His estimated net worth is $3.3 billion as of writing. Laura and John Arnold: "Dark Money" Entrepreneurs 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 . Arnold Ventures will likely fund the same formula of political and charitable causes that the Arnold Foundation supported. Still, Arnold, an intense worker with a wide network of. 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.. Mr. Arnold is also Founder of Centaurus Capital LP, a family office investment fund with a specific focus on the energy industry. And good traders, as Arnold sees it, naturally come to appreciate something that researchers too often miss: Its very easy to be fooled by your own data. For two and a half hours, a roomful of testy representatives asked why certain nutrition studies had been privileged over others. Follow the topics you want and receive the daily emails. Quin es John Arnold, el filntropo que regala programas informticos The Search for Long Covid Treatments Takes a Promising Turn. . are the four most dangerous words, Arnold wrote on Twitter. 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% . John D. Arnold - InfluenceWatch - InfluenceWatch In everything they do, they want to be evidence-driven, says Stuart Buck, vice president of research integrity at the Arnold Foundation. Sign In, Listen to the latest episode of our newest podcast, 2023 North American Pipeline, LNG & Market Hubs Map, 1Q23 N.A. Guest: John Arnold is an American philanthropist and founder of Arnold Ventures. 6. He . John Arnold - Biography - MarketScreener.com [22], Arnold started donating to the Knowledge Is Power Program (KIPP) in 2004 with a gift of $30,000 which was then based in Houston, and two years later he and his wife pledged $10 million to help KIPP expand to other cities. 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. In the name of social experimentation, in 2020 Arnold supported Oregon's referendum decriminalizing all drugs, which passed. View Subscription Options Laura and John Arnold, Houston $285 million. His next act? Hayden Ludwig is the Director of Policy Research at Restoration of America. 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. But compared with the benefit of near-total anonymity, wealthy elites like the Arnolds are forgoing the tax advantages of a foundation or traditional nonprofit to further withdraw from public scrutiny. It became extraordinarily frustrating.. Arnold was raised in Dallas, Texas, and he was the younger of two sons. [8][12] His former colleagues dubbed him "king of natural gas. Aiming to defend the science behind the guidelines, McGovern suggested that the doubts that had been cast over Americas nutrition science were being driven by a former Enron executive. I dont know what Enron knows about dietary guidelines, McGovern said. Nosek says that the cash offers were Arnolds idea. In some cases, they may even have more favorable tax deductions when donating appreciable securities to a 501(c)(3) public charity. Theres little evidence to prove how necessary or helpful many of the accepted norms in psychedelic-assisted therapy areand some could even harm patients. But when I visit the Arnold Foundations Houston headquarters in June, Laura has been called away on a family emergency, leaving John to do the talking. NGI All News Access. But he tells me that listening to Taubes and reading his book, Good Calories, Bad Calories, had been an aha moment for him. The Arnolds had already decided that, with decades of life ahead of them and almost unlimited resources, they had the time and money to evaluate charitable programs properly, even when that meant paying for expensive randomized controlled trials that could take years to complete. [46] Through his foundation, Arnold has aggressively promoted pension reform in the state of California based on a study his foundation conducted with Pew that failed to mention that Enron or the overall financial crisis contributed to the shortfall. Background. 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. Centaurus employees have included several big name energy traders such as ex-Enron executive Greg Whalley, as well as Bill Perkins, Mike Magg and Conrad Goerl, previously of MotherRock. Billionaire John Arnold pushes for charity reform. 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). But given the long history of deep-pocketed business interests sowing doubt in research, his underlying question was a fair one: Who is John Arnold, and why is he spending so much money to raise questions about science? Weve always wanted to improve peoples lives. Projects that Nosek had once envisioned as modest efforts carried out in his lab were now being conducted on an entirely different scale at the centers startup-like offices in downtown Charlottesville, with some 70 employees and interns churning out code and poring over research. The aim was to redo about 50 studies from three prominent psychology journals, to establish an estimate of how often modern psychology turns up false positive results. But if you look at the studies that cant be reproduced and other issues facing science, you start to think: What is evidence? Centaurus Capital LP - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately. George Soros, Soros Fund Management - $1.1 billion. Centaurus Advisors Portfolio Investments, Centaurus Advisors Funds That focus led Rolling Stone to call Arnold a young right-wing kingmaker with clear designs on becoming the next generations Koch brothers. (In 2015, Bloomberg suggested that Arnold may have somehow managed to become less popular as a philanthropist than he was as a billionaire trader. 