Icahn: Took Some Chips Off the Table With Netflix

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Oct. 23 (Bloomberg) -- Billionaire Carl Icahn comments on why he sold more than half of his stake in Netflix. He speaks with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Away.

And we continue.

All right, netflix.

Backing it up for a minute, we know your son has been very involved with that company, and according to the press release yesterday still believes the company is undervalued.

Nonetheless, you sold a significant stake.

How is that playing out, given that your son is a big believer, and you are taking money off of the table here?

I can only say that my son and dave, his partner, have certainly earned a say in what they believe we should hold or not, and i do not think they are wrong with what they said in that press release.

Basically, netflix is a great company, but, you know, as i said, i have been a veteran, and a battle hardened veteran of seven bear markets, and, therefore, there comes a time when you are making 500% on your money that you take your chips off the table.

Some of them, anyway.

And that is really why i did it, that i think netflix -- actually, if i had not had the position, i probably would have kept it.

I think they are right in most of their arguments, but that does not mean -- i mean, there is a different way of looking at life or investing life, and i think for apple to have this huge position, and the position obviously by dent of the investment got much bigger, so it got to be a larger percentage of the portfolio, and i do not know if it is judicious to have one company with that large of a percent in a portfolio, and you also have to worry about just, as i say, i have been through a bunch of bear markets, and when they come, they are not pretty things.

I know you have gotten out of a few things.

Web m.d.. how about hls?

I am not going to go through my whole portfolio, but i will say one last thing.

I think they are still very undervalued, but that is my last one.

I am not going to go through my portfolio except to say that with haines and web md, my young acolytes, right on the same page.

Yes, they were on the same page.

The only difference is netflix, which i say again, i basically agree with their argument, but i still did it, so that is what i think of netflix.

I think netflix has a great model.

So, therefore, but i did take some chips off the table.

We will be looking forward to seeing your letter tomorrow.

This text has been automatically generated. It may not be 100% accurate.

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