John Arnold, Centaurus Energy . In 2019, William Schambra, co-editor of The Giving Review and a senior fellow at the Hudson Institute, pointed out that the field of 501(c)(3)s, 501(c)(4)s), and foundationsincluding their tax benefits as well as respective legal limitationsexists because they are ways weve chosen, as a democracy, to encourage and channel charitable giving and political activism. We circumvent them at our peril. A year ago, talk in the Texas energy hub was mostly about defending oil and gas and denouncing renewables, Arnold, 47, said Monday on his Twitter account. In my conversations with Arnold and his grantees, the word incentives seems to come up more than any other. NGI Archives 171 on Forbes list. Once the foundation has identified areas where they believe they can make the biggest difference, they go all in. info@naturalgasintel.com The centers replication efforts, in turn, have inspired economists and even tropical ecologists to plan reproducibility projects of their own. What makes this even more special is that John rarely gives interviews or does podcasts. John Arnold kim c hng t USD trn sn giao dch nng lng trong nm 2008 nh vic lun tun th quy tc chi ca ring mnh. Centaurus, which started in 2002 with just a handful of traders and now has 70 employees, focuses on this virtual kind of trading. He has also served as the Investment Manager for the Laura and John Arnold Foundation since 2011. [52], , "Centaurus scoops up National Coal shares", Institute for Clinical and Economic Review, "The Young Billionaire Behind the War on Bad Science", "John Arnold Is Said to Close Hedge Fund and Return Investor Money", "When a billionaire trader loses his edge - The Term Sheet: Fortune's deals blogTerm Sheet", "Houston billionaire trader John Arnold retiring at 38 - Houston Chronicle", "Legendary Energy Trader John Arnold to Retire", "Hedge Fund Billionaire John Arnold's Fund Was Up When He Announced He Was Getting Out", "Ex-Trader at Enron to Retire From Hedge Fund", New York Times: "CORPORATE CONDUCT: THE TRADER; Enron Trader Had a Year To Boast of, Even If" By DAVID BARBOZA, "A speculator who is in for the long haul", "Centaurus's John Arnold: The king of natural gas - Nov. 24, 2009", "Meet the Texas billionaire who backed Philly soda tax and now is funding attack ads in N.J. Senate race", "Smart trades that made this a good year for some", "Centaurus scoops up National Coal shares", "John D. Arnold's CFTC (U.S. Commodity Futures Trading Commission) speech", "Houston's World Cup bid adds a power player in John Arnold", "A Thirtysomething Billionaire Couple Take on Tough Issues Via Giving", "The City Fund has given out over $100 million to support charter and charter-like schools", How a billionaire couple greased the skids for Nancy Pelosis drug pricing bill, "Why this billion-dollar foundation is becoming a corporation", "Changemakers: The Leaders Reshaping Communities Around the World", "Two Texas Billionaires Think They Can Fix Philanthropy", "A Billionaire Pledges to Fight High Drug Prices, and the Industry Is Rattled", "Obscure Model Puts a Price on Good Healthand Drives Down Drug Costs", "How a Billionaire Couple Greased The Skids For Nancy Pelosi's Drug Pricing Bill", "Laura and John Arnold Foundation to Restructure as LLC", "Why one billionaire is calling out Silicon Valley's favorite philanthropic loophole", "Are Donor Advised Funds Good for Philanthropy? |, Related topics: Part Raymond Dalio, Bridgewater Associates - $780 million. Or is Wall Street just an easy target while cancer researchers and universities are not?, So its no surprise that, in practice, the Arnolds approach to giving has a lot in common with John Arnolds approach to investing. By law, natural gas pipelines had to make much of their information public, and around the time Centaurus was forming, more of that information began to appear online. Form All rights reserved. [37] He proposed that foundations and DAFs should spend at least 7% annually, which would result in billions of dollars more being given to charities,[30] and that DAFs should be legally held to an annual minimum distribution. The 13 Best Electric Bikes for Every Kind of Ride, The Best Barefoot Shoes for Walking or Running, Palantirs Plan to Decipher the Mysteries of Long Covid. Houston-based Centaurus has been one of the most successful hedge funds in the industry, delivering a compound annual return of about 130% since it was founded by Arnold in 2002 after the collapse of Enron. Billionaire John Arnold backing energy-focused credit fund - sources An associate professor at the University of Virginia, Nosek had made a name for himself in a hot subfield of social psychology, studying peoples unconscious biases. John Arnold, "ph thy" ca gii u c nng lng 2023 Forbes Media LLC. By the time he was 14, Arnold was running his first company, selling collectible sports cards across state lines. But as many Wall Street veterans can testify, betting against John Arnold is usually a bad idea. Houstonian John Arnold is the founder of Centaurus Capital LP, an