John Arnold. Science is built like a building, Arnold says. FORTUNE magazine once dubbed Arnold one of the least-known billionaires in the US. His profile in the public consciousness is almost nonexistent, and he rarely gives interviews. Theres little evidence to prove how necessary or helpful many of the accepted norms in psychedelic-assisted therapy areand some could even harm patients. What's Fishbowl. Billionaire John Arnold backing energy-focused credit fund - sources 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. The legal reporting required for these categories, as annoying as it is, is how our democracy ensures that giving and political activity remain visible and accountable to the public. [34] Arnold also has been an influential supporter of Democrats efforts to pass a drug-price reform bill. We look forward to keeping you informed. 1 manager, John Arnold, offers a tricky model to follow because he trades only energy futures, and my guess is he's a very short-term trader. The foundational studies, Taubes said, looked at the diets and disease rates in various countries, then essentially guessed at which items in the diet were responsible for the countrys good or bad health statistics. If John Arnold . 4. You have 3 free articles remaining. Hardly anyone in the world of nutrition science seemed willing to question the science behind the low-fat diet, even after Americans grew fat and diabetic in record numbers. 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. Centaurus alum reunite under Whalley to launch new fund Nosek is also still campaigning to convince researchers to preregister what they plan to analyze and report in a study, so that they cant adjust their experiment on the fly or hide less-than-dazzling resultsa problem that Goldacre is also tackling. 4 Houston tycoons join prestigious Texas Business Hall of Fame Of 1,576 researchers who responded to a recent online survey from Nature, more than half agreed there is a significant crisis of reproducibility. The Incomparable John Arnold, From the King of Natural Gas to Agent of After making millions for Enron, launching his own hedge fund, and becoming a billionaire, John Arnold retired at 38. While the industry as a whole and Centaurus itself have evolved dramatically since our inception, the uncompromising focus of the . Qu u c Centaurus Energy ca Arnold, hin ang qun l hn 5 t USD gi tr ti sn, cha bao gi kim c li nhun t hn 50% . Billionaire philanthropists John and Laura Arnold committed Monday, April 5, 2021, to donate 5% of their wealth annually as part of an effort to . [10] Using their new Internet-based trading network, EnronOnline,[citation needed] [11] he is credited with making three quarters of a billion dollars for Enron in 2001 and was rewarded with the largest bonus in Enron history, some $8 million. More than $10 million more in Arnold Foundation grants have come since. But consider the ramifications of a Soros Ventures, or Steyer Ventures, or Buffett Ventureslimited liability companies that could field virtually unlimited resources to lobby on foreign policy, abortion rights, illegal immigration, or health care, with almost no public transparency. 377 on the magazines list of billionaires. Arnold, 46, was raised in a middle-class family and worked her way through Harvard, she wrote in a July 2010 letter announcing her decision to sign The Giving Pledge. founded Houston-based hedge fund Centaurus Advisors but retired in 2012 . Billionaires John and Laura Arnold Billionaire Pledges to Give Away 5% [3][4][5][6][7], In 2019, Arnold became the chairman of Houston's 2026 bid for the FIFA World Cup. Arnold entered the investment industry out of college by working for Enron, the infamous natural gas conglomerate that collapsed in 2001 following revelations of its vast accounting fraud. Who are the out-of-state billionaires backing ranked-choice voting in Gas Trading Legend John Arnold Closing Centaurus Fund ISSN 2577-9877 For a look . $2.5 billion, according to our most recent tally. [8] In 1996, a year after starting at Enron,[8] he moved to oversee the trading of natural gas derivatives at the Natural Gas Desk upon the departure of Jeff Bussan. For two years he had sent out grant proposals for his software project. [24], The Laura and John Arnold Foundation was a private foundation founded by Arnold and his wife Laura. But Arnold had to come down to earth eventually. The Center for Open Sciences next big undertaking is another reproducibility projectthis one for cancer studieswhich recently revealed its initial findings (two of five studies yielded the same results the second time around). Amaranth, which was gambling with money from large pension funds, suffered a $6 billion loss and collapsed. Arnold graduated from Vanderbilt University in 1995, taking only three years to finish his degree. [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. 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. A number of the Arnolds reform efforts have focused on fixing nutrition science. She and her husband John,. 6. Raymond Dalio, Bridgewater Associates - $780 million. Copyright2023Capital Research Center. Houston's Laura and John Arnold use philanthropy to help balance Legendary natural gas trader John Arnold is closing down his flagship Centaurus fund, sources said o n Wednesday, ending an era in which the former Enron wunderkind defined the high-risk, big . In 2015, after a cancer researcher was found to have falsified research data and defrauded the government out of millions of dollars, Arnold complained on Twitter that the penalty, a five-year funding restriction, was too light. 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. 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. