Carl Icahn

In life and business, there are two cardinal sins. The first is to act precipitously without thought and the second is to not act at all
I look at companies as businesses, while Wall Street analysts look for quarterly earnings performance. I buy assets and potential productivity. Wall Street buys earnings, so they miss a lot of things that I see in certain situations
The real money that I made over the years, was holding investments for 7, 8, and 9 years. You got to buy when nobody wants them. When everybody hates it, you buy them. Then when everybody wants it, you sell it to them
When nobody wants something, that creates an opportunity
When most investors, including the pros, all agree on something, they’re usually wrong
Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity
Sooner or later we’re going to be run by morons
We want these assets to be productive. We buy them. We own them. To say we care only about the short term is wrong. What I care about is seeing these assets in the best hands
In takeovers, the metaphor is war. The secret is reserves. You must have reserves stretched way out ahead. You have to know that you could buy the company and not be stretched
I can go in and save 30% in almost any company because there is so much waste and mismanagement
I learned a long time ago that in big business and big poker, there are no nice guys
Our hidden asset is [our] basically good labor relations
In this [takeover] game, if you have the stock, you should win. The guy who has the most stock and the fortitude to hold on to it can go ahead and can win this thing. But it’s a tough game
If you can keep your head when all those around you are losing theirs and blaming it on you
I have to look out for the shareholder’s interests, and I’m the largest shareholder,” Icahn on the good that his brand of investing does for other investors and the markets as a whole
In risk there is reward
In 2008, people who invested in hedge funds needed capital badly, but many of the funds would not return their money. However, I gave money back to any investor who requested it. It was the bottom of the market and a pretty tough time
I enjoy the hunt much more than the ‘good life’ after the victory

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