Carl Icahn Quotations

We're not about liquidating companies, but if you do that, why is that terrible? We're not blowing up the factories. The person who buys it should be able to make the asset more productive.

I'm no robin hood, I enjoy making the money.

Too often it's not the most creative guys or the smartest. Instead, it's the ones who are best at playing politics and soft-soaping their bosses. Boards don't like tough, abrasive guys.

I believe there are and will be major opportunities to enhance Time Warner's value in future combinations.

Yellen’s comments suggest, and I agree, that we are in an asset bubble.

Don't go in and tell somebody else how to run their business.

Anyone that makes me a quarter of a billion dollars, I like.

Im a cynic about corporate democracy and boards.

Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.

With some exceptions, the wrong people are running U.S. companies. It's been that way for years, and it hasn't gotten much better.

A lot of people died fighting tyranny. The least I can do is vote against it.

I have to look out for the shareholder’s interests, and I’m the largest shareholder.

The CEO is, by far, the most important decision for a company... The company is going to rise and fall with the CEO.

We have bloated bureaucracies in Corporate America. The root of the problem is the absence of real corporate democracy.

Now the guy that got to the top, the CEO, would obviously be stupid to have a number two guy who was a lot smarter than he is. So by definition, since he's a survivor and he got to the top and he isn't that brilliant, his number two guy is going to always be a little worse than he is. So, as time goes on, it's anti-Darwinism, the survival of the un- fittest.

And I'm convinced, beyond a shadow of a doubt, that you can work with the unions because the unions want to survive. If they are confronted simply with the question: "Do you want this company to survive or do you want it to be broken up?" they will listen. It's their livelihood.

I can tell you how bad our boards are... I don't have to watch Saturday Night Live anymore; I just go to the board meetings.

My wife watches me like a hawk.

We want these assets to be productive. We buy them. We own them. To say we care only about the short term is wrong. What I care about is seeing these assets in the best hands

CEOs are paid for doing a terrible job. If the system wasn't so messed up, guys like me wouldn't make this kind of money.

Reuters was completely accurate that I am concerned about the level of the market. But I also made it clear on the conference call (and I believe as Reuters reported it), that it is almost impossible to predict what a market will do in the short term. There are too many variables.

Everything I have is for sale, except for my kids and possibly my wife.

You learn in this business.. If you want a friend, get a dog.

I like winning. There's also a certain joy in it. I feel fulfilled by it.

I enjoy the hunt much more than the 'good life' after the victory.

When most investors, including the pros, all agree on something, they're usually wrong.

Don't confuse luck with skill when judging others, and especially when judging yourself.

A great company in the media business needs visionary leaders, not a conglomerate structure headquartered in Columbus Circle that second guesses.

In life and business, there are two cardinal sins. The first is to act precipitously without thought and the second is to not act at all.

When friends and acquaintances are telling you that you are a genius, before you accept their opinion, take a moment to remember what you always thought of their opinions in the past.

Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.

The registrants acquired the shares because they believe that the shares are undervalued in the market place,

We're happy that value for all shareholders is enhanced through this offer.

Last year, the company's board and management claimed to act in the interests of stockholders by spinning off the tobacco business of RJR Nabisco,

Mutual funds are becoming more attuned. If you have the capital to hold out, you will win in the end.

I believe there is great value for Time Warner if it were broken into parts, ... get away from the huge cost structure and excessive layers of management at the top, both literally at the Time Warner Center, and figuratively.

Certain companies have publicized my Hart Scott filings in the hope that this might induce investors into running the price up, which might cause me to sell my shares, make a profit and become uninvolved in the company, ... While I am flattered that investors would buy on the news that I have made a Hart Scott filing, I believe that they are taking risks which are not being explained to them by the companies making the disclosure.

I have never called Dick Parsons a moron. I don't think Dick Parsons is a moron. Nothing could be farther from the truth.

Given the fact that, despite its exceptional assets and a generally favorable operating environment, the company's stock price has underperformed significantly since 2002, we believe the time for steps to make the board and management more accountable are long overdue,

If we are able to conduct such a due diligence review, we believe that we may be in a position to make an offer for the entire company at a substantially increased price.

I think you would now agree that this would have achieved a far superior result for stockholders,

It is my belief that, if the proper partner were allowed to have control of AOL, shareholder value would be much more greatly enhanced than through a half-hearted joint venture that might only serve the purpose of entrenching management.

particularly important at Time Warner because of the difference of opinion between many large shareholders and management concerning the direction of the company and the lack of share price performance under current management.

Most of the hedge funds will vote with me and there will be some transference from some of the mutual funds, although others won't go against a sitting incumbent. It's no slam dunk, but we have a better chance then the world gives us.

We continue to believe that Time Warner's stock is greatly undervalued and that the company is in need of a major restructuring,

You learn in this business: It you want a friend, get a dog.

Time Warner management has offered several reasons for not completely separating the cable business and buying back Time Warner shares aggressively, ... rejects management's arguments against separation and challenges management's capital return plan as a weak attempt to silence growing investor criticism.

To the extent that opportunities are now available to enhance value at AOL, which we believe there are, we implore management and the Board to move more decisively than they have in the past.

When you have no one to answer to, vendetta as investment strategy is as legitimate as anything.

Without question, this company should do away with Columbus Circle.

While we did not want to resort to litigation, we felt that it was imperative that we stop Toy Biz's improper actions.

We sincerely hope that this important resolution has come in time to save Marvel and help restore it to its preeminent place in the growing global entertainment business.

is greatly undervalued and that the company is in need of a major restructuring.

provide a very low or no possibility of a successful recovery for the bonds.

a weak attempt to silence growing investor criticism.

This conglomerate concept doesn't work, there is no synergy - just a bunch of people spending a large amount of money that should be spent on running different companies well.

Doing this AOL deal is on the way, but not enough, to enhancing shareholder value at Time Warner, ... It proves my point that there is a great deal of unrealized value here. The best investment the company can make is in their own stock at this time.

not comment on whether I still have an interest in General Motors or whether I will buy or sell its shares.

Their earnings are way down. It's time for management to go,

In life and in business, there are two cardinal sins,

In life and business, there are two cardinal sins, ... The first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.

If VISX agrees with me to submit to a vote of shareholders the best offer of $32 per share or higher from any qualified bidder, then I will be willing to commit the significant funds needed to commence the necessary effort to conduct due diligence and to attempt to raise the financing for the transaction,

If you just broke it up, the stock would be higher. In Time Warner, we're saying the conglomerate concept does not work.

Investors need to understand what level of debate actually occurred. Sunlight must be shed on the board's deliberations and a full account of the details of any studies conducted should be made immediately available to investors.

In 2008, people who invested in hedge funds needed capital badly, but many of the funds would not return their money. However, I gave money back to any investor who requested it. It was the bottom of the market and a pretty tough time.

By agreeing to implement the critical corporate reforms we have supported for several months, Dick Parsons is making great strides toward enhancing shareholder value.

The Icahn Group believes that these actions would immediately narrow the gap between the current share price of Time Warner and the true value of Time Warner?s assets, which the Icahn Group believes is significantly higher,