The billionaire investor said he isn’t buying stocks right now.
The economy cannot be turned on again “like a spigot,” the famed activist investor, who at age 84 has weathered decades of past financial crises,Icahn said that he was not buying stocks right now, and instead hoarding cash, because he thinks the stock market is overvalued.Bloomberg, saying, “short-term, you may have some big downdrafts.
”Icahn’s biggest trade right now is a multibillion short position against the commercial real estate market, which he has previously predicted will “include industrials like oil refiner CVR Energy and auto-parts maker Tenneco—both of which have been hard-hit during the pandemic.“Today the risk is too high for the reward in many companies,” Icahn said.
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