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The First Billion Is the Hardest: Reflections on a Life of Comebacks and America's Energy Future | 
 enlarge | Author: T. Boone Pickens
Publisher: Crown Business
Category: Book
List Price: $26.95
Buy New: $17.79
You Save: $9.16 (34%)
New (44) Used (10) Collectible (2) from $15.23
Rating:  24 reviews
Sales Rank: 290
Media: Hardcover
Edition: 1
Pages: 272
Number Of Items: 1
Shipping Weight (lbs): 1.2
Dimensions (in): 9.2 x 6 x 1.1
ISBN: 0307395774
Dewey Decimal Number: 338.7622338092
EAN: 9780307395771
ASIN: 0307395774
Publication Date: September 2, 2008
Availability: Usually ships in 24 hours
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Product Description
With a Plan for Reducing U.S. Oil Dependency
It’s never too late to top your personal best.
Now eighty years old, T. Boone Pickens is a legendary figure in the business world. Known as the “Oracle of Oil” because of his uncanny ability to predict the direction of fuel prices, he built Mesa Petroleum, one of the largest independent oil companies in the United States, from a $2,500 investment. In the 1980s, Pickens became a household name when he executed a series of unsolicited buyout bids for undervalued oil companies, in the process reinventing the notion of shareholders’ rights. Even his failures were successful in that they forced risk-averse managers to reconsider the way they did business.
When Pickens left Mesa at age sixty-eight after a spectacular downward spiral in the company’s profits, many counted him out. Indeed, what followed for him was a painful divorce, clinical depression, a temporary inability to predict the movement of energy prices, and the loss of 90 percent of his investing capital. But Pickens was far from out.
From that personal and professional nadir, Pickens staged one of the most impressive comebacks in the industry, turning his investment fund’s remaining $3 million into $8 billion in profit in just a few years. That made him, at age seventy-seven, the world’s second-highest-paid hedge fund manager. But he wasn’t done yet. Today, Pickens is making some of the world’s most colossal energy bets. If he has his way, most of America’s cars will eventually run on natural gas, and vast swaths of the nation’s prairie land will become places where wind can be harnessed for power generation. Currently no less bold than he was decades ago when he single-handedly transformed America’s oil industry, Pickens is staking billions on the conviction that he knows what’s coming. In this book, he spells out that future in detail, not only presenting a comprehensive plan for American energy independence but also providing a fascinating glimpse into key resources such as water—yet another area where he is putting billions on the line.
From a businessman who is extraordinarily humble yet is considered one of the world’s most visionary, The First Billion Is the Hardest is both a riveting account of a life spent pulling off improbable triumphs and a report back from the front of the global energy and natural-resource wars—of vital interest to anyone who has a stake in America’s future.
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| Customer Reviews: Read 19 more reviews...
 Good advice for America. September 3, 2008
Robert Busko (Waynesville, NC USA)
21 out of 23 found this review helpful
Which is the better businessman? First the guy that starts with nothing, makes a bundle, never loses any of his money and therefore doesn't have to do it twice, or the person who makes a bundle, loses it, and then does it all over again? I won't try to argue either point. This may be one for the philosophers. Regardless, T. Boone Pickens falls into the latter group.
I've been familiar with Mr. Pickens for years. As a teacher of economics and marketing, I saw him mentioned in the Wall Street Journal, Fortune, Business Week, etc. Anyone studying manufacturing/energy knows his story. However, in The First Billion is the Hardest we're introduced not only to Mr. Boones back story, but his vision for the future, at least as that vision relates to energy. I, for one, think T. Boone Pickens is dead on target and absolutely correct when he says we can't drill our way out of the current crisis. We have to think our way out of it. We certainly got into the current mess by not thinking. Follow the "Booneisms" and you'll win every time.
The signs have been obvious for more than 30 years. America's energy policy has been short sighted to say the least. I do think that there is a reason for us to drill and explore new fields even though I understand that as far as "energy" is concerned we need to look to other solutions as Mr. Pickens points out. We mustn't forget that a barrel of crude oil isn't simply used for fuel. Yes, we get gasoline, heating oil, jet fuel, diesel, etc. from crude oil. But a large percent of a barrel of crude oil (about 55%?) goes for other uses. Petroleum based products are used everywhere. You can't sign a check (ink and the plastic in the pen), put on underwear (elastic and synthetic fibers) eat a salad (chemical fertilizers), buy a pair of safety lens glasses, without giving a nod to OPEC. The fact of the matter is that even if no foreign oil went to energy uses we'd still be beholding to the Middle East. Our economy along with every other economy in the world relies on petroleum to create a huge spectrum of products.