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. Regulators have to figure out how to get them on the market. 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). That same hunger would make large-scale philanthropy far more challenging than he had anticipated. 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. 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. John Arnold, Hedge Fund Manager And Former Enron Trader - HuffPost NatGas Conference Call Schedule, This article is part of NGI's Daily Gas Price Index. Will More than $10 million more in Arnold Foundation grants have come since. In its first seven years, according to Fortune, the fund never returned less than 50 percent. ioneer gains new substantial shareholder in Centaurus Capital The Arnolds are candid about this, telling the Chronicle of Philanthropy in a January 2020 interview that the goal is to change policies: We have never viewed our work and our philanthropy in terms of C3 versus C4. A hugely successful energy trader, Arnold once worked. Believing that transparent markets empower businesses, economies, and communities, Natural Gas Intelligence (NGI) provides natural gas price transparency and key news, insights and data for the North American energy markets. They have personally donated to numerous Democratic campaigns, the Democratic Partys leading congressional political action committee (House Majority PAC), and both of Barack Obamas presidential campaigns. 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. But now, with their stepped-up ambitions, the couple entered a new realm. Foerster, Marny Eng And John Oates On New Indie Dramedy Gringa, Chief Justice John Roberts Wife Made Over $10 Million As Legal Consultant, Report Says, John Rahms Golf Odds Reach Historic Low For 2023 Mexico Open, New Podcast By Shark Tank Alum Daymond John Announced Today Focuses On Defining Moments Of Influential People, A Celebration Of Film Composer John Williams With The New York Philharmonic, Elton Johns Honky Chteau Sounds As Mellow As Ever, John E. Murray (1959-2018): A Birthday Appreciation, The Top 10 Richest Women In The World 2023, The World's 15 Youngest Billionaires 2023, Billionaires 2023: The Top 10 Richest People In The World, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 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 . The United States is almost alone worldwide in granting tax deductions for charitable donations (Sweden also enacted such a policy in 2019), which were established with the Revenue Act of 1917. New Force on Wall Street: The 'Family Office' - WSJ He reportedly earned the company $750 million the year Enron collapsed. Amaranth, which was gambling with money from large pension funds, suffered a $6 billion loss and collapsed. [51] They have three children. John Arnold - Texas Business Hall of Fame [33] In 2011 Centaurus Energy Master Fund LP was fined $75,000 by the New York Mercantile Exchange for violating position limits in natural gas trading (see Daily GPI, Dec. 28, 2011). Billionaire John Arnold backing energy-focused credit fund - sources John Arnold - Centaurus Advisors - Insider Monkey The incentives to produce positive results were so great, Nosek and others worried, that some scientists were simply locking their inconvenient data away. 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. 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. Weve always wanted to change policies. 4. Form 990s and Section 501(c) of the U.S. Tax Code were created in 1954, followed by rules governing private foundations in 1969. [3][8] His father was a lawyer and died when Arnold was 18. 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. Joseph (Rusty) Walter III and Paula Walter . Houstonian John Arnold is the founder of Centaurus Capital LP, an energy-focused, family office investment fund. Energy Trading, Post-Enron - The New York Times People who did, didnt know how to clean it up and analyze it as well as we did.. Former Andrew Nerlinger - Executive Director - Global Health Security Fund It became one of the biggest science stories of the year. Early the next morning, Mr. Arnold offered a bid after making the following observations: "I . British doctor Ben Goldacre also got an email from the Arnold Foundation in 2013. 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.. Theyve also lavishly supported the Reproducibility Project, a science reform group formed to combat the rise of politicized, ideologically driven junk science afflicting so much research, particularly in climate science. He is universally described as quiet and introspective. John Arnold Made a Fortune at Enron. Now He's Declared War on Bad Science 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. 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. Enron billionaire frets about public pensions' solvency John, Nosek learned, had made his first millions as a wunderkind natural gas trader at Enron, the infamous energy company, and hed managed to walk away from Enrons 2001 collapse with a seven-figure bonus and no accusations of wrongdoing attached to his name. In May 2012, John announced his retirement from Centaurus Energy to concentrate on philanthropic activities. 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. Gas Trading Legend John Arnold Closing Centaurus Fund 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. Centaurus Capital | Bernard Opetit | Hedge Fund Notes Featured groups, golf odds, expert picks plus matchups and props with information you can bet on. LLCs dont have foundations 5 percent annual spend-out requirements or strict investment rules. 