Carl Icahn

Carl Icahn

Last Update: 11-29-2016

Number of Stocks: 19
Number of New Stocks: 0

Total Value: $19,805 Mil
Q/Q Turnover: 2%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Carl Icahn Watch

  • Carl Icahn Buys Stake in Manitowoc Inc., Pushes for Breakup

    Carl Icahn (Trades, Portfolio) spent the weeks before Christmas revving up for his latest activist play, buying millions of shares and call options for Manitowoc Co. Inc. (NYSE:MTW). The investor, who tells his Twitter followers he makes money “studying natural stupidity,” acquired 10,532,660 shares in aggregate, or 7.77% of the company, according to GuruFocus Real Time Picks.

    Icahn believed the shares were undervalued, he said in the SEC filing reporting the event. His price paid per share ranged from $16.83 to $19.30. The company’s shares surged 8.94%, or $1.87 per share, on Monday as news of Icahn’s stake surfaced. They closed at $22.79 each on Monday.


  • Donald Trump Sold all his Stock...Should We?

    When David Rubenstein, Philanthropist Co-Founder and Co-CEO of the The Carlyle Group, one of the most successful private equity firms in the world interviews Donald Trump, the most successful celebrity real estate developer, entrepreneur, and golf promoter, we should pay attention.

    Hosted at the Economic Club of Washington D.C. December 15, 2014, Trump spoke about running for president, utilizing bankruptcy as a business tool, and the economy. He provided candid advice on business including comments on selling his entire stock holdings. Based on GuruFocus'sStock Market "Significantly Overvalued" calculation, Trump's selling might be appropriate.


  • Carl Icahn Sees Opportunities in the Oil Sector

    Being stubborn turned Carl Icahn (Trades, Portfolio) into a man worth $23 billion.

    First, he finds something he’s certain of. Right now, he says that’s the near-doubling of Apple Inc.’s (AAPL) stock price.


  • 2013’s Guru of the Year – Carl Icahn’s Top 5 Stocks

    GuruFocus’ Guru of the Year for 2013 reported his first quarter portfolio holdings this week which highlighted 21 stocks valued at over $33.634 billion. This is quite a bit lower from the company’s second quarter stocks which were valued at $38.53 billion. Over the past quarter the guru bought into one new company, Hertz Global Holding (HTZ) and reduced his holdings in only one – Netflix (NFLX).

    The following five companies are Icahn’s top portfolio holdings as of the close of the third quarter.


  • Carl Icahn Calls for Correction; On High Yield bond, Apple (AAPL) buy backs.

    Carl Icahn (Trades, Portfolio) on High Yield bond, Apple (NASDAQ:AAPL) buy backs.  

  • Not all MLPs beholden to oil prices

    Behind the Numbers–one of my favorite research services–had some interesting comments on the MLP sector in today’s Thursday Thoughts.


  • The Broken-Leg Problem: Q&A with Abnormal Returns’ Tadas Viskanta about Deep Value

    Earlier this week I did a Q&A withAbnormal Returns’ Tadas Viskanta about Deep Value. Tadas sees more finance and investing content than anyone else, so it’s always interesting to see what he takes away from a topic:


  • Outspoken Guru Carl Icahn Is 'Driven to Excel'

    “I have to look out for the shareholder’s interests, and I’m the largest shareholder.” – Carl Icahn (Trades, Portfolio)


  • Carl Icahn Is Quite "Concerned" That Something Is Going To Happen To The Stock Market

    Icahn was busy yesterday also sitting down with CNBC. Some of his observations include:

    - Apple is a no-brainer at current prices


  • 36 Minutes With Activist Investing Legend Carl Icahn

    Icahn is long the stock market but is concerned that it is the environment being created by the Fed is the only thing holding prices up. Therefore he also has a big hedge on.

    Where he unquestionably thinks there is a bubble is in high yield.


  • Buybacks: The Rationale and the Evidence

    This behavior turns the stomachs of value investors, but it’s par for the course for most managers. The Henry Singletons are few and far between. No manager focused on intrinsic value could behave this way.

    These are sins of commission. Less visible, but equally impoverishing, are sins of omission: When undervalued, overcapitalized companies fail to grab a rare opportunity to buy back stock at a wide discount from intrinsic value. Where such unexploited opportunities exist, activists are incentivised to establish a position in the company and agitate to have management undertake a buyback. In Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations (Wiley Finance, 2014), I examined one such example of an undervalued, overcapitalized company that failed to take its opportunity until two activists stepped up the pressure, and the outstanding returns that followed.


  • Derek Jeter Retires This Week, But These Five Investing Legends Are Going Strong

    On Thursday, September 25, Derek Jeter will take the field at Yankee Stadium for the last time. A winner of five World Series and selected to the All-Star team fourteen times, he will be remembered as one of the greatest players of his generation and an all-around class act.

    Yankees fans are queuing up to say their goodbyes to the Captain, and there is a mini-bubble forming in ticket prices for the game. As of Tuesday, the average price of a ticket for the game had risen 30% over the preceding week to $845.41.


  • The Bottom Line by Carl Icahn

    The Bottom Line

    August 22, 2014

  • Book Review: Deep Value

    I really enjoyed Toby Carlisle's latest, Deep Value. There are a lot of books that offer compelling stories, but to my mind the plural of anecdote is not statistic. On the other hand, books heavy on the stats tend to bore their readers to sleep. For me, Deep Value was the perfect blend of real-life investing stories combined with the stats necessary to make for a convincing argument.

    Most chapters focus on a protagonist who is on a quest for better returns. You may recognize some of them, including Carl Icahn (Trades, Portfolio) and Warren Buffett (Trades, Portfolio), but you may not others (or at least I didn't), including Ron Brierley. In this way, the book reminded me a lot of (the heavily-recommended by Bill Gates (Trades, Portfolio) and Warren Buffett (Trades, Portfolio)) Business Adventures, but with a focus on investor activism rather than general business.

    But unlike a lot of books I have read, the story-telling does not complete the tale. Carlisle examines the factors that lead to success in activism, thus giving passive investors the opportunity to predict (statistically) which stocks are most likely to attract an activist. At this point, the book reminded me of Carlisle's previous book,Quantitative Value, which I also highly recommend.


