Boo hoo: Pickens took a loss on Yahoo

Boo hoo: Pickens took a loss on Yahoo

Summary: T. Boone Pickens reportedly dumped his 10 million shares and ripped Yahoo management for its dealings with Microsoft.


T. Boone Pickens reportedly dumped his 10 million shares and ripped Yahoo management for its dealings with Microsoft. Hey, Mr. Pickens look in the mirror. It's your loss and frankly you got what you deserved.

For the record, Pickens has a pretty interesting energy plan that might just work. And Pickens knows his oil. And he's a billionaire while I'm a thousandaire. But let's get real. Pickens botched this Yahoo investment bad and there's no need to go whining to the San Francisco Chronicle.

Consider the following:

  • Pickens admitted on CNBC he didn't know much about Yahoo other than Carl Icahn bought in. Hmm. Most investment books I've read argue that you should invest in what you know. Pickens didn't know jack about Yahoo.
  • If I told you to buy a stock would you? Now Pickens followed Icahn. Is that such a bright idea? For starters, Icahn has a history of settling proxy fights. And then he gets stuck in bad investments sometimes--Motorola for instance. You're also not supposed to take random stock tips. Maybe Pickens and Icahn are pals, but this Yahoo thing was a flier from day one.
  • The market humbles everyone. Pickens took a loss and probably correctly blasted Yahoo's board. But Pickens got caught in a bad trade. On the bright side, Pickens took his loss like a man, but probably could have acknowledged that it was his fault--not Jerry Yang's or Roy Bostock's.

Here's a video of Pickens energy plan--a topic he knows much better than Yahoo.

Topics: Banking, Social Enterprise

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  • Katie Couric

    Listen to Ms. Couric;s interview of Mr. Pickens
    and listen carefully to the questions. It is
    obvious that Katie Couric doesn't "get it". Her
    political agenda shows clearly throughout this
    interview. Mr. Pickens, for whatever reasons of
    his own, was pitching his energy plan and Ms.
    Couric was pitching her personal political
    beliefs. Is this the type of interview a "news"
    person should conduct? I seem to remember
    that news reporting is supposed to be unbiased.
  • RE: Boo hoo: Pickens took a loss on Yahoo

    Unfortunately, the author FAILS to notate the millions of OTHER shareholders who have also lost money as a DIRECT RESULT of fidicuary IRRESPONSIBLITY and MISMANAGMENT by JERRY YANG.
  • RE: Boo hoo: Pickens took a loss on Yahoo

    I tend to agree with the author on this. Is it just possible that Yang perceives what he's doing as the better of two or three bad choices - that being bought out by corporate giants is not best for Yahoo?
    • Thankful...

      I personally am thankful that Yahoo rebuffed Microsoft. I do not want another business of whom I am a customer to get swallowed by the big monster that Microsoft is becoming. As a PC user for several years and one who enjoys the diversity of the technology world I think it would have been very bad for the internet using public if Yahoo had caved in to Microsoft and sold out. After all, if Yahoo had sold out there would have been one less choice for the internet using population in general.
      • big monster is google not microsoft

        Google has the far majority of the search traffic. Yang's best plan so far, is to sell out the technology to google.

        Even if there was a Microsoft/Yahoo alliance for search technology, it will still be a distant 2nd place.

        The board meeting is in a few days. This article fails to even scratch the surface of what is going on between the companies.
  • RE: Boo hoo: Pickens took a loss on Yahoo

    Whining? Not so much. Pickens is simply pointing out the cold hard truth; that Yahoo management blew it, and in the process lost millions of other peoples' dollars. I appreciate his howling. The regular folks out there who lost hundreds or thousands won't get any attention by screaming about the mismanagement. When a multi-millionaire points out the screw up, the world is far more likely to take notice. His lost millions are going to draw a whole lot more attention than the lost nest eggs of smaller investors. At the very least it cries out for accountability.
    • It's his own fault. He missed on this one.

      Yang may have blown it, and long-time shareholders might have a beef, but that was history by the time Boone bought in. The problem was that Microsoft came to its senses and realized paying that much for Yahoo was a dumb idea. At that point there was no way for the speculators to make money.
      This should have been obvious from the way Ballmer was talking. Pickens has nobody to blame but himself.
    • Neither Pickens, nor Icahn, nor anyone else...

      ...has a guaranteed right to make a profit.

      "Yahoo management blew it, and in the process lost billions of other peoples' dollars."


      Gamblers cry when they lose in Las Vegas too.

      Anyone who thinks they're guaranteed to make profits in the stock market is mentally deficient.
  • RE: Boo hoo: Pickens took a loss on Yahoo

    Goody for him!
    as for his Energy Plan - He Still Wants to DRILL IN ALASKA, OFF THE GULF COAST, ETC ETC ETC!!!!