Thursday, 28 August 2014
Last updated 6 hours ago
Sep 12 2013 | 1:00pm ET
Carl Icahn took advantage of a swoon in Apple shares to add to his already substantial stake in the electronics company.
The billionaire announced his purchase yesterday on CNBC. It is unclear how many Apple shares he owns; last month, he announced a "large position" in the company and yesterday he bought "quite a bit" more, he said.
"Apple is just a no-brainer," he told CNBC. "It's extremely cheap."
Icahn announced his interest in Apple on Twitter last month, saying he'd spoken with Apple CEO Tim Cook and planned to dine with him this month. Icahn is pushing for Apple to return some of its huge cash horde to shareholders via a buyback. He said yesterday that it would be "ridiculous" of the company not to take advantage of low interest rates to finance the deal.
But, he added, "I wouldn't go in and try to micro-manage, try to tell the company how to run their business," he said. "I think they have a great brand and it would be the height of presumption for me to tell the CEO… what he should price [the iPhone] at, or that he should go into China." Icahn added that Cook is doing a "very good job."
Icahn also couldn't resist another televised swipe at Pershing Square Capital Management's William Ackman, with whom he is feuding over Herbalife. Ackman has called the nutritional supplements company a "pyramid scheme."
"I think Bill Ackman is completely wrong," he said. "It is not going to be closed down and I think it's still very undervalued. And I think Ackman has no idea what he's talking about."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...