  • At 78 Years Old, Carl Icahn Shows No Sign Of Slowing Down

    Carl Icahn (Trades, Portfolio) Chairman of Icahn Enterprices (NASDAQ:IEP) has bee on a roll as of late when it comes to his activist campaigns. He coming off his recent successful campaign to get Family Dollar (FDO) management to put the company up for sale.He recently sold his stake for a $200 million profit. Now he has set his sights onto Hertz (NYSE:HTZ) and Gannett Co. Inc (NYSE:GCI) where he quickly got involved with Hertz and still hasn't said what he wants or why he has taken a stake in Gannett. It is clear that, at 78, Carl Icahn (Trades, Portfolio) isn't slowing down his campaign against bad corporate governance or his public relations campaign for reforms in corporate governance.

    Gannett Co. Inc. (NYSE:GCI)


  • Guru Held Stocks Near 52-Week Lows

    As the market reaches new highs, I searched for stocks that have yet to participate in this year’s gains. Below are some of the most widely held stocks by the investing gurus that are trading near their 52-week lows.

    CA Inc (CA) closed at $28.65 on 9/2/2014, near its 52-week low of $27.84. The stock is down 20.89 percent from its 52-week high of $36.22 on 1/22/2014. CA is one of the world’s largest providers of information technology (IT) management software and solutions. The majority of the Global Fortune 500 relies on CA to help manage their IT environments. The company’s earnings were flat in fiscal year 2014 but are expected to increase by 19.3 percent in 2015. The dividend yield is a high 3.50 percent and should help provide some support for the price. The stock is held by 18 gurus we follow with James Barrow of Barrow, Hanley, Mewhinney & Strauss holding the largest position of 11.5 million shares, representing 2.59 percent of the shares outstanding.


  • TPCA: Assets for 35 Cents on the Dollar

    "Value investing is at its core the marriage of a contrarian streak and a calculator."~ Seth Klarman (Trades, Portfolio)

    Atlantic City is set to close another three casinos in a matter of days and the gaming business in the city is steadily dwindling. Raise your hand if you want to purchase a company whose largest property resides along “The Boardwalk.” My hand is not only up, it is vigorously waving because Tropicana Entertainment (TPCA) is currently selling at a large discount to its intrinsic value. Furthermore, its published book value is dramatically understanded--more on that later.


  • Carl Icahn Latest Pick

    In this article let's take a look at Carl Icahn (Trades, Portfolio), the well-recognized billionaire, who yesterday disclosed in a regulatory filing that he had accumulated a 8.48% stake in Hertz Global Holdings (NYSE:HTZ), a $13.56 billion market cap, which engages in both car and equipment rental businesses primarily in the U.S. and internationally.

    The filing


  • Carl Icahn Takes Stake in Hertz Calling Stock 'Undervalued'

    Carl Icahn (Trades, Portfolio) purchased 38.8 million shares, representing an 8.48% stake, of Hertz Global Holdings Inc. (NYSE:HTZ) throughout June, July and August, according to GuruFocus Real Time Picks.  

  • The Fact that Icahn is Long on Nuance Makes Me Feel Bullish

    In this article, let's take a look at Nuance Communications, Inc. (NASDAQ:NUAN), a $5.48 billion market cap company, which provides speech, imaging and keypad solutions for businesses, organizations and consumers worldwide.

    Acquisition strategy


  • Carl Icahn Bets on Hologic; Should You?

    In this article, let's take a look at Hologic Inc. (NASDAQ:HOLX), a $7.06 billion market cap company, which is a company that develops, manufactures and markets x-ray systems. It operates through four segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health.

    Two differences


  • Carl Icahn's Statement Concerning Dollar General’s Bid for Family Dollar

    August 18, 2014

    Rick Dreiling, CEO of Dollar General, made the following statement today during a conference call following his proposal to acquire Family Dollar.


  • Billionaire Carl Icahn Acquired 6.6 Percent of Gannett’s Shares

    According to Guru Focus Real Time Picks, on Aug. 4, activist investor Carl Icahn (Trades, Portfolio) bought shares of Gannett Co., Inc. (NYSE:GCI) at an average price of $34.32 and holds 14,967,373 shares, worth more than $500 million. The investor Icahn acquired about 6.6 percent of Gannett’s shares and options during the second quarter.

    So in this article, let's take a look at Gannett, a $7.8 billion market cap company, which is the largest newspaper publisher in the U.S. and operates as a media and marketing solutions company in the United States and internationally.


  • Guru of the Year – Carl Icahn’s Top Five Holdings

    GuruFocus’ Guru of the Year for 2013 reported his first quarter portfolio holdings this week which highlighted 19 stocks valued at over $38.53 billion. This is a notable jump up from the company’s first quarter stocks which were valued at $32.3 billion. Over the past quarter the guru bought into one new company, Gannett Co (NYSE:GCI) and sold out of Forest Laboratories (FRX).

    The following five companies are Icahn’s top portfolio holdings as of the close of the second quarter.

    Icahn Enterprises (IEP)

    Icahn’s largest position is in Icahn Enterprises where he holds a massive 105,842,442 shares of the stock. His position takes up 27.4% of his total portfolio and 89.33% of the company’s shares outstanding.


  • Carl Icahn Buys Gannett Co, eBay, Sells Forest Laboratories, Netflix, Family Dollar, Holds Herbalife

    Carl Icahn (Trades, Portfolio) Buys Gannett Co, eBay, Sells Forest Laboratories, Netflix, Family Dollar

    Legendary activist investor Carl Icahn (Trades, Portfolio) reported his latest portfolio. He buys Gannett Co Inc, Icahn Enterprises LP, eBay Inc, sells Forest Laboratories Inc, Netflix Inc, Family Dollar Stores Inc, Family Dollar Stores Inc, CVR Refining LP during the 3-months ended 08/04/2014, according to the most recent filings of his investment company, Icahn Capital Management LP.  

  • Carl Icahn's Recipe For Activist Investing Success - IEP Presentation

  • Herbalife Insiders Buy $1.7 Million In Company Stock

    On Thursday, July 31, the CFO, COO, and President of Herbalife bought a total of $1.7 million worth of their company’s stock to affirm their confidence in its business model. The purchases were detected on the Insiders page of GuruFocus.


