T. Boone Pickens recently revealed his (dubious) secret to investing: Just do whatever Carl Icahn does. Unfortunately, when it came to the 10 million shares T. Boone scarfed up of Yahoo, the strategy backfired. T. Boone has now sold all his Yahoo stock, at what appears to be at least a $50 million loss.
T. Boone’s not blaming his buddy Carl, though. On the contrary, he blames (who else?) Yahoo management, who he describes as “pathetic.” In fact, we hear a new word has entered the lexicon of late, especially in hedge-fund conference rooms. When pressed to explain why he just lost his shirt on this one, we imagine T. Boone is saying the same thing some of his other raider buddies are: “We got Yanged.”
(Some consolation for T. Boone: He’s not down nearly as much as Carl Icahn. By our estimation, the legendary “agitator” is now looking at about $350 million in paper losses on his 70 million shares. Sure hope that shareholder meeting goes well.)
Special Bonus Link: Star VC Alan Patricof To Icahn: Welcome To Yahoo Board, Now Shut Up