POST OF THE DAY
Macro Economic Trends and Risks
Billionaire Listens to Fools

Related Links
Discussion Boards

By TMFJeanie
June 10, 2008

Posts selected for this feature rarely stand alone. They are usually a part of an ongoing thread, and are out of context when presented here. The material should be read in that light. How are these posts selected? Click here to find out and nominate a post yourself!

The billionaire Richard Rainwater made a huge bet 11 years ago that the long decline in oil prices was about to end, so he plunked down $300M of his own money on energy stocks and oil and gas futures.

(Rainwater may have made his call early by a couple of years but it was a lucrative bet -- vaulting him to #91 on the Forbes 400 last year with a $3.5 billion net worth.)

A few weeks ago when oil topped $129 per bbl for the first time, he sold it all.

And...one of the things that prompted Rainwater's sell decision?

A reader poll on The Motley Fool!

Yes, even billionaires get ideas from Motley Fool.
"What are you doing to deal with high gas prices?", the poll asked.
Seventy-seven percent of the respondents said they were cutting back on consumption


Source: Time Magazine June 16, 2008 issue.

Jeanie