There's a new hedge fund upstart making waves. Out of Houston, John Arnold, just 33, head of Centaurus Energy--an energy hedge fund--has set a new benchmark for single-year compensation. He made up to $2 billion last year, according to an upcoming issue of Trader Monthly. But he's not yet in the power elite. The energy market gives and it takes. Arnold found himself on the other side of bets made by Brian Hunter, whose bad bets on natural gas helped push Amaranth Advisors over the cliff. Other big winners: James Simons Renaissance Technologies, who also made up between $1.5 billion and $2 billion, and Sears' Eddie Lampert, who made up to $1.5 billion. And he's back: T. Boone Pickens also made up to $1.5 billion. Steven Cohen of SAC Capital was said to have made upwards of $1 billion. There will always be some really big winners. I am surprised there aren't more losers. That ranking would be even more fun.

For more:
- here's the New York Post write-up [1]
- more hedge funds news [2]