Carl Icahn
This morning provided some interesting news as famous activist investor Carl Icahn has announced that he has taken a large position in AIG.  AIG is and has been one of our largest positions, which we have been very successful in over the last 5 years.  We’ve recently added materially to it in many accounts during...
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In what is quite a bit of good news for Apple shareholders’, Tim Cook has finally loosened the purse strings over the last couple of weeks and has increased the buyback pace materially.  Apple (AAPL) holds far too much cash on its balance sheet, which is earning a paltry interest rate.  If Cook believes in...
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Warren Buffett’s business partner Charlie Munger is extremely fond of quoting the 1800s German mathematician Carl Gustav Jacob Jacobi who once said “man muss immer umkehren” which translates to “Invert, always invert.”  The idea is that by looking at problems backwards in addition to forwards, one can identify ways to avoid the problem entirely.  Munger...
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Coming off a banner 2013, Super-investor Carl Icahn has taken an investment stake in Hertz (HTZ).  The rental car business has undergone significant consolidation, which has improved the industry fundamentals dramatically by reducing competition and rationalizing both pricing and marketing costs.  Hertz is the behemoth on the block and it is very likely that the...
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Herbalife finally received notification that its re-audit went fine and very few changes were made to the last several years financial statements.  Carl Icahn has made a fortune on the stock, buying after it had plummeted following the bear-raid from Bill Ackman.  At TTCM we had bullish positions on Herbalife but they were too small...
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