future. Boone will be long gone by then, but what a legacy he would leave the country. Is your envy so all consuming that you'd rather see the country bankrupted than seeing a man make another billion or so which will probably all go to charity?
I for one hope that Boone lives to see his plan adopted in full. |
Worth a look at T. Boone
| Customer Rating: | I decided to take a look at this book after I heard how much he lost recently in the market. I decided to buy the book because it's pitched as a life filled with challenges and comebacks, which I think is what most entrepreneurs and investors faced. T. Boone Pickens did not disappoint. He takes us along on a fascinating journey, filled with obstacles and triumphs. I learned a lot and was thoroughly entertained.
I also noticed a review here for The Emotional Intelligence Quick Book and decided to buy that book as well. I really enjoyed it and would like to pass that recommendation on to you! |
T. Boone Pickens's sheds light on how he made it and how he's giving it away
| Customer Rating: | T. Boone Pickens began at age 11 delivering papers, mowing lawns and pumping gas in Oklahoma to becoming chairman of the BP Capital Management hedge fund. He invested a mere $2,500 into Mesa Petroleum and built it into one of the largest independent oil companies in America and then overcame a time of personal difficulties by taking an investment fund of $3 million and turning it into $8 billion in just a few years. That's why
I picked up a copy of Boone's book The First Billion is the Hardest and read it from cover to cover with close attention and fascination.
In his book, Pickens presents his plan for America to become energy independent as well as detailing his life of improbable triumphs. The book provides an inside view of his oil and gas career, of mergers and acquisitions, of his dealings with CEOs and investment bankers, and on his personal management style.
On energy, Pickens makes the argument that the U.S. cannot drill its way out of our current crisis but must think our way out. In discussing energy solutions, Pickens stresses that crude oil is not used only for gasoline, heating oil and jet fuel but for other important petroleum products such as plastic, synthetic fibers, fertilizers, ink and many more products. For that reason, even if no foreign oil went to energy uses we'd still be beholden to the Middle East. Pickens wants to replace at least a third of gasoline demand with natural gas to reduce our foreign oil bills by 16 percent annually.
The book contains 11 chapters on the author's personal insights and experiences, including his insights on energy, and one chapter on his energy plan. While some readers may scoff at the author's folksy personality and "Bonneisms" the fact is that T. Boone Pickens has 60 years experience in the energy field - experience that gives him credibility and suggests we should listen closely when he speaks.
The book also provides an interesting peak into how Pickens spends his money - a philanthropic approach to use his money to perpetuate helping others. In fact, the author shares his intent to give away all of his money and how he will do it. But before he could give away as much he has, Pickens first had to earn his fortune and The First Billion is the Hardest is a fascinating and compelling story of how that was done.
By Darin Manis
CEO and Founder
RJ & Makay
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