Carl stuffs them like a butter tart
2016-02-17 2pm EDT | #Apple #Carl Icahn
How things change. Think back to a year or so ago. Investors were falling all over themselves piggy backing on Carl Icahn’s stock picks. One of crazy Uncle Carl’s tweets even added over $20 billion of market cap to Apple in a single day! In the public’s mind, Icahn could do no wrong.
At the time I warned Icahn was a shrewd trader, but a world class jackass. I didn’t understand the infatuation with such an obviously manipulative bully.
Last May Icahn appeared on the new Wall Street Week TV show. During this appearance he made a comment so Machiavellian, I recorded it for posterity (The MacroTourist May 6, 2015 - Sell you fools!).
At the time Apple was trading for roughly $130 a share. Carl claimed if the price declined, he would just buy more.
He would “just buy more,” unless it actually went down, at which point he would sell ahead of all the poor schmucks who followed him into the name. Last night Carl issued a filing reporting that he had sold 7 million shares of Apple in the 4th quarter.
I have been a huge Apple bear for quite some time, so I don’t begrudge Carl’s sales. And I don’t even fault Carl for influencing the market through his crafty propaganda. After all, Carl is a shark, and you can’t fault a shark for devouring his prey.
Carl didn’t become rich worrying about anyone but Carl. Always ask yourself who is the prey. Just remember that when Carl tweets the next “great trade.”
Thanks for reading,