T.Boone Pickens

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    At the GTS today. An tough act to follow…

    T.Boone quotes:

    “I don’t know any people in Washington that understand global energy and how it impacts us.”

    “Natural gas is the only resource America has that can replace diesel.”

    “Obama has said it four times – that in 10 years we will import no oil from the Middle East or Venezuela. If it were me, I’d add Africa to the list.”

    “We have the resources. We can fix it. The only thing missing for the past 40 years is leadership. It’s a war without guns.”

    “I can make it to the finish line, but I’m not so sure about my grandchildren.”

    Responding to Q&A on perseverance:

    “You will not find a person who has drilled more dry holes than me. Not one person. But I rank in the top 10 of those who have found the most oil.”

    metacognitive, mantruc, malaparte, and 12 other people added this photo to their favorites.

    1. mantruc 95 months ago | reply

      Great job at picking these phrases, Interesting guy for sure, must have been a nice talk.

    2. jomichael.porter 95 months ago | reply

      Too bad his investments got hit so hard by oil speculators that his $100 million donation to OSU is almost gone.

    3. jitze 95 months ago | reply

      Once again, an example where that G9 of yours shows what a superb little camera it is. The lighting on this one was not easy to get right, but it did it. And the sharpness leaves nothing to be desired - despite hand-held at 1/20 sec and no flash to freeze the action. (You must have got him just as both hands were at apogee)

      As for being a tough speaker to follow - I think I prefer that to having to follow a drone that has already settled the crowd into a laguid stupor from which they are then hard to arouse - especialy if it is right after lunch. Much better to have them awake and buzzing...

    4. -fCh- 95 months ago | reply

      How is VC activity different from oil drilling? In both activities, a lot of money is being spent on great stories that turn out to be dry holes.

      For more, check out: www.linkedin.com/answers/financial-markets/equity-markets...

    5. jurvetson 95 months ago | reply

      It's not that different on the success rate. We fail most of the time. The 10-30% that are home run winners make up for all the losers.

    6. -fCh- 95 months ago | reply

      Alright, by employing some rational process, can the VC rate of success be improved?

      ...even if there was so much less money available (assuming here an order or two of magnitude).


    7. jurvetson 95 months ago | reply

      If we could, we would... =)

      P.S. The video of my talk that followed T.Boone's is now online, in 10 parts!

    8. -fCh- 95 months ago | reply

      ...I've gone through all parts of your lecture and was able to infer the answer to my question, among other valuable pieces of insight (e.g. the voting system towards supporting a venture). You, as a company, are what/how you spend your money. And, as you seem to suggest, the answers in your industry are greatly informed by personal experiences.

      If we agree so far, the question still remains open, at an industry/national level. Can we, in the US, still afford to finance innovation in a way that most outsiders consider wasteful?

      Thank you for the link! BTW, I encourage others to follow as well.

    9. jurvetson 95 months ago | reply

      Wasteful? Far from it. It's the envy of every other system that purports to promote economic growth and renewal.

    10. -fCh- 95 months ago | reply

      ...from our US-centered perspective, I agree. But from theirs (i.e. they want to invest with a higher rate of success in new businesses) it could be called as I suggested.

      Now, it's probably opportune to make a distinction between ROI and rate of successful new ventures. I think the better positioned VC companies in the US can ignore the latter and focus on the former. Why can that be so? Perhaps, due to bigger initial potential market and pool of capital (scale), and longer/better track records, which in turn attract more talent.

      So, if the conditions at macro-scale change for the US, would we be able to keep our innovation model going? Again, let's think nationwide/industry-wide.

      I should probably add that my hypothesis is informed by my working and/or living in the first 3 venture capital hot-spots in the US (N. California, Boston, and Austin).

      Thank you for your time!

    11. scillystuff 80 months ago | reply

      Thanks for making your image cc, I used it to illustrate the article on wikipedia - en.wikipedia.org/wiki/T._Boone_Pickens

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