Newspaper article THE JOURNAL RECORD

Lessons of Pickens: Decisions, Observing, Leadership, Handling Money, Obeying Rules

Newspaper article THE JOURNAL RECORD

Lessons of Pickens: Decisions, Observing, Leadership, Handling Money, Obeying Rules

Article excerpt

After spending most of his book, "Boone," with tales of his experiences in building an oil company and battling Big Oil leaders, T. Boone Pickens provides a summary of what he has learned.

It adds up to a philosophy on making decisions, observing, leading, handling big money, relying on youth, communicating with others and playing by the rules.

Here are a few examples of the thinking acquired by Pickens over the years and provided in his book:

Decision making: "If you are a consistent moneymaker, you will be a good decison maker. Sometimes the window of opportunity is open only briefly. Waiting isn't a decision, although many people think it is."

"The more objective and the less emotional you are, the more successful you tend to be."

On observing others: "When OPEC starts talking about how the cartel won't work, that's when it's likely to work. They agree to disagree, as in the summer of 1986.

"Someone was saying to me that oil was going to $5 a barrel. I said: `That's the OPEC shill. They are out talking to scare the pants off everybody.'

"He did a pretty good job of it."

On wealthy people: "People with inherited wealth are often terrified that they are going to lose it. Their fathers have scared them to death by telling them how hard it was to make. I think that's one of the reason so many wealthy people just sit on their money."

On money and limits: "Money is a report card. Many people set limits on what they want to achieve. For some, making $50,000 a year is enough, and after reaching that goal, their momentum falls off rapidly. . .

"Be careful of the limits you set for yourself. Psychological limits can be as effective as those you recognize formally. Personally, I don't have a limit."

On spending money: "My grandmother and mother often said: `Always get your money's worth and don't buy things you don't need. …

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