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. In some cases, they may even have more favorable tax deductions when donating appreciable securities to a 501(c)(3) public charity. Arnold funds Institute for Clinical and Economic Review (ICER), a nonprofit that created a formula to price drugs. Centaurus will be returning capital to investors, according to a Reuters report. Constitutionalists would add that the entire relationship is hedged in by the First Amendments guarantee of free speech, lest disclosure rules encompass an individuals right to support lawful causes of their choosing without facing public backlash for holding unpopular opinions. Houstonian John Arnold is the founder of Centaurus Capital LP, an energy-focused, family office investment fund. | 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. Trading up: Life lessons with philanthropist John Arnold A childhood math prodigy turned medical researcher, Ioannidis became a kind of godfather to the science reform crowd in 2005, when he published two devastating papersone of them titled simply Why Most Published Research Findings Are False. Now, with a $6 million initial grant from the Arnold Foundation, Ioannidis and his colleague Steven Goodman are setting out to turn the study of scientific practiceknown as meta-researchinto a full-fledged field in its own right, with a new research center at Stanford. [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? Andrew Nerlinger - Executive Director - Global Health Security Fund 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. In a 2014 tweet, Harvard psychologist Daniel Gilbert referred to researchers who had tried and failed to replicate the findings of a senior lecturer at the University of Cambridge as shameless little bullies. After Nosek published the results of his reproducibility initiative, four social scientists, including Gilbert, published a critique of the project, claiming, among other things, that it had failed to accurately replicate many of the original studies. Stem Cell Junk Yards Reveal a New Clue About Aging. [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. May 17 (Reuters) - John Arnold, a former Enron trader and hedge fund honcho known as the "king of natural gas", is backing an energy-focused credit fund that will aim to take advantage of. A new study shows are the four most dangerous words, Arnold wrote on Twitter. On the morning of October 7, 2015, the US House Agriculture Committee convened a hearing on the controversy surrounding the dietary guidelines, fueled by the BMJ article. But he tells me that listening to Taubes and reading his book, Good Calories, Bad Calories, had been an aha moment for him. In everything they do, they want to be evidence-driven, says Stuart Buck, vice president of research integrity at the Arnold Foundation. 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. 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." . LLCs dont have foundations 5 percent annual spend-out requirements or strict investment rules. From the little I know about the science of nutrition, your study makes a lot of sense, Arnold wrote. [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. In 2002, he founded Centaurus Advisors with $8 millionhis last Enron bonus, paid out just days before the company filed for bankruptcyin Houston, Texas, to invest in futures, options, and derivatives for coal, natural gas, and crude oil. He's decided to shut down his firm Centaurus Advisors and return investor money, retiring at the ripe old age of 38, according to The New York Times.Arnold rose to prominence at now disgraced Enron for his natural gas trading prowess. (After an external and internal review, The BMJ published a correction but chose not to retract the investigation. Arnold began his career as a trader for Enron: He would . At least, not exactly. So there is already widespread concern about reproducibility in the field. Click here to request a free trial. Of course, this new LLC model comes with the cost of losing the Arnold Foundations tax exemption. 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.. NGI All News Access. Now He's Declared War on Bad Science. So he ran his projects on a shoestring budget, self-financing them with his own earnings from corporate speaking engagements on his research about bias. New clinical trials could more effectively reach solutions. Follow the topics you want and receive the daily emails. In 2001, even as Enron was collapsing amid an accounting scandal that covered up billions in debt, he was reported to have earned $750 million for the company. The philanthropy's core mission is to invest in evidence-based solutions that maximize opportunity and minimize injustice. [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 Therapy Part of Psychedelic Therapy Is a Mess. WIRED may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. From Hedge Fund Billionaire to Mega-Donor. Arnold estimates that he made $50,000 before he finished high school. Arnold was described as unapologetic for his success in Enrons final days. 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. Episode #386: John Arnold, Arnold Ventures - Why The Greatest Natural Ludwig is a native of Orange County, California,. Gregg Fleisher, who taught him calculus in high school, recalls an occasion when Arnold instantly solved a math puzzle that had been known to stump PhDs. Hard-working business innovator Daymond John has been known to say that he is "retired" because hes doing what he loves - helping other people succeed. The Reproducibility Project, meanwhile, swelled to include more than 270 researchers working to reproduce 100 psychology experimentsand in August 2015, Nosek revealed its results. Had something similar happened on Wall Street, he tweeted, the perpetrator would have been sentenced to 10 years in jail and the bank would have been fined a billion dollars. Ad Choices, John Arnold Made a Fortune at Enron. Dr. Andrew Nerlinger is a physician, venture capital investor, and social impact innovator. But thats not what this project was about. Were looking to create an organization of thoughtful failure and fantastic success., If John Arnold does have an identifiable ideology, it is that of a lifelong trader and quant: unsentimental, metrics-focused, interventionist. And so, at age 38, Arnold walked away from it all. 