How Being Contrarian Made Carl Icahn $1 Billion | Exploring Markets

How Being Contrarian Made Carl Icahn $1 Billion

Carl Icahn, the legendary investor, recently wrote about his greatest investment belief. Many of you have probably heard this story before... Be contrarian. But Icahn has a few quotes that really show what this statement means. You can read them below and make sure to read his post in Forbes if you want more:

1. "You are not always right, and it sometimes takes a long time to prove it out. A lot of the time you are early. People thought I was crazy when I bought the Stratosphere Hotel in Las Vegas out of bankruptcy. It was in the north end of the Strip--at the time, a part of town as bad as a Third World country. Then I bought all the homes around the Stratosphere. Even the people in Las Vegas and at the hotel told me I was crazy. But it was the fact that I bought the shacks and the 24 acres next to the Stratosphere that made the hotel very attractive. Goldman Sachs ended up buying the Stratosphere from me, and we made about $1 billion."

2. "Sometimes the best way to make money is when most people say you are wrong and nuts. It's not easy to do, but it's like in the Rudyard Kipling poem: "If you can keep your head when all about you are losing theirs."