Boone Pickens: Why I Bought $250 Million of Yahoo (YHOO)

If you want to make a killing in the markets, it’s smart to study the reasoning and discipline of seasoned professional investors. For example, just this morning on CNBC, there was the unassailable logic Boone Pickens employed when deciding to plunk down $250 million on Yahoo (YHOO):

Becky Quick: WE WANT TO ASK YOU ABOUT OTHER THINGS GOING ON IN BUSINESS, TOO. YOUR GOOD FRIEND CARL ICAHN, 10 MILLION SHARES HE PICKED UP. WHAT DO YOU THINK OF THAT?
Boone Pickens: I MEAN, CARL ICAHN IS A SMART GUY, HE DOES GREAT THINGS FOR SHAREHOLDERS. AND I’M A — BECAUSE OF CARL ICAHN, I’M A SHAREHOLDER IN YAHOO! TOO.
Quick: REALLY?
Pickens: THAT’S RIGHT.
Quick: HOW MUCH DID YOU BUY?
Pickens: 10 MILLION SHARES. AT THE SAME TIME HE JUMPED IN [i.e., long before all the suckers CNBC viewers found out about it]. WHEN I SAW WHAT HE DID, I’LL JUMP IN WITH CARL. HE GOES IN FIRST, I JUMP IN BEHIND HIM.
See Also: Icahn Already Up $120 Million on Yahoo Bet

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