‘I’ve seen a lot of wild rallies with a lot of mispriced stocks, but there is one thing they all have in common. Eventually they hit a wall and go into a major painful correction. Nobody can predict when it will happen, but when that does happen, look out below.’
That’s billionaire Carl Icahn yacking at CNBC anchors during Monday’s market selloff. “Another thing they have in common is it’s always said, ‘it’s different this time,’” he continued. “But it never turns out to be the truth.”
So how is he planning on maneuvering a possible correction? Icahn didn’t divulge the specific makeup of his portfolio, but did say he’s well hedged. Carl has been skeptical of the stock market’s stability in the past, and vehemently pounds his fist on the table when it comes to Wall Street fuckery.
Back in September, Icahn announced he was moving his office, more than half of his staff and himself from New York to Florida after being a born and raised New Yorker and operating his business from the city for decades. Supposedly, the 83-year-old investor has grown weary of working in New York and has been mulling the move for several years. Musk’s Net Worth Eclipses $100B This Year
Separately, Icahn dumped about $600 million, or more than half his stake, in Herbalife Nutrition [$HLF] and is giving up his seats on the company’s board. If you haven’t tuned into the 2016 documentary, “Betting On Zero”, take this free piece of advice and give it an hour of your time. In the doc, Bill Ackman aims to expose global nutritional giant Herbalife as the largest pyramid scheme in history, while Mr. Icahn and Herbalife executives claim Ackman is a market manipulator out to bankrupt them. That leaves him with a stake worth $400 million.
Carl’s 13F for his shop now based in Sunny Isles Beach. The last reported 13F filing for Q3 2020 included $17,374,142,000 in managed 13F securities and a top 10 holdings concentration of 97.46%. Carl’s largest holding is Icahn Enterprises LP with shares held of 213,591,832. Check it out below.