To the list of unexpected windfalls created by the boom in
shale gas production, add one more: The full-time philanthropy of billionaire
trader John Arnold, Reuters reports. Tired
of struggling to eke out gains in a natural gas market that has been deluged by
an unyielding surplus of supply, Arnold announced on Wednesday that he would
wind down his Centaurus hedge fund after a decade of unparalleled returns. The
fund was flat this year through March, according to an industry source.
In one way, the hydraulic fracturing technology used to tap
into decades' worth of cheap domestic gas has cut short the career of the
legendary trader, one who before the age of 40 amassed a fortune of more than
$3 billion in the wildest commodity ever.
That volatility has been flattened by a glut of natural gas thanks to
technological advances that allow much more to be produced from hard shale rock
than ever before.
But there's a flip side: Arnold, the biggest financier-turned-giver
since George Soros, will now fully focus his sharp wits and financial savvy on
vexing issues ranging from pension reform to public schools, directing the $700
million foundation he founded with his wife Laura in 2008. The couple -- widely respected in their home
town of Houston, which still lives under the shadow of Arnold's erstwhile
employer Enron -- expects to see results.
Just can't get enough of this? Check out http://www.reuters.com/article/2012/05/03/arnold-centaurus-idUSL1E8G3EUQ20120503
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