FILE PHOTO: Billionaire activist investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York on Feb.11, 2014. Icahn has stepped back from his campaign asking Apple to increase its share buybacks, citing the company’s recent buybacks and calling an influential proxy advisor against his suggestion. REUTERS / Brendan McDermid // File Photo
October 9, 2020
By Svea Herbst-Bayliss
BOSTON (Reuters) – Billionaire Carl Icahn said Thursday that the energy sector will one day bounce back, but shareholders need to be very patient and he is not pushing people to buy.
Icahn with shares in CVR Energy
“I’m not saying you go out tomorrow and buy energy stocks,” he noted at the 13D Monitor conference on investing by activists.
But Icahn said, without going into further detail, that he was preparing for a number of bankruptcies in the sector that are in a slump as demand plummeted during the coronavirus pandemic. He joked that three years from now, people might be resisting themselves for not starting cheap energy companies in 2020.
Icahn’s investment style is a little different from an activist who suggests remedial action to companies with management problems and often wins directorships.
“We’ve been very helpful in many companies,” said Icahn, often relieving them of incompetent management. Forbes estimates his net worth at $ 16.7 billion.
Critics have dubbed him a corporate raider for his hostile takeover of Trans World Airlines in 1985, the assets of which he robbed, leading to his demise.
“I work all day, don’t wonder why,” said Icahn, 84, when most people are comfortably retired. “I have a lot of different businesses. I like the action. “
(Reporting by Svea Herbst-Bayliss; Editing by Richard Chang)
This article originally appeared on www.oann.com