At 4:30, when most of Wall Street is winding down, Walter Zimmermann begins a high-stakes, high-wire act conducted live before a paying audience. About 200 institutional investors—including airlines and oil companies—shell out up to $3,000 a month to catch his daily webcast on the volatile energy markets, a performance that can move hundreds of millions of dollars. "I'm not paid to be wrong—I can tell you that," Zimmermann says. But as he clicks through dozens of screens and graphics on three computers, he's the picture of focused calm. Zimmermann, 54, watched most of his peers in energy futures burn out long...
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