We’ve written before about Carl Icahn’s problems (Yahoo, Biogen, WCI). But now it seems he’s not just striking out as an activist investor, he’s striking out as an investor period. To date this year, Carl’s hedge funds are down six per cent, and shares of Icahn Enterprises have gotten cut in half.
New York Post: Corporate raider turned activist investor Carl Icahn is having a tough year.
The Far Rockaway, Queens native’s hedge funds are suffering their first losses since the 72-year-old opened them in 2004. The losing streak, which started midway through 2007, is expected to continue when Icahn Enterprises, the publicly-traded holding company for his hedge funds and other investments, reports earnings on Tuesday.
Shares of Icahn Enterprises, which include the hedge funds and other businesses, have plummeted nearly 50 per cent this year as investors have backed away from their initial enthusiasm for the activist investor. His funds were up about 2 per cent last month, but are down roughly 6 per cent for the year, according to investors.
His biggest loss has been on his Motorola investment, which is down nearly 30 per cent since he first got involved with the company in February.
The Post also notes that he was unable to buy auto-parts maker Lear Corp. and his purchase of shares in Guaranty Financial Group has proven to be an unwise investment. And not to add insult to injury, but Icahn can’t be too happy about his beloved Blockbuster-Circuit City deal disintegrating, either.
Business Insider Emails & Alerts
Site highlights each day to your inbox.