energy-focused, family office investment fund. [32], In October 2018, it was reported that Arnold had spent more than $100 million in health-care related grants since 2014, with a particular focus on reducing pharmaceutical drug costs. Billionaires John and Laura Arnold Billionaire Pledges to Give Away 5% John Arnold is Founder and Co-Chair of Arnold Ventures. Arnold was raised in Dallas, Texas, and he was the younger of two sons. [3][8] His father was a lawyer and died when Arnold was 18. For a look . Foundations and 501(c)(3) public charities are barred from electioneering. John Arnold, one of the most profitable traders in the hedge fund industry, has decided to shut down his Centaurus Advisors and return money to investors, according to people familiar with. All these things that we thought we knewwhen we step back and look at the evidence baseits just not there., Rolling Stone called Arnold a young right-wing kingmaker with clear designs on becoming the next generations Koch brothers.. John Douglas Arnold (born 1974) is an American philanthropist, former Enron executive, and founder of Arnold Ventures LLC, formerly the Laura and John Arnold Foundation. [16], During the collapse of Amaranth Advisors, Centaurus is widely credited as being one of the major players on the other side of their position, returning as much as 150% in 2005. And then, after a couple of years, people were like, oh, no, hes actually like that.. Laura and John Arnold | Arnold Ventures [47], John Arnold and his brother Matthew[48] tore down historical homes in the River Oaks neighborhood of Houston which led to criticism by architectural conservationists. Researchers say viruses can kill antibiotic-resistant microbes and help treat infections. After that Arnold started his own hedge fund, Centaurus Energy, where he became, in the words of one hedge fund competitor, the best trader that ever lived, full stop. Then Arnold had abruptly retired at the ripe age of 38 to focus full time on philanthropy. WIRED is where tomorrow is realized. [17] August 2008, Centaurus acquired around 10% of the shares of National Coal Corporation (NCOC). Form 990s and Section 501(c) of the U.S. Tax Code were created in 1954, followed by rules governing private foundations in 1969. Laura and John Arnold, co-founders and co-chairs of Arnold Ventures. Weve always wanted to change policies. He holds a B.A. Copyright 2012Intelligence Press Inc. All rights reserved. To promote preregistration, the Center for Open Science offered the first 1,000 scientists who preregister their studies with the organization $1,000 each. Theyve given millions of dollars to nonprofits that advocate for charter schools, anti-obesity charities, criminal justice groups aiming to reduce recidivism rates, efforts to reform government pension systems, and conservative think tanks including the Texas Public Policy Foundation and Alabama Policy Institute, both of which are members of the center-right State Policy Network. And though the fund bounced back the next year, tighter regulations on trading and a far less volatile marketthanks to a growing supply of natural gas from shale rockmade it unlikely that Arnold would again see the astonishing returns of only a few years earlier. Then, one day in November 2011, he was listening to the podcast EconTalk, hosted by libertarian economist Russ Roberts. John Arnold Is Said to Close Hedge Fund and Return Investor Money in 2017. [9], After college, he began his career at Enron as an oil analyst, but soon was promoted to assistant trader. Closing 377 on the magazines list of billionaires. The foundation aims to foster a culture in which individuals have the best chance to succeed and prosper, while encouraging a sense of responsibility, compassion and reinvestment toward their communities and society as a whole. His estimated net worth is $3.3 billion as of writing. And Noseks project was an attempt to head it off at the pass. The BMJ investigation, in turn, met with angry denunciations from nutrition experts who had worked on the US Dietary Guidelines; a petition asking the journal to retract Teicholzs work was signed by more than 180 credentialed professionals. A year after that, at age 22, he was overseeing Enrons Texas natural gas trading desk, one of the companys core businesses. Now, much of the discussion has shifted . That way, it would be harder for them to go back and cherry-pick their sexiest data after the factand easier for other researchers to come in and replicate the experiment later. At age 38, Texas billionaire John Arnold decided to step away from high finance. Former Enron Corp. energy trader John Arnold is closing down his flagship Centaurus Energy Master Hedge Fund. John DAgostino, former head of strategy of the New York Mercantile Exchange, says that in Arnolds heyday, people in the industry would discuss him in hushed and reverent tones. In 2006, Centaurus reportedly saw returns of over 300 percent; the next year Arnold became the youngest billionaire in the country. (After an external and internal review, The BMJ published a correction but chose not to retract the investigation. The National Institutes of Health is moving forward with new requirements for data sharing; starting as early as this year, all NIH-funded training programs must include plans for teaching researchers the principles of reproducibility. John Arnold, a former Enron trader and hedge fund honcho known as the "king of natural gas", . Allen Gibson Salary Infomation 2022 | ERI Economic Research Institute John Ioannidis was put in touch with the Arnolds in 2013. One floor on top of the next. In nutrition, the whole foundation of the research had been flawed. Like a number of up-and-coming researchers in his generation, Nosek was troubled by mounting evidence that science itselfthrough its systems of publication, funding, and advancementhad become biased toward generating a certain kind of finding: novel, attention grabbing, but ultimately unreliable. Musicians from the New York Philharmonic geek out about their favorite John Williams scores. [18][19], In 2009, Arnold gave a public speech to the U.S. Commodity Futures Trading Commission (CFTC), in which he opposed limits on financially settled trading positions but supported limits in the physical energy futures as they near expiration. [2][3][4][5][6][7] He now focuses on philanthropy through Arnold Ventures LLC. The WIRED conversation illuminates how technology is changing every aspect of our livesfrom culture to business, science to design. Dr. Andrew Nerlinger is a physician, venture capital investor, and social impact innovator. Bruce Kovner, Caxton Associates . Consent Amaranth, which was gambling with money from large pension funds, suffered a $6 billion loss and collapsed. [38], In 2020, Arnold was one of ten billionaires who had given away at least 20% of their wealth. They internalize the risk of mistaking correlation for causationnot because theyre smarter than scientists but because they have money riding on the outcome. In 2018, he jokingly complained that hes been called the next Koch brother by the far left press and the next George Soros by the far right.. Will On some days at Enron, Arnold would trade more than a billion dollars worth of gas contracts. In 2012, the Arnolds joined the Giving Pledge, an oath made by billionaires such as Bill Gates and Warren Buffett to donate at least half of their wealth. Unlike Tom Steyer, a billionaire who earned his wealth investing in oil and natural gas and now hypocritically blames those commodities for devastating the planet, John Arnold says little about climate change. Weve always wanted to improve peoples lives. Nosek was so taken with the importance of redoing old experiments that he had also rallied more than 50 like-minded researchers across the country to participate in something he called the Reproducibility Project. Famous in England as a sharp-witted scourge of bad science, Goldacre spent years building up a case that pharmaceutical companies, by refusing to reveal all their data, have essentially deceived the public into paying for worthless therapies. John Arnold - Texas Business Hall of Fame By recreating an early state of matter called the quark-gluon plasma, scientists hope to understand the conditions that made the universe what it is today. More importantly, private corporations may spend unlimited sums influencing elections, legislation, and political issues under the Constitutions First Amendment right to free speech with none of the limitations on lobbying and election interference the IRS imposes upon nonprofits (in exchange for limited tax exemption). Laura and John Arnold, Houston $285 million. FILE - In this Aug. 5, 2009, file photo, John Arnold, then head of the hedge fund Centaurus Advisors of Houston, testifies before the The Commodity Futures Trading Commission in Washington,. Mr. Arnold serves on the boards of Breakthrough Energy Ventures, an investor-led venture capital firm dedicated to funding transformational technologies that will reduce global greenhouse gas emissions; Civica, Inc., a nonprofit generic pharmaceutical company; and The City Fund, a nonprofit dedicated to supporting new governance models in K-12 education. Arnold and his wife, Laura Munoz, together run the John and Laura Arnold Foundation, a major private grantmaking foundation.In early 2019 he and his wife Laura started Arnold Ventures, a for-profit limited liability company (LLC) and grantmaking organization. But he should loom larger on the conservative radar considering that the two nonprofits associated with this billionaire couple poured out nearly $1 billion in grants between 2008 and 2018. In a glass conference room at the Arnold Foundations officeswhich occupy the same space as the old Centaurus trading floor, a 15-minute drive from the glass tower whose entrance was once adorned with Enrons famous EArnold explains that his and Lauras initial plan had been to simply locate the most effective organizations and write them checks. At least, not exactly. Michael Maggi is a former Enron trader who then spent time at Centaurus