I have a special place in my heart for Richard Rainwater. I worked with him on “saving the Mouse”, when the Bass Brothers kept Walt Disney from a corporate raid by Saul Steinberg and Mike Millken. Now Time Magazine reports that Rainwater has sold all of his huge oil holdings. A few weeks ago we talked about George Soros expressing similar opinions.
Rainwater and Soros are two of the smartest investors in the world. They both believe that long term oil prices will rise, but in the short term this looks like a bubble.