When it comes to becoming an investor-billionaire, there are myriad approaches. Berkshire Hathaway’s (NYSE:BRK.A) Warren Buffett has relied on rigorous analysis as well as holding onto positions for decades. Or take George Soros. He prefers to make big bets on just about anything, be it interest rates or currencies.

Then there is Carl Icahn, who is one of the pioneers of activist investing. That is, he buys large chunks of a company’s stock and then agitates management to boost the price — whether through spinoffs, large dividends or a sellout.

The strategy takes a lot of work but has produced tremendous results. Icahn is worth about $12.5 billion.

So what is he up to now? Well, Icahn has had a busy August (at 75 years old, he makes us wonder if he ever takes a vacation). For example, he scored a $435 million profit when Google (NASDAQ:GOOG) agreed to purchase Motorola Mobility Holdings (NYSE:MMI).

At the same time, Icahn has been pursuing Clorox (NYSE:CLX). Actually, he has been buying up the stock since February (the stake is at about 9.4% of the outstanding shares).

Clorox has a great portfolio of brands such as Armor All, Kingsford, Hidden Valley and Glad — which are either No. 1 or No. 2 in their categories. The company also has used acquisitions to boost a product line, such as with its deal for Burt’s Bees, a provider of natural skin care and beauty products.

Yet the real reason for Icahn’s interest in Clorox is that it could be an attractive asset for a global consumer products company such as Procter & Gamble (NYSE:PG), Colgate-Palmolive (NYSE:CL), SC Johnson, Unilever (NYSE:UL) or Kimberly-Clark (NYSE:KMB). These potential suitors are flush with cash and are trying to find ways to boost the top line.

If Icahn’s history is a guide, he will put lots of pressure on getting Clorox to do a deal. To that end, he promises to sell the company if he gains control of the board. And if he cannot find a buyer for at least $78 per share, he’ll buy the company for himself. Consider that Icahn made an $80 offer back in July. Of course, Clorox rejected the offer and then there was the plunge in the equities market.

True, a good outcome is far from guaranteed. Keep in mind that — only this week — Icahn also dropped his bid for Lions Gate Entertainment (NYSE:LGF). It was a grueling three-year battle that resulted in no gains.

So yes, even billionaires make mistakes. But when it comes to Icahn, he has a batting average that is above most others. In other words, it’s probably a good bet that Clorox will somehow be yet another winner.

Tom Taulli is the author of various books, including “All About Commodities.” He does not own a position in any of the stocks named here.