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Icahn Says Stocks Are Overvalued, Virus May Cause ‘Downdrafts’

  • Billionaire doubts economy can be turned on ‘like a spigot’
  • He’s hoarding cash and keeping a big bet against real estate
Bloomberg business news
Billionaire activist investor Carl Icahn discusses investment strategy, his short of the derivatives index CMBX 6, and his refiner CVR Energy’s large-scale purchase of oil on Monday.Source: Bloomberg

Carl Icahn isn’t buying stocks right now. He’s hoarding cash, shorting commercial real estate and preparing for the coronavirus to wreak more havoc.

This is a time to be “extremely careful,” Icahn said in an interview Friday on Bloomberg Television.