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Tuesday, December 13, 2005

Billionaire Investors start paying attention to peak oil

For the past few months he's been holed up in hard-core research mode—reading books, academic studies, and, yes, blogs. Every morning he rises before dawn at one of his houses in Texas or South Carolina or California (he actually owns a piece of Pebble Beach Resorts) and spends four or five hours reading sites like or, obsessively following links and sifting through data. How worried is he? He has some $500 million of his $2.5 billion fortune in cash, more than ever before.

It does seem strange that if you believe an oil-induced crash is coming you wouldn't be invested heavily in oil stocks. Then again, if I was heavily invested in oil stocks, I wouldn't tell Fortune magazine, either, unless I was looking for a quick cash out.

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