Now she's turning her attention to storing green hydrogen, which is hydrogen produced using clean power. Scientists believe lasting symptoms following a coronavirus infection is not a single disorder. [3][4][5][6][7], In 2019, Arnold became the chairman of Houston's 2026 bid for the FIFA World Cup. [28] From 2010-2013, the Arnolds were heavily involved in the Innocence Project which led to their interest in criminal reform. W hen former Enron trader and billionaire hedge-fund manager John Arnold and his wife, Laura, announced plans to donate 5 percent of their net worth to charity every year, they may have. [33] Nonprofits must file annual Form 990 financial reports with the IRS, disclosing their revenues, employee compensation, grant recipients, and (in the case of foundations) their donors. The philanthropy's core mission is to invest in evidence-based solutions that maximize opportunity and minimize injustice. While the industry as a whole and Centaurus itself have evolved dramatically since our inception, the uncompromising focus of the . Dr. Andrew Nerlinger is a physician, venture capital investor, and social impact innovator. Click here to request a free trial. Regulators have to figure out how to get them on the market. A number of the Arnolds reform efforts have focused on fixing nutrition science. Brian Nosek had pretty much given up on finding a funder. Charles Butt, San Antonio $290 million. [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. Hide Background LAURA AND JOHN ARNOLD FOUNDATION Family foundations Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. And for two years they had been rejected again and againwhich was, by 2011, discouraging but not all that surprising to the 38-year-old scientist. And its true that, when it comes to political leanings, they are somewhat hard to pin down. Arnold and his wife, Laura Munoz, together run the John and Laura Arnold Foundation, a major private grantmaking foundation.In early 2019 he and his wife Laura started Arnold Ventures, a for-profit limited liability company (LLC) and grantmaking organization. At the time, his net worth was estimated to be around $3 billion. IN THEIR philanthropy, the Arnolds like to say, they follow data where it leads rather than let themselves be guided by ideology. His father, who died when Arnold was 18, was a lawyer. John Arnold is Founder and Co-Chair of Arnold Ventures. 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. 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. 171 on Forbes list. Given our enormous appetite for policy change, and given the fact that we thankfully are not constrained by one structure, we dont have resources channeled only to the C3. Those who support ICERs formula believe it could lower prices while critics argue that the formula is discriminator toward the elderly and those with disabilities or rare diseases. That's the true story of former star Enron trader John Arnold, who most recently worked as a hedge fund manager. So there is already widespread concern about reproducibility in the field. [3][8] His father was a lawyer and died when Arnold was 18. He has also served as the Investment Manager for the Laura and John Arnold Foundation since 2011. 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. 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. Now He's Declared War on Bad Science. Nosek was so taken with the importance of redoing old experiments that he had also rallied more than 50 like-minded researchers across the country to participate in something he called the Reproducibility Project. [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. John D. Arnold is an American philanthropist and businessman. In everything they do, they want to be evidence-driven, says Stuart Buck, vice president of research integrity at the Arnold Foundation. They are on record as agreeing with some of the critiques and focus on partnering with organizations to maximize their impact without undue influence. One is literally betting on ones research.. In 2007, Arnold became the youngest billionaire in the U.S. His firm, Centaurus Advisors, LLC, was a Houston-based hedge fund specializing in trading energy products that closed in 2012. CRC respects confidentiality and will not share your e-mail address. In episode 386, we welcome our guest, John Arnold, arguably the best natural gas trader of all-time and now one of the largest philanthropists in the US, giving away almost half a billion dollars a year. [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. In 2006, Centaurus reportedly generated a 317 percent return overall, after taking the opposite side of a risky bet that another hedge fund, Amaranth, had made on fluctuations in natural gas prices. [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. 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 then, after a couple of years, people were like, oh, no, hes actually like that.. 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. Bruce Kovner, Caxton Associates . [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? But some experts are critical of this shift away from traditional giving, seeing in it a worrying trend in modern philanthropy. But in July 2012, Nosek received an email from an institution whose name he didnt recognize: the Laura and John Arnold Foundation. For two and a half hours, a roomful of testy representatives asked why certain nutrition studies had been privileged over others. No. [43], John received an $8 million dollar bonus from Enron just before the company filed for bankruptcy. Text. To which the answer is clearly no, but theres a lot of bullshit masquerading as science. (Some of the background footage in the segment came from the Arnold Foundation.). Houston-based Centaurus has been one of the most successful hedge funds in the industry, delivering a compound annual return of about 130% since it was founded by Arnold in 2002 after the collapse of Enron. Arnold is still quiet. 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. Centaurus Advisors - John Arnold assets under management (13F Holdings), latest news, 13D/G filings, and investor letters provided by Insider Monkey John Ioannidis was put in touch with the Arnolds in 2013. John Arnold, a former Enron trader and hedge fund honcho known as the "king of natural gas", . This article appears in the February issue. 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. Not surprisingly, researchers who dont see a crisis in science have started to fight back. 