“
“I have seen many wild highs with many poorly valued stocks, but there is one thing that they all have in common. Eventually, they hit a wall and undergo a major and painful correction. Nobody can predict when it will happen, but when it does, look below. ‘
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It’s billionaire investor Carl Icahn speaking to CNBC during Monday’s liquidation about the potential for a major stock market crash. “Another thing they have in common is that they always say, ‘it’s different this time’,” he continued. “But it never ends up being true.”
So, how is he getting ready to navigate a possible fix? Icahn apparently did not elaborate on the composition of his portfolio, but said he was well protected.
Here’s more from CNBC:
Separately, Icahn would have downloaded approximately $ 600 million, or more than half of his stake, in Herbalife Nutrition Ltd. HLF,
and is giving up its seats on the company’s board.
This leaves you with a $ 400 million bet.
As far as the broader market is concerned, stocks were suffering during Monday’s trading session with the Dow Jones Industrial Average DJIA,
off more than 500 points. The Nasdaq Composite COMP,
and S&P 500 SPX,
they were also steadily lower.