  • Carl Icahn and Nelson Peltz Became More Millionaires

    In this article let's take a look at the much anticipated merger between Family Dollar (FDO) and Dollar Tree (NASDAQ:DLTR) that was announced yesterdar morning.

    The Deal


  • Carl Icahn Reduces Stake in CVR Refining He Increased in June

    Carl Icahn (Trades, Portfolio) sold 975,000 shares of CVR Refining LP (NYSE:CVRR) on July 24, according to Real Time Picks. He had just increased the position by 1,638% to 104,290,764 shares on June 30.  

  • Giant Hedge Fund Managers: Bill Ackman Against Carl Icahn

    Giant Hedge Fund Managers: Bill Ackman (Trades, Portfolio) Against Carl Icahn (Trades, Portfolio)

    In this article, let´s see the battle between two of the world’s major hedge fund managers Bill Ackman (Trades, Portfolio) and Carl Icahn (Trades, Portfolio).


  • Guru Held Stocks Trading At Deep Discounts To Cash Flows

    Using the GuruFocus All-In-One Screener, I scanned for stocks that are trading for less than 80 percent of their discounted fee cash flow value (FCF). For confirmation, I selected the stocks that were held by at least five of the investing gurus we follow. While further refining the list, I rejected the stocks that had decreasing cash flow figures for the last quarter. I used the GuruFocus DCF Calculator to determine the rate at which FCF would have to grow in order to justify the current prices of the stocks. The calculator uses a default discount rate of 12 percent to determine the value.


  • Seventy Seven Energy's High Debt Load Makes It An "Avoid"

    Seventy Seven Energy was up yesterday in a down market with the news that Carl Icahn (Trades, Portfolio) has a 9.97 percent stake in the company. He merely received the shares as a spin-off and did not actively purchase the shares. Many spin-offs have had great performances over the years, so I wanted to see if Seventy Seven’s stock fit the characteristics of a successful spinoff.


  • Investing Gurus To Follow For The Next 30 Years

    At GuruFocus we follow many of the top investment managers around the globe. I like to follow the investing gurus that are in control of a publicly traded company that I can buy. The gurus I follow include Warren Buffett (Berkshire Hathaway, BRK.A), Carl Icahn (Icahn Enterprises, IEP) and Prem Watsa (Fairfax Financial, TSX:FFH, FRFHF). All of their stocks have performed well over the years. We can still make money with these gurus, but for how long? Warren Buffett (Trades, Portfolio) is 83 years old and Carl Icahn (Trades, Portfolio) is 78. Prem Watsa (Trades, Portfolio) is the youngest of the three mentioned at 64. There are some great investment gurus in their early 50’s such as Daniel Loeb (Third Point Re, TPRE) and Tom Gayner (Markel, MKL) that we can follow for years, but I wanted to see if I could find gurus that are at even earlier stages in their careers.

    Three gurus under the age of 50 that we can potentially follow for decades to come are David Einhorn (Greenlight Capital Re, GLRE), Warren Lichtenstein (Steel Partners Holdings, SPLP), and Sardar Biglari (Biglari Holdings, BH). Each one is the chairman of their publicly traded company and makes investments that have direct effects on the performance of those companies. Another person to keep an eye on is Steven Toy, the chairman of the investment committee at Wilbur Ross’ Company, WL Ross & Company.


  • These Losing Stocks Are Now Outperforming

    In search of underperforming value stocks that are on the rebound, I used the GuruFocus All-In-One Screener to search for the following criteria:

  • Carl Icahn Buys a Drug-Turned-Real Estate Company

    In between rattling a succession of major corporations such as eBay (NASDAQ:EBAY) and Family Dollar (FDO), and channeling his activist prowess into the embattled Fannie Mae and Freddie Mac, Carl Icahn (Trades, Portfolio) has taken a stake in Cadus Corp (OTCBB:KDUS) according to GuruFocus Real Time Picks. Icahn bought 12,563,840 shares of the pharmaceutical-turned-real estate company on June 6, giving him a total of 17,824,678 shares, which represents 67.81% of the outstanding shares.

    Cadus Corp was founded in 1992 initially to develop yeast-based drug-discovery teachnologies. The company developed more than 25,000 genetically individual yeast strains capable of building hybrid yeast cells, as well as a technology that injected human genes into yeast cells to create hybrid yeast cells.


  • Family Dollar is Fully Valued After Icahn Bounce

    Carl Icahn disclosed his 9.39 percent stake in Family Dollar Stores (FDO). After the nearly 14 percent price increase in the stock, the total position is valued at about $738 million. The Schedule 13D filed with the SEC states that Icahn (Trades, Portfolio) intends to “seek to have conversations with member o the Issuer’s senior management and board of director to discuss the Issuer’s business and strategies to enhance shareholder value, which may include the pursuit of operating initiatives or the exploration of strategic alternatives.”

    Fox Business reported that Icahn (Trades, Portfolio) would consider pushing for a merger with rival Dollar General. According to market cap, Dollar General is 2.5 times larger than Family Dollar. Looking at the Family Dollar’s income statement, the pursuit of operating initiatives is another objective that can increase shareholder value. The company receives high scores from GuruFocus for Business Predictability (4/5), Financial Strength (7/10) and Profitability & Growth (8/10). Where the company is deficient is in its margins. Its net margin for the latest quarter was only 3.34 percent compared to net margins of 4.92 percent from Dollar General (DG) and 6.91 percent from Dollar Tree (DLTR). Getting the net margins on par with Dollar General will give the company a boost in income of 47 percent. I think that would be more rewarding for shareholders than a merger with Dollar General.


  • What Guru Investors Did with Bill Ackman's Herbalife in Q1

    When an investor as prominent as Bill Ackman (Trades, Portfolio) makes a short case of a public company, many other investors will either agree with him, or view it as an opportunity to take a long position on the ensuing dip. But in the case of weight-loss and nutrition company Herbalife (NYSE:HLF), its stock has had a tortuous ride since Ackman announced his short in 2012, as no ultimate determination about his thesis has been made. That didn’t stop fund managers from taking sides again in the first quarter.

    Ackman’s initial announcement of his $1 billion short against Herbalife in April 2012 immediately sunk the company’s stock by more than a third. In December 2012, it plunged again by about 38%. His victory was short-lived, however, when in the next year Herbalife’s soared to all-time highs.  

