You remember the scene in “City Slickers” when Jack Palance tells Billy Crystal about the secret of life? “It’s this,” he said, holding up his index finger. “One thing.”
“That’s great, but what’s the one thing?” Crystal’s character asked.
”That’s what you gotta figure out.”
Aubrey McClendon has a similar theory about investing. Just one thing — Chesapeake Energy — seems to be his favorite thing to buy. On Thursday, an SEC filing showed that McClendon this week bought 750,000 shares at $57.25. That’s a cool $42.9 million.
Although McClendon has a piece of a basketball team, a private equity fund, a fondness for real estate here and elsewhere, Chesapeake appears to be his favorite place to sink cash.
Don Mecoy
Business Writer