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May 12, 2011
Icahn's Biotech Adventure
So how well has raiding the biotech sector (Biogen, Genzyme) worked out for Carl Icahn? According to this estimate in the Boston Globe, he's made a lot of money. But (and here's a big point that the article doesn't, in my view, make enough of). . .he hasn't really made more than he would have made by investing in the biotech sector as a whole.
Naturally, he's beaten the S&P all to pieces, as private equity fund darn well should if it can. But the Biotech stock index has been on a tear, too, and he hasn't beaten it by much. So how would it have been if he'd just stayed home with his money and bought the basket of stocks, eh? Not nearly as much fun, and not much chance to influence the directions of whole companies, which is what a mover and shaker like Icahn lives for. But still. . .
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