Richard Rainwater Wagered Big on Oil Again

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According to Andy Abraham in an article at Seeking Alpha, Richard Rainwater, billionaire fund manager, made billions on oil when it had its big run-up. Rainwater sold his positions and made billions, but got back in the market pre-maturely when oil was coming down (at around $90 per barrel). Abraham says Rainwater bought Exxon (XOM) at approximately $75, ConocoPhillips (COP) at approximately $68, and Pioneer Natural Resources (PXD) under $50.

Richard Rainwater believes in the peak oil theory in which world oil supplies dwindle as oil becomes more difficult and costly to extract.

Sources:

http://seekingalpha.com/article/127280-oil-rises-again-what-does-it-mean

http://en.wikipedia.org/wiki/Richard_Rainwater

http://en.wikipedia.org/wiki/Peak_oil
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