Capital, the hedge fund founded by noted Houston philanthropist John Arnold, before founding Goldfinch Capital. Arnold had always been ready to make huge bets, but it was ultimately his hunger for reliable data that made him a brilliant trader. Philanthropist John Arnold is pictured in this photo provided by the Laura and John Arnold Foundation on July 10, 2018. . . The Biggest Microbiome Study Sheds Light on Shared Health Risks, The Little Bang Helping Physicists Study the Infant Universe. Fix terrible science. Houston's Laura and John Arnold use philanthropy to help balance Arnold has said that the first phase of his life was 100 percent trying to make money and that its now 100 percent trying to do good.. I would buy up all the premium hockey cards and send them to Canada or upstate New York. He called the company Blue Chip Cards. "[13][14] When Enron collapsed, he was not accused of any wrongdoing. When former Enron trader and Texas billionaire John Arnold donated more than $1 million to a November 2014 initiative to reform the public pension system in . Like Tom Steyer, George Soros, and a number of other mega-donors on the Left, John Arnold earned his vast wealth as a hedge fund investor. One is literally betting on ones research.. Billionaire philanthropists John and Laura Arnold committed Monday, April 5, 2021, to donate 5% of their wealth annually as part of an effort to . A 2017 interview with Wired magazine characterized him this way: Arnold says that now, unless he trusts a researchers work, he no longer believes the findings of any scientific study until he or someone on the staff carefully vets the paper. John Arnold managed to walk away from Enrons 2001 collapse with a seven-figure bonus and no accusations of wrongdoing attached to his name. Charles Butt, San Antonio $290 million. Arnold founded Centaurus with an $8 million employee bonus from Enron. Let us know if we're missing any workplace or industry recognition - Add Awards. In 2007, Arnold became the youngest billionaire in the U.S. His firm, Centaurus Advisors, LLC, was a Houston-based hedge fund specializing in trading energy products that closed in 2012. Date Recorded: 1/12/2022 | Run-Time: 1:12:33 For us, the principle of it is unchanged. Laura and John Arnold have a net. On the top of that list was the energy trading legend that is John Arnold. [39], Arnold Ventures LLC has invited criticism with its involvement in many controversial areas. Credit: Arnold Ventures. She and her husband John,. From Hedge Fund Billionaire to Mega-Donor. Its a stupid little badge, Nosek says, but it works. A Google search told him that the Arnolds were a young billionaire couple in Houston. 6. But about an hour in, Massachusetts representative Jim McGovern leaned into his microphone. Arnold's hedge fund thrives as Amaranth falls - MarketWatch Sign in to get the best natural gas news and data. The Centaurus founder could probably point to trades that made him a ton of money but you really can't put a price on avoiding the humiliation that would've come from . In recent years Arnold has invested in solar farms and deepwater oil developments in the Gulf of Mexico. Centaurus entered the public eye in 2006 when Arnold bet against the enormous hedge fund Amaranth Advisors, which predicted that natural gas prices would rise and lost $5 billion when the market proved otherwise. When Mr. Arnold, 31, created Centaurus in 2002 with $8 million of his own money, the energy trading industry was on its knees, incapacitated by the fraud and irrational exuberance at Enron.. Luce's career in natural-gas storage includes leading roles with energy and utility company Sempra Energy and with NGS Energy, a developer backed by billionaire energy trader John Arnold's Centaurus Advisors hedge fund. Comedian John Oliver spent 20 prime-time minutes on HBO last May mocking the reign of terrible science on TV news shows and in public debate. He started Centaurus the next year, bringing along a small group of former Enron traders, who worked out of a single large room. Scientists believe lasting symptoms following a coronavirus infection is not a single disorder. Theres no fake it until you make it with General John Shaw, the Guardians who serve with him sleep better knowing hes at the helm. The picture Taubes painted wasnt of a flawed study here or there but of a fundamentally broken scientific culture. [40][41], Arnold Ventures' 2020 grant to trial aerial surveillance hardware by the Baltimore Police Department was subject to legal challenges but in November 2020, a federal appeals court ruled that the program was constitutional and did not invade the rights and privacy of city residents. He is the Executive Director of the Global Health Security Fund, a Geneva-based nonprofit that supports impact investment in global health security innovation. In 2010 the Arnolds had signed the Giving Pledge, promising to give away at least half their wealthand he wanted to be as strategic about that goal as he had once been about trading.
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