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. As The Wall Street Journal noted, in US history, there may have never been a self-made individual with so much money who devoted himself to philanthropy at such a young age.. . While this private company, Arnold Ventures, is structurally indistinguishable from any other for-profit corporation, its purpose is strictly philanthropicbut it comes with key advantages. Arnold is careful not to lump all researchers together when he talks about the problems in science. A lot of people didnt know it was out there, Arnold says. Weve always defined success as sustainable change through policy. Bachelor of Arts/Science, Vanderbilt University. John Arnold - Centaurus Advisors - Insider Monkey Longevity evangelists are injecting people with experimental gene therapies. 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. But in July 2012, Nosek received an email from an institution whose name he didnt recognize: the Laura and John Arnold Foundation. Together with Taubes work, Arnold was also reading Ioannidis and Goldacres equally devastating analyses. He started Centaurus the next year, bringing along a small group of former Enron traders, who worked out of a single large room. Yellen warned inaction could have wide-ranging financial repercussions, including on taxpayers and the federal governments credit rating. [3] [8] At 14, he started his first company selling collectible sports cards called Blue Chip Cards. Far from arbitrary, this body of regulationwhich Schambra is certainly right to call annoyingcodifies a common understanding between Americans and their government: Philanthropy is crucial for a healthy civil society. It completely transformed what we could imagine doing, Nosek says. The articles have to appear methodologically sound, but this is generally a lower standard than being completely convincing. He announced that he was closing Centaurus in a letter to investors: After 17 years as an energy trader, I feel that it is time to pursue other interests., Arnold tells me that he had lost some of his passion for trading. They are on record as agreeing with some of the critiques and focus on partnering with organizations to maximize their impact without undue influence. Former Houston lands 13 billionaires on Forbes global list His mother later would work as an accountant at Centaurus. And in 2015 the Arnold Foundation paid journalist Nina Teicholz to investigate the scientific review process that informs the US Dietary Guidelines. Arnold's summary of his big-hearted plans reads as could only be written by a trader, particularly points 2 and 3: . He has also served as the Investment Manager for the Laura and John Arnold Foundation since 2011. [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. [1], A 1995 graduate of Vanderbilt University, he completed a degree in mathematics and economics in three years. In Charlottes Biggest Labor Protest In Two Decades, 450 American Pilots Decry Slow Pace Of Contract Talks, Yellen Urges Congress To Raise Debt Limit Immediately, Warning U.S. Could Run Out Of Money By June, Singer Kelly Lang Reflects On Music, Battling Cancer & Her Friendship With Olivia Newton-John, E.J. He was widely quoted for his viewpoints on the industry by a government commission. Arnold, who specializes in trading natural gas, is the former Enron trader who launched Centaurus in 2002 with the $8 million bonus he received from Enron after making the firm $750 million. [38], In 2020, Arnold was one of ten billionaires who had given away at least 20% of their wealth. Now she's turning her attention to storing green hydrogen, which is hydrogen produced using clean power. She is co-founder of Arnold Ventures LLC. In the past ten years, we have achieved more success than I could have hoped for or imagined. A new study shows . A Google search told him that the Arnolds were a young billionaire couple in Houston. And then, after a couple of years, people were like, oh, no, hes actually like that.. Flagship In 2012, after growing his firm, Centaurus Advisors, from an initial $8 million to $5 billion in less than a decade, he announced that he was walking away to pursue other interests. But now they were widening their scope. The Supreme Court has come under intense scrutiny lately over a series of reports suggesting potential conflicts of interest. The No. Foerster and Marny Eng and musician John Oates on the way that music and imagery can combine to drive narrative, the dramatic heart at the core of the new independent comedy/drama 'Gringa' and the level of difficulty involved in post-pandemic independent film distribution. info@naturalgasintel.com Following an incredibly successful trading year in 2001, Arnold was awarded an $8 million bonus, which he used to kick off Centaurus . Whole George Soros, Soros Fund Management - $1.1 billion. Allen Gibson Salary Infomation 2022 | ERI Economic Research Institute Centaurus will be returning capital to investors, according to a Reuters report that cited an unnamed investor who said the wind-down was described in a letter sent by Arnold to investors. Bothersome bureaucracy notwithstanding, tax exemption and tax deduction are tangible benefits that acknowledge that compact. Since April 2011, Mr. Gibson has served as the Chief Investment Officer of Centaurus Capital LP (Centaurus), a private investment partnership with interests in oil and gas, private equity, structured finance, and the debt capital markets. | 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. in 2017. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. During the podcast, he mentioned that he was raising money in the hope of funding experiments that might deepen our understanding of the root causes of obesity.
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