  • GuruFocus Guru of the 2013 Carl Icahn's Top First Quarter Holdings

    GuruFocus’ Guru of the Year for 2013 reported his first quarter portfolio holdings today which highlighted 19 stocks valued at over $32.3 billion. This is a notable jump up from the company’s fourth quarter stocks which were valued at $30.4 billion. Over the past quarter the guru bought into one new company, eBay (EBAY) and only made one reduction in Netflix (NFLX).

    The following five companies are Icahn’s top portfolio holdings as of the close of the first quarter.


  • Carl Icahn - His Activist Investing Benefits Boards

  • Carl Icahn’s Latest and Biggest Mistake

    During the last decade North America has received great interest on the part of oil explorers and producers. The reasons are not hard to understand. It is close to the U.S. where the most important oil and gas companies have their headquarters. Also, political stability has been a key characteristic not shared with the Middle East and Africa. When compared with the North Sea, the advantage is benevolent weather conditions. However, it is far from the biggest shipyards, and reserves continue to dwindle at a fast rate.

    Nonetheless, companies continue to invest in the region and not even the worst ecological disaster, or elaborate legislation, can stop onshore gas and offshore oil production. Talisman Energy (TLM) is one of the companies with a great exposure to North America, with almost 50% of its production done there. So, what does the future hold for the firm?


  • Carl Icahn on Apple, Ackman and Valeant, and Seeding Activist Funds

  • Carl Icahn Interview - eBay, Major Correction Prediction

  • Analysis of Guru Companies: Jim Tisch, Loews Corp

    Of the gurus we follow at GuruFocus six have publicly traded companies that are directly affected by their investments. So far I have discussed Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (BRK.A), Carl Icahn (Trades, Portfolio)’s Icahn Enterprises (IEP), Ian Cumming (Trades, Portfolio)’s Leucadia National (LUK), and Prem Watsa (Trades, Portfolio)’s Fairfax Financial (FFH:TSX, FRFHF). The next stock I am discussing is Jim Tisch’s Loews Corp (L).



  • Avoid Risk to Prosper

    As previously noted, there are a growing number of very smart investors and strategists who have made negative comments about the stock market in recent months.

    James Montier, Seth Klarman (Trades, Portfolio), Carl Icahn (Trades, Portfolio) and a host of other very smart investors have pointed out that the market is on the high side of fair — and investors are exposed to a good chance of significant losses and low forward returns.


  • Analysis of Guru Companies: Carl Icahn, Icahn Enterprises LP

    Of the investing gurus we follow at, six have publicly traded companies that are directly affected by their investments. So far I discussed Warren Buffett (Trades, Portfolio) and his company, Berkshire Hathaway. The next stock I am discussing is Carl Icahn (Trades, Portfolio)’s, Icahn Enterprises LP (NASDAQ:IEP).

    The Guru


  • Carl Icahn - A Watershed Moment for Stockholder Participation


    New York, New York, March 26, 2014 – Today Carl C. Icahn released the following article.


  • eBay's Letter to Shareholders Regarding Carl Icahn's Breakup Proposal

    March 24, 2014

    Dear Fellow Shareholder:


  • Carl Icahn on PayPal Spin-Off, Defending Herbalife

  • The Buyback Bonanza Boost

    With the S&P 500 off -1% from its all-time record high, many bears have continued to wait for and talk about a looming crash. For the naysayers, the main focus has been on the distorted monetary policies instituted by the Federal Reserve, but as I pointed out in Fed Fatigue is Setting In,QE and tapering talk are not the end-all, be-all of global financial markets. One need not look further than the dozen or so countries listed in the FT that have bond yields below the abnormally low yields we are experiencing in the U.S. (10-Year Treasury +2.75%).

    Although there are many who believe a freefall is coming, much like a trampoline, a naturally occurring financial mechanism has provided a relentless bid to boost stock prices higher…a buyback bonanza! How significant have corporate stock repurchases been to spring prices higher? Jason Zweig, in his Intelligent Investor column, wrote the following:


  • Carl Icahn's Open Letter to Stockholders of eBay Inc.


    New York, New York, March 19, 2014 – Today Carl C. Icahn released the following open letter to stockholders of eBay Inc.


  • Forest Laboratories' Recovery

    Organized in 1956, Forest Laboratories Inc. (FRX) is a pharmaceutical corporation focused on the in-licensing drugs for development. Its products include those developed by it and those acquired from other pharmaceutical companies and integrated into its marketing and distribution systems. Forest and it subsidaries develop, manufacture and sell branded forms of ethical drug products, most of which are only available with written instructions from a physician. Forest emphasizes detailing to physicians of those branded ethical drugs that have the most potential for growth and benefit for patients. The company mainly sells its drugs in the U.S., but has a small international presence.

    Forest also has well-established franchises in therapeutic areas of the central nervous, cardiovascular and respiratory systems, as well as R&D (research and development) programs addressing a great range of health conditions. Last fiscal year, the company posted total revenues of $3.1 billion, down 31.8%, mostly due to the loss exclusivity on the antidepressant Lexapro and the massive hole that left.


  • Weekly 3-Year Low Highlights: RIG, REN, CHU, TLM

    According to GuruFocus list of 3-year lows; Transocean Ltd, Resolute Energy Corp, China Unicom (Hong Kong) Ltd, and Talisman Energy Inc. have all reached their 3-year lows.

    Transocean Ltd (NYSE:RIG) Reached the 3-year Low of $38.79


  • Carl Icahn's Open Letter to Shareholders of eBay Inc.




  • GuruFocus Adds Two New Dividend Growers

    During the past week, GuruFocus recognized two additional companies as dividend growers. In order to be qualified for this list, the company had to:

  • Carl Icahn on eBay Board Rejections, Bill Ackman's 'Insane' Herbalife Crusade

  • Carl Icahn Will Fail… But He’s Not Totally Wrong

    After failing (for now) to convince Apple to return its massive cash reserves to shareholders, Carl Icahn (Trades, Portfolio) has turned his activist mind to eBay (NASDAQ:EBAY) launching a full blown offense on its executives and board. If you have not yet heard about it, I highly recommend that you take a look at some of these posts:

    -Icahn says eBay corporate governance is worst ever

  • Carl Icahn on Tim Cook, Skype, eBay Governance

  • Carl Icahn on Mt. Sinai, eBay and Washington

  • Carl Icahn's Letter to EBAY Shareholders

    Dear Fellow eBay (NASDAQ:EBAY) Stockholders,

    We have recently accumulated a significant position in eBay’s common stock because we believe there is great long-term value in the business. However, after diligently researching this company we have discovered multiple lapses in corporate governance. These include certain material conflicts of interest, which we believe could put the future of our company in peril. We have found ourselves in many troubling situations over the years, but the complete disregard for accountability at eBay is the most blatant we have ever seen. Indeed, for the first time in our long history, we have encountered a situation where we believewe should not even have to run a proxy fight to change the board composition. Rather, we believe that in any sane business environment these directors would simply resign immediately from the eBay Board, either out of pure decency or sheer embarrassment at the public exposure of the extent of their self-serving activities.


