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...like to wait and buy things when nobody wants them - that's when you get the best values," says Icahn, who made his investments through bankruptcy-court proceedings. But he cautions that the sector still holds considerable risk and that a rebound could be many months or even years away. "Only a fool will tell you they can pick the bottom," he says...
...Still, many investors and analysts are eyeing Icahn's move closely. Some wonder if his move into the sector is a sign to start putting investment chips back on the table and roll the dice on companies with big exposure to the U.S. gaming market. "[Carl Icahn] has always been a very astute investor," concurs Clyde Barrow, a casino expert and professor at the University of Massachusetts at Dartmouth. "There's a lot of upside potential, and if you're investing for the long term, now is the time to buy." (See pictures of hard times in Las Vegas...
...Still, Icahn's recent foray into the gaming sector is grabbing investors' attention...
Although many names have rallied from their trough in March 2009, they're still far short of their highs. Las Vegas Sands (LVS) was trading at more than $138 a share in October 2007 and plunged to under $2 a share in March 2009. Although it has since risen 10-fold to $20 a share, it's still far below its peak. Wynn Resorts (WYNN) and Las Vegas Sands have seen the biggest gains, with their stocks rising 296% and 842% respectively in the past 52 weeks. But their gains were driven largely by their exposure to the lucrative Macau...
...When I was in school we still had Soviet textbooks...which taught that Estonians were all being liberated,” said Andres Sevtsuk, an Estoniain MIT graduate student at the seminar, but “I do think that history should be taught factually, and I don’t think there ought to be a deliberate distortion...