Investment Thesis
It is important to make sure that when I am buying a stock, someone like Icahn is not selling. But at the end of the day, when I buy a stock, I buy it because I believe it is undervalued. Icahn can drop the stock and I will be left holding it. As I am still holding Valeant (NYSE:VRX) after Ackman dropped it, because I think there is money to be made from Valeant at the current price. So, in the words of Jack Ma (Alibaba (NYSE:BABA)), "you have to think for yourself".
Icahn's cost basis
To be conservative I estimated that Icahn's Xerox (NYSE:XRX) purchases averaged a cost basis of $6 (split adjusted for the Conduent (NYSE:CNDT) spinoff). Realistically, the cost is most likely higher, but that is a good ballpark to think about.