  • Corporate Raider Carl Icahn Believes Corporate Governance in the U.S. Is Dysfunctional

    Carl Icahn (Trades, Portfolio) sits down with Fox Business News to discuss many topics.

    One of them is corporate governance, which Icahn believes is dysfunctional in the U.S.


  • GuruFocus Guru of the Year Carl Icahn's Top Fourth Quarter Holdings

    GuruFocus’ Guru of the Year for 2013 reported his fourth quarter portfolio holdings today which highlighted 18 stocks valued at over $30.4 billion. This is a significant jump up from the company’s third quarter stocks which were valued at $24.6 billion. Over the past quarter the guru bought into one new company, Hologic (NASDAQ:HOLX), and sold out of Take-Two Interactive Software (NASDAQ:TTWO).

    The following five companies are Icahn’s top portfolio holdings as of the close of the fourth quarter.


  • Billionaire Investor Carl Icahn Tells Fox Business That Banks Should 'Go Back to Glass-Steagall'

    In an interview to appear tonight on FOX Business Network’s (FBN) Cavuto (6PM/ET), billionaire investor Carl Icahn (Trades, Portfolio) speaks with anchor Neil Cavuto about his position in Apple and about the economy overall. Icahn discusses Apple, saying, “I absolutely have no intention of selling” Apple stock and that, “I think Apple is one of the cheapest stocks around.” When asked about Apple’s management, Icahn says, “We like the management there. It is a little unique for us because usually we don’t like the manager.” Ichan goes on to speak about the Volcker Rule and says, “I think the Volcker Rule is fine. I think what they should do is go back to Glass-Steagall…a lot of my friends at these investment banks are going to be real mad at me for saying it, but I really think that was one of the problems in ‘08.” When asked about New York City Mayor Bill de Blasio, Icahn says, “I’m not a fan of the mayor.”

    Excerpts from the interview are below.  

  • Carl Icahn Plugs Apple Again

    Investor Carl Icahn (Trades, Portfolio) this afternoon continued his vocal campaign to convince the masses – and CEO Tim Cook – of the unwarranted discount of Apple (NASDAQ:AAPL)’s current stock price.

    First, Icahn vouched for the continued creative fertility of the company, telling his Twitter followers:


  • Sam Zell to Bloomberg TV: Tom Perkins Right That Top 1% Unfairly Targeted

    Sam Zell, billionaire investor and chairman and co-founder of Equity Group Investments, spoke with Bloomberg Television's Betty Liu today about the real estate and financial markets as well as Microsoft's new CEO, Satya Nadella and Obama's new policies.

    When asked about Tom Perkins's letter and comments, Zell said: "I guess my feeling is that he’s right. The 1 percent are being pummeled because it’s politically convenient to do so."


  • Why Carl Icahn Likes Apple

    Two days ago, Carl Icahn (Trades, Portfolio) divulged straight to the public via Twitter that he had sunk another $500 million into Apple Inc. (NASDAQ:AAPL). That day, his total Apple investment rose to $3.6 billion. Icahn called Apple’s value a “no brainer,” but later offered a lengthy discourse on just what it actually entailed, as he vies for a larger share buyback from the company.



  • Billionaire Investor Carl Icahn Tells Fox Business That He Intends to Buy Even More Apple Stock

    Billionaire investor Carl Icahn (Trades, Portfolio) spoke with FOX Business Network’s (FBN) Charlie Gasparino about his positions in Apple (NASDAQ:AAPL) and Herbalife. He discussed his $500 million purchase of Apple stock today, saying, “we think it's really very undervalued, and the board is doing a major disservice by not using this greatest horde of cash in history.” Icahn went on to say Apple is “doing me a favor, because they're letting me buy the stock here at this value instead of buying it themselves.” When asked whether he plans to buy more Apple stock, Icahn said, “yes, we presently intend - at these values - to continue.  I think it's very cheap.” Icahn also commented on Herbalife (NYSE:HLF) saying, he hasn’t “sold any shares” and that he thinks “it is very undervalued.”

    Excerpts from the interview are below.


  • Why Apple Should Increase Its Buyback in Seven Pages by Carl Icahn

    Dear Fellow Apple Shareholders,

    Over the course of my long career as an investor and as Chairman of Icahn Enterprises, our best performing investments result from opportunities that we like to call "no brainers." Recent examples of such "no brainers" have been our investments in Netflix, Hain Celestial, Chesapeake, Forest Labs and Herbalife, just to name a few. In our opinion, a great example of a "no brainer" in today's market is Apple (NASDAQ:AAPL). The S&P 500's price to earnings multiple is 71% higher than Apple's, and if Apple were simply valued at the same multiple, its share price would be $840, which is 52% higher than its current price.1 This is a dramatic valuation disconnect that simply makes no sense to us, and it seems that the company agrees with us on this point. Tim Cook himself has expressed on more than one occasion that Apple is undervalued, and as the company states, it already has in place "the largest share repurchase authorization in history." We believe, however, that this share repurchase authorization can and should be even larger, and effectuating that for the benefit of all of the company's shareholders is the sole intention of our proposal. The company has recommended voting against our proposal for various reasons. It seems to us that the basis of its argument against our proposal is that the company believes, because of the "dynamic competitive landscape" and because its "rapid pace of innovation require[s] unprecedented investment, flexibility and access to resources", it does not currently have enough excess liquidity to increase the size of its repurchase program. Assuming this indeed is the basis for the company's argument, we find its position overly conservative (almost to the point of being irrational), when we consider that the company had $130 billion of net cash as of September 28, 2013 and that consensus earnings are expected to be almost $40 billion next year. Given this massive net cash position and robust earnings generation, Apple is perhaps the most overcapitalized company in corporate history, from our perspective. Regardless of what liquidity it may require with respect to "unprecedented investment, flexibility and access to resources" for innovation moving forward, we believe the unprecedented degree to which the company is currently overcapitalized would overcompensate for any such investments (including possible investments in strategic M&A, to which the company does not refer). Said another way, we believe that the combination of the company's unprecedentedly enormous net cash balance, robust annual earnings, and tremendous borrowing capacity provide more than enough excess liquidity to afford both the use of cash for any necessary ongoing business-related investments in addition to the cash used for the increased share repurchases proposed.