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. From the little I know about the science of nutrition, your study makes a lot of sense, Arnold wrote. All Rights Reserved. [20][21] Arnold announced his retirement from running the hedge fund on May 2, 2012. Arnold Ventures' John Arnold: Now is the Time to Reform Charitable Giving Laws. A month after legendary natural gas trader Arnold abruptly announced that his Houston-based Centaurus would wind down its $2 billion master fund following a decade of unrivalled gains, Whalley. | Sign In, Listen to the latest episode of our newest podcast, 2023 North American Pipeline, LNG & Market Hubs Map, 1Q23 N.A. Written. Get access to 100,000+ more news articles & industry data. (Arnold was not involved in the fraud.) Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, launched a similar LLC (the Chan-Zuckerberg Initiative) in 2015, with Zuckerberg transferring some 99 percent of his shares in the social media company to the LLCan amount reportedly exceeding $45 billion. 1. [3][8] At 14, he started his first company selling collectible sports cards called Blue Chip Cards. Usually the division of labor in most of our work is that I talk, Laura Arnold says in a phone interview. Weve always defined success as sustainable change through policy. $2.5 billion, according to our most recent tally. Its probably too big a lift for us to expect were going to change researchers who have been around for decades, he says. 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. He is also the Co-founder of PandemicTech, an Austin-based venture philanthropy launched in 2016 that supports health security innovators on the . THE ARNOLDS had been dabbling in philanthropy for years, supporting a few handpicked programs in education, criminal justice reform, and other areas that were important to them. New clinical trials could more effectively reach solutions. Background. It was the largest cash bonus ever distributed by the company. John Douglas Arnold (born 1974) is an American philanthropist, former Enron executive, and founder of Arnold Ventures LLC, formerly the Laura and John Arnold Foundation. Several other Houston area billionaires made their money during a record year for oil and gas, such as George Bishop, who. In Charlottes largest labor demonstration in two decades, about 450 American Airlines pilots protested the slow pace of contract talks near an entrance to Charlotte Douglas International Airport on Monday. More than $10 million more in Arnold Foundation grants have come since. NatGas Conference Call Schedule, This article is part of NGI's Daily Gas Price Index. In the past ten years, we have achieved more success than I could have hoped for or imagined. [1] John Arnold, then head of the hedge fund Centaurus Advisors, testifies before the Commodity Futures Trading Commission in Washington, August 5, 2009. We can feed off that. Figuring out exactly which rewards work best and how to simultaneously change the incentives for researchers, institutions, journals, and funders is now a key area of interest for Goodman and Ioannidis. His mother was an accountant (she would later help manage the books at his hedge fund). But now they were widening their scope. Those were the early days of the internet, and he managed to gain access to an online bulletin board intended only for card dealers. Nosek says that the cash offers were Arnolds idea. View Subscription Options One floor on top of the next. In nutrition, the whole foundation of the research had been flawed. I think I was just born with a natural gift for seeing numbers in a special way, he says. Bachelor of Arts/Science, Vanderbilt University. Fortune magazine has called him one of the least-known billionaires in the country. Arnold is 5'10", trim, and blandly handsome, his unusually youthful appearance now somewhat concealed by a salt-and-pepper beard. We support the principles of individual liberty, a free market economy and limited constitutional government: These are the cornerstones of American society. Does anyone really believe that charity is better off when only experts can distinguish between the two? The Arnolds' impact investing includes CivicaRx, which plans to manufacture 14 generic drugs and sell them cheap. Arnold figures that some of his specific grants might not work out as planned. 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). She is co-founder of Arnold Ventures LLC. He was an entrepreneurial kid, earning some $50,000 before leaving high school by marketing collectible sports cards in the internets early years. Thirty-seven year old John Arnold, one of the world's youngest billionaires, had the worst year of his hedge fund career. Rank: 590. Centaurus Advisors, which posted eye-popping returns and led him to become the youngest billionaire in the US in 2007. The NAACP and ACLU have criticized the Arnold PSA because they believe risk assessment tools actually increased the number of prisoners under the guise of criminal justice reform. Billionaire John Arnold pushes for charity reform. Arnold is careful not to lump all researchers together when he talks about the problems in science. The Biggest Microbiome Study Sheds Light on Shared Health Risks, The Little Bang Helping Physicists Study the Infant Universe. ), The backlash against Teicholz also furnished one of the few occasions when anyone has raised an eyebrow at the Arnolds funding of science critics. Researchers say viruses can kill antibiotic-resistant microbes and help treat infections. Raymond Dalio, Bridgewater Associates - $780 million. The journals Science and Nature have started bringing in statisticians to review their papers. Theyve given millions of dollars to nonprofits that advocate for charter schools, anti-obesity charities, criminal justice groups aiming to reduce recidivism rates, efforts to reform government pension systems, and conservative think tanks including the Texas Public Policy Foundation and Alabama Policy Institute, both of which are members of the center-right State Policy Network. Donate today to assist in promoting the principles of individual liberty in America. 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. To revist this article, visit My Profile, then View saved stories. Amaranth, which was gambling with money from large pension funds, suffered a $6 billion loss and collapsed. Arnold was raised in Dallas, Texas, and he was the younger of two sons. ISSN 1532-1231 For one thing, the problems plaguing scientific research are now increasingly well known. [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. [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. 