By Jessica Shambora
July 9, 2008

“The consensus thinking is generally wrong. If you go with a trend, the momentum always falls apart on you. So I buy companies that are not glamorous and usually out of favor. It’s even better if the whole industry is out of favor.”

–Activist shareholder Carl Icahn, from Fortune’s 2007 cover profile. Icahn is making headway in his battle to take control of Yahoo

, as Microsoft

appears poised to serve as his ally–at least at this moment in the volatile drama.

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