  • Carl Icahn Just Added Another $500 Million of Apple to His Portfolio - Should You?

    The famous Carl Icahn (Trades, Portfolio) of Icahn Capital Management LP, who happens to be a very active and successful investor, very recently tweeted about his increased stake in the mighty Apple Inc. (NASDAQ:AAPL) and following this news, the price of the stock rose as much as 1.5%. The Princeton graduate has been very keen on Apple shares for some time now and in his words Apple is “one of the greatest no-brainers of all time.”

    With an addition of another $500 million worth of shares, Icahn’s total investment in the iPhone maker has moved well above $3 billion and he intends to buy even more. This is the third time that he has upped his stake in the company in the past six months. And it’s not just Icahn, but other hedge fund gurus as well who have huge faith in the stock. For David Einhorn (Trades, Portfolio) of Greenlight Capital, Apple happens to be one of his largest stock investments, and he has added to his stake in the company from time to time.


  • Carl Icahn Just Minutes After Discussing Apple Reveals eBay as Yet Another Target

    Warren Buffett (Trades, Portfolio) suggests that investors pretend they have a punchcard that allows them to make only a limited number of investments over their careers.

    If Carl Icahn (Trades, Portfolio) has one of those punchcards, he must have blisters from punching holes.


  • Carl Icahn Refutes Hertz Buying Rumors

  • Carl Icahn Discusses Apple After Buying $500 Million More Shares

  • Carl Icahn - Takeover Man (60 Minutes)

  • Apple’s Board Asks Shareholders to Reject Carl Icahn’s Newest Proposal and CEO Tim Cook Drops Shares

    On Dec. 27 Apple’s Board issued a preliminary proxy statement with the Securities & Exchange Commission (SEC) regarding its upcoming shareholder meeting in February. Among the proposals that are to be addressed in this shareholder meeting is Guru, Carl Icahn’s, buyback proposal. The guru, known for his activist investing, is not afraid of getting his hands a little dirty as we saw earlier this year with the Dell (DELL) debacle.

    But in regards to Apple (NASDAQ:AAPL), Carl Icahn requested that the company buy back no less than $50 billion of its shares during the fiscal year ending in September. It is this proposal that Apple’s board is trying to deter its other shareholders from voting for.


  • Guru Investor of the Year 2013 – Carl Icahn

    GuruFocus readers several weeks ago nominated gurus who in their mind best navigated the unique circumstances of 2013. With 34.7% of total votes cast, they have now picked Carl Icahn as GuruFocus Guru of the Year. The multi-approach investor stole the spotlight this year, launching a number of high-stakes and highly publicized maneuvers. As second, readers ranked Warren Buffett’s two new managers at Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B), Todd Combs and Ted Weschler, with 24.2% of votes. Following them are David Tepper (18.6%), Bruce Berkowitz (17.3%) and David Einhorn (5.2%).

    Icahn invests through three vehicles: two hedge funds, Icahn Partners and Icahn Management LP, and a private equity firm, American Real Estate Partners. Over the past decade, he returned on average annually 20%.

    Icahn’s stock portfolio, valued at $24.6 billion, is diversified among a variety of sectors: industrials, energy, consumer capital, technology and health care. He also holds large, activist stakes in several companies, including Nuance Technologies (NUAN), Talisman Energy (TLM), Hologic Inc. (NASDAQ:HOLX), Transocean Ltd. (NYSE:RIG) and Netflix (NASDAQ:NFLX).

    In decades past, the investor became known for strong arming companies into making changes. His approach has softened somewhat, though he made his mark on several companies this year that he felt were not serving shareholders to their fullest. In March, he famously attempted (and ultimately failed) to save Dell (DELL) investors from what he believed was a low-ball offer from its founder, Michael Dell, to take the company private. He also for several months ending in November battled (successfully) for Transocean (NYSE:RIG)’s board to increase its dividend to $3 and reduce its number of board seats.

    Perhaps most notable of Icahn’s escapades this year, in December he pressured Apple (NASDAQ:AAPL) CEO Tim Cook to return $50 billion to shareholders in the form of share buybacks. For months this year, he also insisted the company raise its dividend.

    In a stroke of genius on the open market, Icahn joined George Soros early in the year in making a long bet in favor of Herbalife (NYSE:HLF), just after Bill Ackman made a public short case against the company, imploding its stock. Year to date, Herbalife stock has soared 168%. In August, Icahn told Fox news he ultimately realized a $500 million profit on the position.

    Going forward, Icahn sees an unfavorable environment for stocks. He told Reuters in November: "I am very cautious on equities today. This market could easily have a big drop… Very simplistically put, a lot of the earnings are a mirage. They are not coming because the companies are well run but because of low interest rates."

    However, the outlook for his brand of activism holds more promise, in his view, as he said through Icahn Enterprises in November:

    “Most importantly to current IEP unit holders is that in my opinion there has never been a better time than today for activist investing, if practiced properly. Several factors are responsible for this: 1) extremely low interest rates, which make acquisitions much less costly and therefore much more attractive, and 2) the current awareness by many institutional investors that the prevalence of mediocre top management and non-caring boards at many of America's companies must be dealt with if we are ever going to end high unemployment and be able to compete in world markets. I believe that the greatly increasing need for a catalyst to make acquisitions possible and to make mediocre managements accountable will be of meaningful benefit to IEP in future years. As a corollary, I expect that low interest rates will greatly increase the ability of the companies IEP controls to make judicious, friendly or not so friendly, acquisitions.”

    He also reminded investors, “An investment in IEP stock made at the beginning of 2000 has increased by approximately 1,500%, or an average annual return of 22%, through October 31, 2013.”


