Carl Icahn CNBC Interview at Delivering Alpha conference BELOW ARE VERY ROUGH NOTES

“You look at the environment, and I think it’s very dangerous. You’re walking on a ledge and you might make it to the end, but you fall of that ledge and you’re really going to see trouble,” he said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.

You’ve got a country that are obsessed with deficits.

You need to so something about productivity in this country.

These money managers are doing terribly bc some of them are smart enough to be hedged. It doesn’t mean that you made a lot of money that your’e smart. I admit that. A lot friends of mine on wall st, it ell them if you’re’ so rich how come you’re not smart?

What I’m saying is it doesn’t necessarily mean that i’m nec wrong,… you really gotta be very cautious. It doesn’t mean they’re net short… i make more money ironically if it goes up a little bit more

I’m net long

I can’t tell you if trump gets elected if the stock market is going up or down.

If you look ahead 4 or 3 years, if Donald Trump gets elected the economy will be a  lot better than if Hillary Clinton gets elected.

The gov shouldn’t run things bc they’re not trained to run things.. Ir really don’t blame Jenna McCabe for screwing this up (EPA) – same with charter schools.

Carl Icahn on Bill Ackman

I don’t think we’re back at it. I take a little affront umbrage when i saget the right for Herbalife to buy up to 30%. Then i’m reading that Ackman is saying i’m a market manipulator

Maybe he did me a favor and got it down 10 points for me. Maybe  id want to buy it…

Asked to go to the next question when asked about him wanting to sell herbalife

My point is they make good products

No professional would really want to be short a company where you got 92 million shares outstanding and 28  short and out of those 92 i own 19 or 20%… i’ve asked permission, gone to SEC?, for right to go to 50%, which is going way up, i only have right to go to 35%

Ackman loves to think i’m going away…

Herablife – gave him gas didn’t like it.

More from CNBC’s unofficial transcript of the event with a focus on Herbalife.

SCOTT WAPNER: Let me ask you about the name you mentioned just a short time ago: Bill Ackman. Because, two years ago, we sat on this very stage in this room, and you guys hugged it out.

CARL ICAHN: I remember it well.


CARL ICAHN: We hugged?

SCOTT WAPNER: You did. It was a little awkward hug, but it was a hug.

CARL ICAHN: I think I tripped on the steps.

SCOTT WAPNER: Now you guys are back at it. What happened?

CARL ICAHN: I don’t think we’re back at it. I really don’t believe that. I mean, he said a few things about — look, I take a little affront, umbrage, when I say — I get the right from Herbalife to buy up to 35%. I get the right, and then I read that Ackman’s saying I’m manipulating the market. I’m a manipulator because I said I wanted to buy the 35% and I didn’t really mean it. So I said, well, okay. And then I bought the 2.5 million shares just recently. And he says — I don’t know what he said about that. You talk to him; I don’t talk to him.

SCOTT WAPNER: You were mad — correct me if I’m wrong — that he went on our network, on CNBC, and said that you were getting out because you believe that Herbalife was, quote, toast.

CARL ICAHN: You want me to tell you the honest truth? I’m not joking. I wasn’t there. I wasn’t really there.

SCOTT WAPNER: You just bought more than 2 million shares that day just for a goof?

CARL ICAHN: Well, it was down 10 points, wasn’t it?

SCOTT WAPNER: Because they thought you were getting out.

CARL ICAHN: Well, maybe he did me a favor and got it down 10 points. You ever think of that? Maybe I did want to buy it. Maybe he was wrong.

SCOTT WAPNER: You did consider getting out.

CARL ICAHN: Is that a question or a statement? Because, you know, I’m not going to answer it.

SCOTT WAPNER: Maybe it’s a little bit of both.

CARL ICAHN: Go to the next question.


SCOTT WAPNER: Why do you continue to believe in that business after the settlement with the FTC raises a number of serious questions about where that business could potentially be years from now?

CARL ICAHN: Look, the FTC was involved, in my opinion, because of Ackman. Pure and simple. He got that senator to go in and get them going. That’s my opinion on that. But then I don’t know. I’m — actually, the FTC, when I look at regulatory agencies, by and large, I think they’ve done a pretty good job by and large on things. So I’m not here to argue about what they did. I think they took maybe too long in looking at this company. I honestly will tell you that I think that they know — or maybe they’re not saying it — that we never were and we’re not a pyramid scheme. We make a real product.

A pyramid scheme is I give you this little pencil, then you get three other guys to sell pencils. And it’s all bullshit. And that’s not true here. We make a product; people eat it. But the interesting thing about Herbalife is — the irony is, that Ackman is wearing this white hat, he says, and I’m trying to save these poor women that do this thing. And that’s their only livelihood. They’re out there. They have their friends. And the friends go and they drink this drink. And you can say it’s no good — I’m not going to — but I will say they make some good products, I believe.

I personally don’t like the drink. I drank it. It gave me a lot of gas. I didn’t like it.


CARL ICAHN: But a lot of people love the damn drink. And I drink this vitamin C, this vitamin thing every morning. And I haven’t got a cold since I’ve been drinking it. I’ve been doing it for two years, put it in the thing, drink this stuff. Okay. My point to you is they make good product. One.

Two, there is something to this last mile concept. There are people — when I was a kid, I was 14, I was always working. I sold Fuller brushes. You knock on doors. Some people like it. Some people slam the door in your face. And you go to your friends. And the friends buy the Fuller brushes from you.

And that’s what these people do. And they make a living from that. And some people make a great living from it. Now, did they go too far, some of the salespeople go too far, the distributors, and say how you could have a Mercedes Benz? I don’t know. But the real issue is that these people have jobs and are working because

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