Carl Icahn
Contrarian plus hard activism: buys undervalued assets when the crowd is bearish, then pressures management, pushes break-ups or capital returns to unlock value.
The archetypal 1980s "corporate raider" — buys stakes in undervalued companies, forces his way onto boards, and pushes for change or break-ups to unlock value; widely seen as a model for Gordon Gekko. Operates through his listed holding company, Icahn Enterprises (IEP).
Icahn Capital files a 13F (≈45-day lag). The book is highly concentrated in companies he controls or is deeply involved in — a big chunk is his own listed vehicle, IEP — so it reads more as "assets he controls" than a copyable stock list.
His listed holding company — total return incl. distributions
Holdings & weights
Q1 2026 · 13F (as of 31 Mar 2026)Weights are by market value, from real 13F / daily disclosure. This is a snapshot and will change — see live: Live 13F weights & activity on dataroma
His own listed holding company — nearly half the book.
Analyze through a master's lensA flavours-and-fragrances company he's pursued as an activist.
Analyze through a master's lensSandRidge Energy Inc. +1%.
In their own words
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.
Where to follow them
Primary sources. Read the original — don't settle for second-hand summaries.
Run any stock you care about through the "Concentrated · Activist" lens.
Keep exploring
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