Can a brokerage firm also operate as a holding company and/or investment fund?

I understand that Carl Icahn started a brokerage firm (Icahn & Co) in 1968, but how did he make large stakes in companies? He started activist investing in the late 70’s and by February 1987 he formed Icahn enterprises, his current holding company. It seems as though he operated his brokerage company as an investment fund and then transformed it into a holding company. Would this be possible to do nowadays?

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“My meeting with Kevin Lee was super helpful and went well beyond what I originally expected. We met to discuss my LinkedIn profile, but the conversation also covered the hedge fund space and how I’m thinking about my career as a whole. I really appreciated being able to talk about both how I present myself professionally and the broader direction I want to take. As someone interested in hedge funds but also exploring other paths in finance, it was helpful to have a conversation that connected my profile to my actual interests and goals. Kevin gave me a lot to think about, and I left feeling clearer about my next steps. Overall, I really appreciated his time and willingness to go beyond the original purpose of our meeting.”

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“He was very responsive and prepared for the meeting. He actually read the JD, resume, and looked up linkedin which sometimes other mentors doesn't actually go over those to prepare things beforehand. I appreciate his direct comments I think it saved time and actually helped me to know exactly where to improve. I also appreciated him admitting if he doesn't know about specific HF strategy. Only thing I'd suggest for him is probably sending actionable key takeaways after the meeting because other mentors did and that was very helpful. ”

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