8 Investing Quotes from Carl Ichan | Investing Strategy

Carl Icahn is a legendary activist investor who’s brash & outspoken Strategy of investing has made him a billionaire, with an estimated net worth of $16.7 Billion. 

As an activist investor Ichan analyses poorly run companies where he believes a change in management strategy will improve the company & increase shareholder value.  

To accomplish this Carl Icahn buys up a vast amount of shares in a company at opportune moments in order to gain voting rights for shareholders. This can even result in a hostile takeover if not approved by the board of directors or stubborn management who may fear for their jobs. 

Ironically many shareholders welcome Carl Ichan’s presence as an investor as they know he will hold management accountable for their decisions. 

Fun Fact: Carl Icahn is known for his public fights with another Legendary Activist Investor Bill Ackman. This occurred during the Herbal Life investment, where both activists took opposing positions & argued very personally on public TV!  

INVESTING Strategy:  Activist Investor, Contrarian, Value Investor

8. The thrill is in the chase

“I enjoy the hunt more than the good life after the victory”. This is another way of saying the thrill is in the chase.
It is clear Carl Ichan and many legendary investors such as Warren Buffett love the game. As it is obvious they are extremely wealthy but still love the game. 

7. Keep your head

“Keep your head when everyone around you is losing theirs”. This is an extract from Carl Ichan’s favourite poem. “If” by Rudyard Kipling.

“If you can keep your head when all about you   

    Are losing theirs and blaming it on you,   

If you can trust yourself when all men doubt you,

 

If you can talk with crowds and keep your virtue,   

    Or walk with Kings—nor lose the common touch,

If neither foes nor loving friends can hurt you,

 

Yours is the Earth and everything that’s in it,   

    And—which is more—you’ll be a Man, my son!

The extract of the poem really speaks to Carl Ichans controversial investing style. He is an independent thinker who isn’t afraid to rock the boat. 

6. Invest into what nobody wants

“When nobody wants something that creates an opportunity”. As humans we naturally tend to have “herd mentality” and wish to follow others especially if they look like “experts”.

However, this can often leave to bubbles and market crashes. When everyone hates a certain stock and their is bad news in the air that can create an opportunity. 

5. Focus on not being stupid

“Some people study artificial intelligence, I got rich studying natural stupidity” . This is an hilarious quote by Carl Ichan. Great play on words but very true. In investing a great strategy is just to try and “not be stupid” rather than trying to be overly smart.

Legendary Investor Howard Marks gave a great Tennis analogy to win amateurs, rather than trying to hit “winning shots”, try to “avoid not hitting losers”. Charlie Munger states “I’m all for artificial intelligence…as there is such a shortage of the real thing”.

4. Carl Ichan and Bitcoin

“i’m looking to get into Crypto in a big way, $1.5 Billion”. Ichan has previously been undecided on whether to invest into Bitcoin. He has stated he “hasn’t opened a position yet” but it “could be an inflation hedge”.  In an interview with CNBC Ichan stated:

“In the long run, we are certainly going to hit the wall. I really think there will be a crisis the way we are going, the way we are printing money, the way we are going into inflation. If you look around you, you see inflation all around you, and I don’t know how you deal with that in the long term,” – CNBC.

Carl Ichan’s former rival Billionaire Bill Ackman has recently spoken out publicly of his Inflation Trade, a bet that interest rates will rise. 

3. Don’t Confuse Luck with Skill

“Don’t confuse luck with skill, when judging yourself or others”. This is a powerful quote. Luck and chance plays a role in many great success stories, the trick is to not confuse this luck with skill.

Example, if somebody buys Bitcoin because they hear someone say it on the news, it goes up and they million’s…this is great but what was their strategy. Invest from news. Next thing the news talks about another token, they invest again and lose everything.

Many legendary investors believe in focusing on the strategy as opposed to outcome. Howard Marks speaks alot about the role of randomness in the market.

2. Tough Business

“You learn in Business…If you want a friend get a dog” . Carl Ichan is know has been a tough business person and knows that friendships (although important) can be affected when business is the on the line. This is why it can be dangerous to go into business with friends as arguments may happen and you may lose them.

1.Bill Ackman is a Cry Baby

“Bill Ackman is a cry baby in the school yard”. This is an extract from the “battle of the billionaires” a public argument on CNBC. Carl Ichan and Ackman had a major battle over the company Herbal Life.

Billionaire Bill Ackman had shorted the stock as he believed it was a “pyramid scheme” and Carl Ichan took the opposing side. In the end, Ichan came out on top with a reportedly $1 Billion in profits.

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