Santangel's Review

Commentary

Videos and Summaries from the Active-Passive Investor Summit

Carl Icahn and Jeff Ubben spoke to CNBC after their presentations at the Active-Passive Investor Summit yesterday.

Carl Icahn

  • He has liquidity of $10 billion and really believes in a big war-chest,
  • He still thinks Chesapeake Energy is undervalued but does have other problems
  • And the line of the day which he prefaced by saying “Do you know what I’ve learned in this business?…Some people study artificial intelligence, I study natural stupidity and that is what I think about people who say ‘this is a value or that is not a value’….what others say doesn’t matter.”

Jeff Ubben

  • Made some comments about his interaction with boards and his activism strategy for interacting with companies
  • In a perfect world they get to “buy from the marginal selling shareholder who I think we know more about the company than they do and then we get very involved with the company and become very influential as a board member and we get a control premium on the exit.”
  • Spoke briefly about his thesis for Motorola
  • Also an article detailing ValueAct’s new stake in MSFT

An article detailing Keith Meister’s presentation at the conference

An article detailing TCI Fund’s Presentation