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. Arnold says he wasnt sure if he could match the success hed enjoyed as a futures trader at Enron. If Arnold decided he wanted to beat hunger, DAgostino says, I wouldnt want to bet on hunger., For all the swagger of that description, Arnold himself has virtually none. Prior But figuring out which organizations were most effective turned out to be vexing. 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. 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% . She joins other singers on an Olivia Newton John duets album out this week. Form 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. 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. LLCs dont have foundations 5 percent annual spend-out requirements or strict investment rules. Arnold had always been ready to make huge bets, but it was ultimately his hunger for reliable data that made him a brilliant trader. [23] Arnold has also given to The City Fund, an organization focused on growing the number of charter schools in the USA, and its political arm, Public School Allies. A hugely successful energy trader, Arnold once worked. [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. We are able to use resources in another structure. And in 2015 the Arnold Foundation paid journalist Nina Teicholz to investigate the scientific review process that informs the US Dietary Guidelines. He was formerly Senior Investigative Researcher at Capital Research Center. Now, much of the discussion has shifted . ISSN 2577-9877 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. [34] Arnold also has been an influential supporter of Democrats efforts to pass a drug-price reform bill. Of 1,576 researchers who responded to a recent online survey from Nature, more than half agreed there is a significant crisis of reproducibility. Arnold founded Centaurus with an $8 million employee bonus from Enron. 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.. . Laura tells me she sees her husbands appetite for riskan appetite she says she sharesas the most obvious link between his approach to trading and philanthropy. Now hed have to rely purely on his prowess with data. You dont shift a culture overnight, Nosek says. What does that say about American philanthropy? In 2014 he partnered with the journal Psychological Science to offer colorful Open Data and Open Materials badges for papers that met specific criteria for sharing. And Noseks project was an attempt to head it off at the pass. Then, one day in November 2011, he was listening to the podcast EconTalk, hosted by libertarian economist Russ Roberts. 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. The more you read the research, the less you know, Arnold says. In the name of social experimentation, in 2020 Arnold supported Oregon's referendum decriminalizing all drugs, which passed. Updated: 12/31/2014 01:43 PM EST. 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. If we want to attack an issue, we will do whatever it takes. At least, not exactly. In the 1830s, French writer Alexis de Tocqueville famously compared Americans penchant for civic association with that of France and England: Everywhere that, at the head of a new undertaking, you see the government in France and a great lord in England, count on it that you will perceive an association in the United States.. In the War on Bacteria, Its Time to Call in the Phages. Otherwise our field is built on thin air.. The foundation aims to foster a culture in which individuals have the best chance to succeed and prosper, while encouraging a sense of responsibility, compassion and reinvestment toward their communities and society as a whole. Far from simple charity, thats a recipe for plutocracy. The comedian John Oliver spent 20 prime-time minutes on HBO last May mocking the reign of terrible science on TV news shows and in public debate: After a certain point, all that ridiculous information can make you wonder: Is science bullshit? 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 13 Best Electric Bikes for Every Kind of Ride, The Best Barefoot Shoes for Walking or Running, Palantirs Plan to Decipher the Mysteries of Long Covid. Let us know if we're missing any workplace or industry recognition - Add Awards. John Arnold managed to walk away from Enrons 2001 collapse with a seven-figure bonus and no accusations of wrongdoing attached to his name. 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. Arnold grew up in Dallas. Donald Trumps real net worth? Gerrymandering endangers democracy. As far as big dollar donors go, John Arnold and his wife, Laura, are not well known to conservatives. New research shows that the cells garbage-clearing function deteriorates with ageand opens the door to reversing the process. 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. Former 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. Arnold's summary of his big-hearted plans reads as could only be written by a trader, particularly points 2 and 3: . 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. Mr. Arnold serves on the boards of Breakthrough Energy Ventures, an investor-led venture capital firm dedicated to funding transformational technologies that will reduce global greenhouse gas emissions; Civica, Inc., a nonprofit generic pharmaceutical company; and The City Fund, a nonprofit dedicated to supporting new governance models in K-12 education. We asked ourselves, What is the point of having two separate entities? 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. British doctor Ben Goldacre also got an email from the Arnold Foundation in 2013. 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. John Arnold: The most prolific philanthropist you may not have heard of. [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. It became extraordinarily frustrating.. But thats not what this project was about. Previously, Mr. Arnold founded and was CEO of Centaurus Energy, a multi-billion dollar energy commodity hedge fund. Hockey cards didnt have much of a market in Texas, he tells me. In Hedge Hogs, a 2013 book about hedge fund traders, Jeff Shankman, another star trader at Enron, is quoted describing Arnold as the most thoughtful, deliberate, and inquisitive person he worked with on the gas floor. For two years he had sent out grant proposals for his software project. The skeletal software behind the data-sharing project became a slick cloud-based platform, which has now been used by more than 30,000 researchers. But he tells me that listening to Taubes and reading his book, Good Calories, Bad Calories, had been an aha moment for him.
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