19-2616 (3d Cir. For one thing, the problems plaguing scientific research are now increasingly well known. Denis Calabrese, the Arnold Foundations president, says they dont expect immediate results. She is a graduate of Harvard College, Yale Law School, and has a Master of Philosophy degree in European Studies from the University of Cambridge. As a kid, Arnold's earliest trades included buying hockey cards in Texas and selling them in Canada. John Arnold, the billionaire manager of the Houston hedge fund Centaurus Advisors, told investors and employees Tuesday that he plans to retire, according to people familiar with the . Media reports declared the field of psychology, if not all of science, to be in a state of crisis. [42], Arnolds foundation, Arnold Ventures, created a Public Safety Assessment which gave recently arrested individuals a score to determine their flight risk and potential bail. [17] August 2008, Centaurus acquired around 10% of the shares of National Coal Corporation (NCOC). Its probably too big a lift for us to expect were going to change researchers who have been around for decades, he says. The problem even had a name: the file drawer effect. We support the principles of individual liberty, a free market economy and limited constitutional government: These are the cornerstones of American society. A person who answered NGIs call at Centaurus said the firm was not making any comments or talking to reporters. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. 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. Capital Research Center (CRC) was established in 1984 to promote a better understanding of charity and philanthropy. It wasnt long before Arnold had the answer to his doubts. Laura and John Arnold didnt start the movement to reform science, but they have done more than anyone else to amplify its capabilitiestypically by approaching researchers out of the blue and asking whether they might be able to do more with more money. Gerrymandering endangers democracy. Bachelor of Arts/Science, Vanderbilt University. 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. This 37-Year Old Billionaire Ended up Among the Worst Hedge Fund Donald Trumps real net worth? Laura Arnold, 43, and John Arnold, 42 Co-founders of the Laura and John Arnold Foundation The Houston couple with three children work full time to give away John's $2.8 billion fortune. Put a Stake in "Zombie Charity.". Arnold founded Centaurus with an $8 million employee bonus from Enron. While. 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. 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. John Arnold, a former Enron trader and hedge fund honcho known as the "king of natural gas", . 1. On the contrary, Arnold says he believes that most researchers go into their work with the best of intentions, only to be led astray by a system that rewards the wrong behaviors. Subscribe now. And Noseks project was an attempt to head it off at the pass. In finance, meanwhile, at least when one is trading with ones own money, there are strong incentives to work to that stronger standard. Harvard psychologist Daniel Gilbert referred to researchers who had tried and failed to replicate the findings of one senior lecturer as shameless little bullies.. Sam Apple (@samuelapple) teaches science writing at the University of Pennsylvania. The WIRED conversation illuminates how technology is changing every aspect of our livesfrom culture to business, science to design. New research shows that the cells garbage-clearing function deteriorates with ageand opens the door to reversing the process. [30][31], In 2013, the Arnolds donated $10 million as a private donation to the National Head Start Association after the United States federal government shutdown of 2013 had closed the pre-K Head Start programs. Sign in to get the best natural gas news and data. On some days at Enron, Arnold would trade more than a billion dollars worth of gas contracts. Because investigating and replicating research begins with having the data and materials necessary to do so, he is particularly focused on making science more transparent. Washington DC | New York | Houston | Pittsburgh | Mexico City Calgary | Chile. John Arnold got his start as a natural gas trader at Enron. He has also served as the Investment Manager for the Laura and John Arnold Foundation since 2011. The Billionaire Behind the Fight for Lower Drug Prices $24.5M Texas mansion hits the market | wfaa.com One is literally betting on ones research.. It was just a way for us to just all be under one umbrella, and everybody does what he or she needs to do in furtherance of one mission. His father, who died when Arnold was 18, was a lawyer. [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. Consent Centaurus Advisors. InfluenceWatch Podcast #267: Weingarten Will Not Be Apologizing. 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's Greatest Trade: Blowing Off Brian Hunter By all accounts, Laura, who attended Harvard College and Yale Law School and worked as an oil executive, has been equally influential in setting the direction for the foundation. [49], Arnold is married to Laura Elena (Muoz) Arnold. The tech giant is helping researchers and clinicians decipher vast amounts of data generated by people with persistent symptoms.
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