Stick To What You Know: Boone Pickens Dumps Yahoo! Stake

If there was ever an example of why people should stick to what they know, it is in today’s news. T Boone Pickens, the wildly successful oil and commodities investor that runs BP Capital has reportedly dumped his stake in Yahoo! (YHOO: 12.86 0.00%), at what can be speculated to be a significant loss.

After Carl Icahn showed up to the Yahoo-Microsoft party, T Boone Pickens decided to invest by picking up roughly 10M shares of Yahoo stock. That was in May, when the stock traded around $25. Frustrated with the way things were going, he has reportedly dumped his entire stake, for what would represent a $50M loss given where Yahoo! is trading today.

His track record as a oilman and trader has been stellar these past few years so if this didn’t teach him to stick to what he knows, I don’t know what will. At the very least, if you’re going to foray into some unknown territory, stick a toe in first (though to be fair — for Boone Pickens that might be a toe).

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