The history of Wall Street has seen many investors and stock brokers but only a very few of them have gone on to become successful. Carl Icahn, the investor who’s famous for all of his wise and intelligent investments is one of those few.
He is often compared with the famous Warren Buffet and some even say that he is better and cleverer an investor. With his holding company, the Icahn Enterprises, Carl Icahn invested in many major companies of the U.S.A and the rest of the world. Apple, Time Warner, Netflix, Revlon, Casinos, Stratosphere, Mylan and many other companies have had Icahn invest in them.
Here’s his success story.
Early life and childhood
Born and brought up in New York. Carl Icahn was a smart and clever guy and a typical New Yorker. His parents were school teachers, therefore he lead a very normal life. After his schooling, Icahn seemed to have become a bit confused about the career path he should choose.
Education and career
He attended university to graduate in arts and later for some reason, chose to study medicine. However, he dropped out of the medical school and went on to join the army. A few years in the army later, he started off his wall street career.
Carl Icahn joined Dreyfus & Co. as a broker during a strong bull market, which was followed by the “Kennedy Slide.” With those experiences under his belt, Icahn changed jobs and companies, joining Tessel, Patrick & Co. as an options manager and the very next year, he took options department.
The start of major step
Before long, Icahn was making enough money for his employer that he felt ready to open his own shop and joined his uncle in his business. Icahn had made Schnall a lot of money over the years with investment tips, and so Schnall agreed to loan him the $400,000 to buy a seat on the New York Stock Exchange.
Icahn and Co.
The newly formed Icahn & Co. focused on options strategies and especially take over arbitrage. That’s when he began to make what seemed to him like big money at the time and it focused on more strength and expanding opportunities.
Carl Icahn is a major investor in his company. Also he held important positions in some of the biggest companies of the United States like the Nabisco, Western Union, Viacom, Motorola and others. Most of Icahn’s assets went to the American Real Estate Partners which was later on named as the Icahn Enterprises.
Carl Icahn’s has got a rare insight in investing. Icahn’s investing strategies have always fascinated people. What the rest of the world would sign off as a bad investment was something that Icahn always invested in. And surprisingly enough, it would work for him as some sort of a miracle.
Icahn wasn’t immune to the financial crisis which slammed his funds. They saw losses and many of his investors ran for exit. Icahn sold the majority of his shares and few years later he returned the investments of his hedge fund investors.
Lesser Known Fact
In his youth, Icahn played Poker and managed to win approximately USD2000 every summer. His gambling made it possible for him to afford attending Princeton University.
Wonder of wall-street
“Don’t always believe what market tells you. If you think you’re right, stick to your instinct” was what he would often advice his co-investors. Though he is not appreciated by many investors but lurking behind the market as this invisible and yet smart investor, Icahn continues to be one of the wonders of the wall-street.