Quote of the day by Carl Icahn: “In takeovers, the metaphor is war. The secret is reserves. You must have reserves stretched way out ahead.”

Carl Icahn’s “war chest” analogy highlights that sustained success in investing, particularly in takeovers, hinges on having ample “reserves.” This principle extends to broader market investing, where liquidity and psychological resilience are crucial for navigating volatility and capitalizing on opportunities. Endurance, not just initial boldness, determines long-term victory.