Herbalife ( HLF ) is much more difficult to understand. HLF offers an above-average dividend and has a below-average price-to-earnings (P/E) ratio, but the company has a relatively small amount of cash. In SEC filings, Icahn shows that 15 different entities under varying levels of his control are involved in that trade. He also bought 11.5 million call options and offset the cost by selling an equal amount of put options, a bullish options strategy.