Mr. Pickens' solutions for the energy situation we find ourselves in are absolutely part of the solution to those problems. However, we need to drill if we want anything approaching independence from our current petroleum masters.
Sorry for the editorial.
The First Billion is the Hardest is an entertaining read. It is easy to see why this dynamic, thoughtful, and insightful man has managed to survive the ups and downs of the American marketplace. He continues to be a leader at a time when most of his peers have retired to a rocking chair.
This is a must read for any American interested in solving the energy crisis.
No Senior Moments for This Gentleman ! September 4, 2008
Jo Ana Starr (USA)
12 out of 15 found this review helpful
Having seen this gentleman on TV a lot in the last month or so, I was intrigued by his confident certainty that we could become energy independent quickly and easily. I kept wondering who in the world he was.
Reading his book, I now know that he is one of the most brilliant businessmen in our history. He has lived a jam-packed life full of business accomplishments, many of which have benefited all of us. At the age of 80, after much success and many personal heartaches, he's taking on our country's oil fiasco with a plan that I believe can work. Mr. Pickens' natural gas solution for cars seems like a brilliant way for us to become energy independent quickly, using our most abundant energy source.
I find this man to be one of the most inspiring and interesting Americans I have ever encountered. He has created success after success, and I trust the solutions he suggests for our country. This is an amazing book written by an inspiring American, whose life among other things, clearly demonstrates that chronological age is irrelevant.
Don't Bet Against T. Boone Pickens September 15, 2008
Brian Magerkurth (Chicago)
3 out of 4 found this review helpful
Even if one thinks T. Boone Pickens is an egocentric, out-spoken, pompous Billionaire, who thinks that he is the only one with a Plan (and by the way, he would probably agree with your critical thought), it is hard to argue with his message - an Energy Plan for America is critical and needed now. Pickens, who is more competitive than Lombardi, not only hates to lose, but refuses to lose.
His unmatched, nearly 60 years, of experience in the energy business, earns him real credibility. His plan, if closely followed, creates leadership that we are desperately missing.. To make the book more readable he inserts about 30 Texas-influenced `Booneisms' such as #27: "If you want to run with the big dogs, you first must get out from under the porch."
I picked up this book with an interest on Sustainability and a Green Initiatives - and I got much more. This book clarifies what his recent TV ads hinted at. It offers a plan that focuses on all domestic resources: Coal, natural gas, nuclear, wind, solar and even oil. And yes, it reflects an entrepreneurial/business approach.
Overall, there are 11 chapters of his personal insights into Energy and one chapter on `An Energy Plan for America' - by far the most important chapter. Read this book and you will want to co-invest side-by-side with Pickens...not bet against him.
The First Billion September 30, 2008
Joseph S. Maresca (Bronxville, New York USA)
The author provides some very important pearls of wisdom on the subject of making big money. First, big deals take time to reach fruition. In addition, decision makers can not get bogged down in "analysis paralysis". At some point, action is required. Leaders need to obtain top people in the critical aspects of business operations.
The book introduces some very important facts about energy. For instance, 75% of oil is in the hands of state-owned industries. Sasol is a good South African prospect for producing liquified fuel from coal. Another good investment is Suncor which is the largest Canadian oil sands company.
Occasionally, oil is unavailable in the Gulf of Mexico due to the tremendous storm activity and the need to repair the oil drilling equipment.
A goal of the author is to replace 36% of gasoline demand with natural gas to reduce our foreign oil bills by 16% per year. There are some interesting stories about corporate takeover attempts like Unocal. Ultimately, the company spent millions to fight a hostile takeover bid. In some situations, a 13D form must be filed with the Securities and Exchange Commission when the acquisition involves over 5% of the company stock. i.e. the Vintage Petro example
The book depicts a number of family and professional pictures of T. Boone Pickens . Overall, the volume is a good value for readers interested in corporate deal-making case studies, as well as the intricacies of the oil and alternative energy market.
An inspiring read October 7, 2008
Mohamed El Hawary (Cairo, Egypt)
It's very rare to read a book in 3 days, especially if you're talking shop. This book is one of them. I can subdivide this book into 3 parts:
Part 1: The first few chapters are a riveting tale of determination and success, where Boone recounts his autobiography. In my opinion this is the best part of the book. I read it in almost a day.
Part 2: Where Boone goes on and on about his philanthropy and football team. This is not an interesting part at all, although I believe the guy earned the right to gloat a little, so I'll accept it.
Part 3: Although not a very thorough plan and I question the motives behind it, it gives great insight into the Energy market economics.
All in all, If you're into investment and/or inspirational tales, this in my opinion is a must read. You can skip the few chapters of (gloating, football and philanthropy though and you wouldn't be missing a lot).
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