And just like that the "no brainer" party's over. Remember when in January 2014 Carl Icahn laid out his extensive thesis on why being long AAPL is the best investment out there? Or when a little over a year later, hoping for even more stock buybacks (even as he was decrying short term activism) he boosted his price target on AAPL to $240?
All that is now over.
Speaking during a CNBC interview, Carl Icahn admitted the ultimate "no brainer" is no longer a holding of his:
- ICAHN TELLS CNBC HE'S EXITED APPLE POSITION
And so, two years after his "buy buy buy" pitch, and with AAPL stock less than half of his so-called price target but with , the billionaire has pulled the plug, after pushing up the company's debt from $35 billion to just shy of $80 billion.
The market is not happy.
But don't cry for Icahn. With a cost basis of $68, he still made hundreds of millions.
What we would like to know is which hedge fund will sell next. As a reminder, there are many candidates...