Billionaire Carl Icahn says he’s effectively hedged forward of a possible ‘painful correction’ for the inventory market

‘I’ve seen numerous wild rallies with numerous mispriced shares, however there may be one factor all of them have in widespread. Ultimately they hit a wall and go into a significant painful correction. No one can predict when it is going to occur, however when that does occur, look out beneath.’

That’s billionaire investor Carl Icahn talking to CNBC throughout Monday’s selloff in regards to the potential for a giant drop within the inventory market. “One other factor they’ve in widespread is it’s at all times stated, ‘it’s totally different this time,’” he continued. “However it by no means seems to be the reality.”

So how is he getting ready to navigate a attainable correction? Icahn apparently didn’t go into specifics of the make-up of his portfolio however did say he’s effectively hedged.

Right here’s extra from CNBC:

Individually, Icahn reportedly unloaded about $600 million, or greater than half his stake, in Herbalife Vitamin Ltd.

 and is giving up his seats on the corporate’s board.

That leaves him with a stake price $400 million.

As for the broader market, shares have been taking a beating throughout Monday’s buying and selling session, with the Dow Jones Industrial Common

off greater than 500 factors. The Nasdaq Composite

and S&P 500

have been additionally firmly decrease.

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