I really think the Gates ownership buzz has caused Pacific Ethanol (NASDAQ:PEIX) to run wild for no reason. Let's not forget Gates also owns MSFT which hasn't done so hot this decade.
This is a pure ethanol play and we are just about at the point in the cycle where we can expect the naysayers to come out anyway. While there is a lot of potential, there is also a forward p/e of 200 (if they hit ambitious numbers) and a price/book of 38 vs. say FCEL at 3 or SPWR at 7 or ADM at 3.
The stock is up 600% since Jan '05 but the options are out of control, so I like shorting the stock at $37.88 and selling the Jun $35 puts for $3 which gives you good upside protection and a potential 19% profit.
PEIX 1-yr chart: