Carl Icahn is a force in the investment world, and it’s worth reading up on his approach to deep value and activism to understand how he does it. To that end, I dug up 6 Carl Icahn books that you should really look into. Let’s go through them now.
Table of Contents
The Best Carl Icahn Books to Boost Your Investing Skillset
These books include a lot of information about Carl Icahn (aka “Uncle Carl”), and case studies are a great source of investing knowledge.
"King Icahn: The Biography of a Renegade Capitalist" by Mark Stevens – The King of Carl Icahn Books
I read this book a few years back and found it an exceptional read.
Published in 1993, with a 20th-anniversary edition released later, this is one of the most well-known biographies about Icahn. Written by Mark Stevens, who had personal access to Icahn as a neighbor and tennis partner, it chronicles his rise from modest beginnings to a feared corporate raider.
The book dives into his major deals, like the TWA takeover, and explores his personality and tactics. It’s often praised for its detailed storytelling, though some criticize its editing and dated scope (covering mainly up to the early 1990s).
Uncle Carl hasn’t been as successful since, but I really enjoyed the book’s deep dive into the companies that Icahn found and his approach to negotiating with management. He was a feared corporate raider, and King Icahn shows you why.
"Carl Icahn - Life Lessons For Ultimate Success In Business And Life" by Jonas Steinberg – A Middling Carl Icahn Book According to Reviews
Released in 2015, this shorter work focuses on distilling lessons from Icahn’s career rather than providing a comprehensive biography. And this is both a major advantage and weakness. It highlights his investment philosophy and business strategies, aiming to inspire readers interested in finance and entrepreneurship.
Reviews suggest it’s concise but lacks depth compared to fuller biographies. I would agree. While it’s straight to the point, readers lack the larger context and stories that made King Icahn great.
"Carl Icahn: Earn Your First Billion Dollars Using The Proven Methods of The World's Greatest Investors" by Peter Parish – This Carl Icahn Book is Not Recommended
This Kindle e-book, available on Amazon, covers Icahn among other notable investors. It’s not exclusively about him, but uses his methods as a case study for aspiring investors. Reader feedback indicates it’s brief (only a few pages on Icahn) and has been criticized for poor editing and a misleading title, suggesting it’s more of an overview than a detailed account.
Overall, I would not recommend this book over King Icahn, the king of Carl Icahn books.
"Carl Icahn Biography: Master of the Deal - A Journey Through High-Stakes Investing" by Edwin D. Brake – A Book That Updates Us On Carl Icahn’s Later Career
Published in October 2024, this is a newer addition to the literature on Icahn. It traces his journey from Queens to Wall Street prominence, emphasizing his deal-making prowess and key corporate battles.
Marketed as a tribute to his grit and vision, it aims to offer a fresh perspective on his legacy, though its recent release means fewer reviews are available to assess its reception. I personally have not picked it up, but the lone Amazon review available wasn’t exactly glowing.
"The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders" by Connie Bruck – Not Exactly a Carl icahn Book But a Must Read
Published in 1988, this book isn’t exclusively about Icahn but includes him as a key figure in the world of 1980s corporate raiders. Remember that Icahn was one of the most feared corporate raiders during the era, a time when money was loose and anxiety was high.
It focuses on the junk bond era, driven by Drexel Burnham Lambert and Michael Milken, with Icahn’s aggressive takeover tactics — like his TWA deal — woven into the narrative. It’s more of a financial history than a biography, offering a gritty look at Icahn’s role in that wild period.
The Predator’s ball is a classic, and well regarded among investors. Highly recommended.
By the way, if you want to participate in takeover deals like these, the best place to find them is in our free Morning Brew newsletter. Enter your email address in the box below to sign up for free because we will send you each and every deal that we find over the course of the month in a nicely packaged email.
"Barbarians at the Gate: The Fall of RJR Nabisco" by Bryan Burrough and John Helyar
First released in 1990, this classic chronicles the leveraged buyout of RJR Nabisco, a deal where Icahn played a disruptive part, though not the central role (that went to Kohlberg Kravis Roberts). He’s portrayed as a looming threat, shaking up the bidding war. While not an Icahn biography, it captures his reputation as a relentless player in high-stakes finance.
If you’re looking for a pure Icahn book, then this one is not for you. But, if you want to get an in-depth look at the sort of takeovers that Icahn was famous for, then this is a brilliant book that you should pick up.
How to Invest Like Carl Icahn
Carl Icahn, according to our top recommended Icahn book, was a classic value investor with the heart of a pirate. He spent his days identifying cheap firms that were ripe for some management disruption to boost shareholder returns.
When not hunting for firms to target, he was aggressively pursuing his latest victim – pressuring management, hiring lawyers, firing staff, and announcing large dividends.
Activist work defined his career, which is why we look for firms with activists at work, and that are going through special situations.
The problem is that it is hard to find these firms unless you’re actively looking for them. That’s why we launched our free notification service, Morning Brew.
Each month, we send free subscribers a full list of all of the special situations that we’ve found over the course of the last month, in a nicely packaged email. Make sure to request your copy by entering your email in the box below because we can save you a lot of time and effort trying to do it yourself.
