Wall Street Wizard, Carl Icahn, bought some big stock in the Blockbuster company. Unfortunately, the home movie market changed dramatically after that.
What seemed like a sure thing turned out to be “the worst investment I ever made”, said Icahn, who allegedly lost $200 million when the company collapsed.
Warren Buffet purchased the Dexter Shoe Company in 1993. Believing that there was a gulf between this company and other footwear competitor brands.
Bill Ackman bet $1 billion that Valeant Pharmaceuticals (who make Herbalife) would eventually go bankrupt. In his mind, it was just another pyramid scheme.