McCOMB — I get a kick out of T. Boone Pickens, the billionaire financier who got his start as an oil man back in the 1950s.
How can you not like that name for an outspoken Texan who is willing to put his money where his mouth is. Also, Pickens is still going strong at an age several years beyond mine, and I like that, too.
So I read with interest an article someone sent me by Emma Jacobs in The Financial Times, wherein Pickens answered questions about himself.
Pickens got his start in the oil business in 1956 after graduating from Oklahoma State University with a geology degree.
At one time the company he founded, Mesa, was one of the largest independent oil exploration and production companies in the United States. He also founded BP Capital Management, an energy-orientated hedge fund.
For the past couple of years, Pickens has been advocating a plan to reduce U.S. dependence on imported oil, promoting alternative energy supplies like wind and solar and more use of natural gas as a fuel for motor vehicles.
Here are some excerpts from Jacobs’ article, which I found both entertaining and enlightening. Some of Pickens’ views are admirable; a few of them are not.
Describe your job in 10 words. “Making money and being generous with it.”
What are your three best features? “I work hard, I’ve a great amount of knowledge because I’ve been in business for so long and I’m a good leader.”
And your three worst? “I don’t have three. The worst is that I’m 82. I’m old.”
What keeps you awake at night? “Neighbor’s dog.”
Which gadget could you not live without? “My private jet. I couldn’t go back to commercial flights.”
What car do you drive? “A Mercedes 600 and a natural gas Honda Civic.”
What has been your smartest business idea? “I’ve had a lot of good ideas. But possibly in 1969, when I acquired the Hugoton Production Company. It was 20 times my company’s size.”
And what has been the biggest business mistake? “I’ve had so many. But possibly Pioneer Production — I bought it in 1988, counting on the gas price going up. I was wrong.”
Who has been your biggest influence? “My mother and grandmother for wanting me to play up to my potential. They didn’t like a shoddy performance. They also instilled strong ethics into me.”
What is your golden rule? “Those that have the gold, rule.”
What is your most hated business expression? “I hate someone saying ‘basically’ and also ‘Can I be honest?’ It makes me think they aren’t honest the rest of the time.”
How important is money to you? “It’s important. When I was a child we lived in a modest home. I work for money. I have a hedge fund and I’m graded on how much money I bring in. Money allows you to make deals. I don’t care about buying things. I shop every two to three years.”
What has becoming rich taught you? “That wealth comes with a great deal of responsibility. It’s important to be generous and help others.”
Has your job made your personal life suffer? “No, not really.”
But you have had four wives. Do you think four wives is a lot? “Larry King’s had six. But yes, probably my work ethic has interfered with my relationships though I always found time for my children.”
Do you regret not running for governor of Texas? “No. Decision-making is so slow in politics compared to business.”
How do you want to be remembered? “As generous, hard-working and kind.”
On that note, Pickens says he plans to give away a billion dollars during his lifetime.
