Richard Rainwater Wagered Big on Oil Again

By on June 10, 2009

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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