Hedge Fund Traders Bore Me

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Sure, it is fashionable to fall to one's knees in homage to the thirty-something hedge fund "genius" who calls the surge in natural gas futures (or to attempt to imprison the former "genius" who botches the same call- and no, no fish pictures, you are thinking of Bess Levin) but for real steel and grit, there are much more impressive ways to get wealthy betting on the price of oil. Investing in deep water oil drilling rigs, for instance.
John Fredriksen's "Seadrill" owns 4 of 39 in the world, two of which he bought at a price tag of over $900 million before he had a single contract to support them. Five years ago, such equipment could command $70,000 a day in leasing fees. Today, $600,000 is more like it. He looked an ass when he first commissioned their construction, now he looks like Nostradamus. Again.
Decades before, Fredriksen made himself a billionaire by calling the bottom in long-haul tankers, buying up cheap vessels in the aftermath of the 1973 Arab-Israeli war, and cleaning up when the market recovered in the 1980s. He also called the trend for safer double-hulled tankers before 1999, when a series of spills killed the market for single hull designs, and introduced shareholder activism to Scandinavia with his aggressive takeover of ICB Shipping.
$7 billion in net worth makes him Norway's richest man today. Hedge Fund energy traders? Wimps.
Billionaire Cashes in on Offshore Oil Rush [WSJ]

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