ON CONTRARIANISM: CARL ICAHN
Corporate Raider/Activist Investor: Founder, Icahn Enterprises
Sometimes the best way to make money is when most people say you are wrong and nuts. It’s not easy to do, but it’s like in the Rudyard Kipling poem: “If you can keep your head when all about you are losing theirs.” If you have the emotional makeup (you can develop it), you don’t care what the experts are saying.
You need to do a lot of work to be contrarian and you need to have the strength–you can’t just be a contrarian to be contrarian. For example, when we had the junk bond crash of 1989, for a few days I was literally almost the only one buying–even though it took a few years, we made a fortune on them. I believed the risk-reward ratio was greatly in my favor because I felt I was buying companies, not bonds.
You are not always right, and it sometimes takes a long time to prove it out. A lot of the time you are early. (I really believe today, for example, that this market is going to have a crisis, some major corrections, so I have been hedged.) People thought I was crazy when I bought the Stratosphere Hotel in Las Vegas out of bankruptcy. It was in the north end of the Strip–at the time, a part of town as bad as a Third World country. Then I bought all the homes around the Stratosphere. Even the people in Las Vegas and at the hotel told me I was crazy. But it was the fact that I bought the shacks and the 24 acres next to the Stratosphere that made the hotel very attractive. Goldman Sachs ended up buying the Stratosphere from me, and we made about $1 billion.
It’s not easy, but something inside you goes click. That’s what I enjoy.

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