    See Carl Icahn’s portfolio here.

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  • Apple Explains to Shareholders Why It Is Rejecting Carl Icahn's $50 Billion Buyback Proposal


    Shareholder Proposal of a Non-Binding Advisory Resolution Relating to the Company’s Capital Return Program


  • Herbalife: Is Bill Ackman Right or Wrong?

    It's tough to be sure whether Bill Ackman, the Pershing Square founder and a savvy investor, is right or wrong about his Herbalife (NYSE:HLF) short position. After all, the stock is up by more than 130% year-to-date and Ackman is losing well over $500 million. In addition, other great investors such as George Soros and Carl Icahn have made fortunes by betting on the company's shares. That said, it's tough to deny the company has been defending itself in dubious manners against the investor's tough accusations.

    Tough Accusations


  • The Cash Return Boom

    With interest rates still at record lows (borrowing money is still very cheap), the U..S economy healing fast and activist investors such as Daniel Loeb and Carl Icahn more active than ever, companies are returning cash at a steady pace. According to the Wall Street Journal, “Combined stock buybacks and cash dividends totaled $207 billion in the three months ended Sept. 30, which also marked the highest level since the fourth quarter of 2007.” Let's take a look at two companies that are among those large capitalization players that should keep increasing their cash returns to shareholders.


  • It Might Be the Time for Beer

    After a couple of capital increases and what looks like a weak strategy for its growth in different South American countries, Chile's beer king Compania Cervecerias Unidas (NYSE:CCU) – most commonly knows as CCU - is selling at a steep discount to its peers. In other words, being down by 23% year to date, I think it might be the time to start thinking of buying CCU's shares.

    A Weak Growth Strategy


  • Herbalife Spikes on News of Re-Audited Financials - Carl Icahn Says Stock Is Still Undervalued

    Herbalife (NYSE:HLF) got some good news with the results of its re-audited 2010 to 2012.  

  • Hologic’s Opportunity (Icahn Sees It. Do You?)

    Hologic Inc. (NASDAQ:HOLX) is a company that develops, manufactures and supplies medical imaging systems, and diagnostic and surgical products serving the health care needs of women. It has a very strong presence in breast health and diagnosis, the largest of their four market segments GYN surgical and skeletal health being the two other big ones. The firm sells and services its products in an overly competitive market through a combination of direct sales and service forces, and a network of independent distributors and sales representatives.

    Hologic’s sales this year have dropped by 5.4 percent while the firm’s debt remains substantial. So, one question arises: Is it time to sell or time to be patient?  

  • Five-Year lows: Frank’s International NV, Eldorado Gold Corp, TransAlta Corporation, CVR Refining LP

    According to GuruFocus list of five-year lows, these Guru stocks have reached their five-year lows: Frank’s International NV, Eldorado Gold Corp., TransAlta Corporation and CVR Refining LP.

    Frank's International NV (NYSE:FI) Reached the Five-Year Low of $26.39  

  • Apple: Supporting Carl Icahn

    A few months ago, Carl Icahn, who is one of Apple's (NASDAQ:AAPL) largest shareholders, asked for a $150 billion share buyback. Icahn agreed with another successful activist investor, David Einhorn, who also believed that through a $150 billion buyback Apple's shares could soar by a third. That said, the former corporate rider now seems to be satisfied with a much more humble $50 billion buyback. What has happened?

    A Master Negotiator  

  • Nominate Guru of the Year 2013

    A year of momentous events and generally upbeat market is winding down. Therefore, it’s time to look back at which money manager stood out the most and name them Guru of the Year 2013.

    Last year, the Fairholme Fund’s Bruce Berkowitz won the title with 46.7% of the votes, followed by David Tepper and Prem Watsa. Berkowitz garnered much notice last year as his fund returned from a 32.43% decline in 2011 to a 36.8% gain in 2012, when the troubled banks he bet too early on began to turn around.  

  • New Guru Stock Adds - Icahn and Nuance, Gabelli and Layne Christensen

    Carl Icahn made his second purchase of Nuance Communications (NASDAQ:NUAN) in the fourth quarter, boosting his holding by 1,376,600 shares to 60,310,323 shares on Dec. 6 to Dec. 10, according to GuruFocus Real Time Picks. This expands his ownership stake in the company from 18.99% to 19.06%.

    Corporate activist Carl Icahn has shown acute interest in Nuance Communications this year. He started a position with the company in the first quarter, buying just under 4 million shares when the price averaged $21. He then aggressively added to the position in the second and third quarters, buying more than 27 million shares and 20 million shares when the price averaged $20 and $19, respectively.  

  • On Following Great Investors

    According to the press, some great activist investors such as Carl Icahn and Daniel Loeb are now selling their stakes in different companies. As a matter of fact, last week, Icahn and Keith Meister, from Corvex Management, sold their stakes at Take-Two Interactive Software (NASDAQ:TTWO) and ADT Corporation (NYSE:ADT), respectively. Meanwhile Loeb liquidated his huge position in Yahoo (NASDAQ:YHOO) earlier this year. Should you always follow great investor’s moves?

    Follow Process Not Trades   

  • Billionaire Buzz on Three Tech Stocks

    Nuance Communications Inc. is creating a buzz with voice recognition and language-smart technologies that can enhance productivity across a number of industries. The company reported financial results for its fourth quarter of fiscal 2013, ended Sept. 30, 2013, with revenue of $472.2 million (GAAP), up from $468.8 million in the same quarter of fiscal 2012. Also in the fourth quarter of fiscal 2013, the company reported a net loss of ($32.3) million (GAAP), translating as a loss of ($0.10) per share. In the same quarter a year ago, Nuance’s net income was $117.6 million, with earnings of $0.36 per diluted share. The company reported $93.5 million cash flow from operations in the reporting quarter, compared to cash flow a year ago at $141.5 million.

    Here’s an update on NUAN, championed by Guru Carl Icahn, and two more technology stocks creating a billionaire buzz.  

  • Guinness Peat - Value Contest

    Guinness Peat Group (GPG) dominates its industry, is managed in the interest of shareholders, is financially strong and most importantly, it can be bought at a huge discount to its fair value.

    I - Business and History

  • Two Seats and a 3.3% Icahn Effect – Should We Buy Talisman Energy?

