One Good Icahn Energy Bet Undoes Several Years of Bad Calls

'You have to have patience and staying power'

Billionaire activist investor Carl Icahn.

Photographer: Victor J. Blue/Bloomberg

Oil’s crash would have been every bit as cruel to Carl Icahn as it was to other investors, except the billionaire had a very important ace in the hole: a little-known refiner and fertilizer maker based in Sugar Land, Texas. 

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