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

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

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By Erik Schatzker

April 25, 2020 at 4:00 PM UTC

This article is for subscribers only.

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.