Forbes.com: Carl Icahn Unleashed: Wall Street's Richest Man Is On The Attack -- Just Ask Michael Dell
by Steven Bertoni, Forbes Staff
"Icahn now describes his business philosophy as Graham & Dodd investing with a kick and is prone to compare himself with the greatest Graham & Dodd practitioner ever, Warren Buffett. Since 2000 Icahn Enterprises has had a total return of 840%. Berkshire Hathaway? 250%. Yet the markets value Buffett’s involvement at a premium, while you can buy Icahn enterprises at a discount to net asset value. That’s because, despite Icahn’s comparison, there’s little in common between the two, other than a desire to shake up the world at an age when most of their peers stay sharp with crossword puzzles. Buffett looks for market inefficiencies involving great companies, which he buys with an intended holding period of “forever.” Icahn will occasionally hold on to companies, but his time horizon is far more erratic. His deal prism runs through the chip on his shoulder and his thirst for the kill, two traits that hold whether you’re a raider or an activist."