    The oil and gas industry is highly competitive, and this could adversely affect companies’ profitability, as well as their ability to grow and manage their businesses. Companies have implemented strategies like expanding in international markets, redirecting capex toward rich projects and asset divestitures for growing. Let's take a look at Icahn´s last trade and try to explain to investors the reasons of this investment in this complex environment.

    On Dec. 2, Carl Icahn bought Talisman Energy Inc. (TLM), a company that engages in the exploration, development, production, transportation, and marketing of crude oil, natural gas, and natural gas liquids, mainly in North America, the North Sea and Southeast Asia.  

  • Nuance Seems to Be Icahn's Most Innovative Company

    On Dec. 4, Carl Icahn added Nuance Communications Inc. (NASDAQ:NUAN) for the sixth time in the last five months. Nuance provides speech, imaging and keypad solutions for businesses, organizations and consumers worldwide. Let's take a look at this company and try to explain to investors the reasons this is an apparently appealing investment opportunity.

    Next-Generation Dragon Drive  

  • Gurus' Favorite Euro Stocks for Europe's Drop

    Europe saw a steep market drop today. European stocks are down to three-week lows, with declines almost across the board, as 90% of the top 600 stocks are in negative territory, according to CNBC. Weak data precipitated the drop.

    This follows mixed results in November. According to Hedge Fund Research Inc.:  

  • Head-to-Head: Jean-Marie Eveillard and Carl Icahn

    The oil & gas industry is looked upon consistently for long-term investment. Most importantly, successful stories can turn into nightmares very quickly due to the industry’s volatility. Here, I will look at one success story, Chesapeake Energy (NYSE:CHK), and another not so fortunate company, Devon Energy (NYSE:DVN).

    Falling piece by piece  

  • The Most Bought Guru Stocks of Q3

    Now that all investors GuruFocus tracks have reported their third quarter portfolios, data on their buying and selling trends is available. Though the investors are independent thinkers, many seek similar characteristics in a stock, and thus some will agree on the attractiveness of certain securities during a given quarter. This quarter, the stocks with the highest consensus guru buying were: Microsoft (NASDAQ:MSFT), Oracle (NYSE:ORCL), Apple (NASDAQ:AAPL) and Exxon (NYSE:XOM).

    The Stocks  

  • Debacle Between Hedge Fund Titans on Herbalife Is Getting Ludicrous

    Bill Ackman just appeared on Bloomberg TV on his short position of Herbalife. Head over here for the full interview. Also, take a vote on Ackman's short trade here.

    Here are the 7 hallmarks of a pyramid scheme from the SEC (Ackman says it exhibits all 7):  

  • Carl Icahn Is Interested in Health Care Needs of Women

    Let´s start looking at the "big picture." The Health Care Equipment sub-industry will remain strong due to the increasing age of the population. Also, two important factors to consider are the increase in the industry’s clientele, and the ability to manage this new clientele in a more efficient way, with improved technology and better health care equipment. With this promising outlook, let's take a look at Icahn´s last trade and try to explain to investors the reasons of this appealing investment opportunity.

    On Nov. 11, Carl Icahn bought Hologic Inc. (NASDAQ:HOLX), a company that develops, manufactures, and markets x-ray systems. It operates through four segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health.  

  • Carl Icahn Eyes Next Target with 13% Stake in Hologic

    After shaking up Dell (DELL) and Apple (NASDAQ:AAPL) this year, billionaire investor Carl Icahn has set his sights on his next target: Hologic Inc. (NASDAQ:HOLX). Icahn reported today in a 13D activist filing with the SEC that he has taken a 12.63% stake in the company, equal to 34,154,879 shares, costing in aggregate $285.4 million.

    Icahn said he acquired the position because he believed the stock was undervalued. He also intends to initiate discussions with the management about ways to enhance shareholder value, and possibly seek shareholder board seats.  

  • Guru Investors Divide Over Apple in Q3

    Apple was a boon to many portfolios over its rally from 2009 through Sept. 2012, when the stock climbed from under $100 to peak at over $700 per share. This year, as it fell to an average of $464 in the third quarter, competition increased and the question of innovation after the loss of its luminary Steve Jobs continued, noted investors voiced varying opinions about the company’s valuation and prospects, and bought and sold shares accordingly.

    David Einhorn  

  • Carl Icahn’s Top Held Stocks

    Carl Icahn had a busy third quarter, highlighted by losing his battle to Michael Dell and fighting for more share buybacks with Apple. The guru made notable moves by selling out of his positions in WebMD, Hain Celestial and Dell and buying in to Apple and Talisman Energy over the past quarter.

    Icahn’s most recent portfolio update includes 18 stocks valued at $24.635 billion. The following five companies represent Icahn’s top five heaviest weighted stocks held in his Icahn Capital Management portfolio.  

  • Carl Icahn Versus James Barrow - Offshore Drilling or E&P?

    Disasters in the oil and gas industry tend to bring additional scrutiny over the industry. For example, after the Exxon Valdez Oil Spill, the U.S. Congress passed the Oil Pollution Act of 1990, excluding single-hull tank vessels from U.S. waters. More recently, following the Deepwater Horizon incident safety regulations and inspections have been subject of tight scrutiny. These two incidents are industry landmarks and helped the public to become aware of the risks associated with environmental damage, and Transocean (NYSE:RIG) and Occidental Petroleum (NYSE:OXY) stand at opposite ends of the environmental record according to EPA.

    The Worst May Be Over, but Issues Remain  

  • Icahn Did It Again

    This week, Transocean (NYSE:RIG) announced an agreement with the Icahn Group, which owns around 6% of the company's shares. This means that Carl Icahn has successfully forced Transocean to take some of the actions the billionaire investor has been claiming for a while. The changes that Icahn forced were mainly three:

    [list type=A]
  • A 33% increase in Transocean's cash dividend up to $3 per share from $2.24 per share (Icahn had been asking for $4 a share).  

  • Hey Carl - Follow Warren's Example to Convince Apple You'll Be Here Long Term

    Carl Icahn is certainly enjoying his time in the spotlight – and between CNBC and Twitter that spotlight never seems to go away. Recently, Carl has been in the news for his stake in Apple (AAPL). He recently sent a letter to CEO Tim Cook – here’s a reprint:

    Dear Tim:

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