“
“I’ve seen a lot of wild rallies with a lot of wrongly priced shares, but there’s one thing they all have in common. Eventually, they hit a wall and go into a major painful correction. No one can predict when it will happen, but when it does, look below.
“
This is billionaire investor Carl Icahn talking to CNBC during Monday’s sale about the potential for a big drop in the stock market. “Another thing they have in common is that they always say, ‘It’s different this time,'” he continued. “But it never turns out to be the truth.”
So how do you prepare to navigate a possible fix? It seems that Icahn did not go into the specifics of the structure of his portfolio, but said that it is well covered.
Here’s more from CNBC:
Separately, Icahn reportedly discharged approximately $ 600 million, or more, of its stake in Herbalife Nutrition Ltd. HLF,
and resigns from his position on the company’s board of directors.
That leaves him with a $ 400 million stake.
As for the broader market, the shares were beaten during Monday’s trading session with the Dow Jones Industrial Average DJIA,
more than 500 points. Nasdaq Composite,
and S&P 500 SPX,
they were also much smaller.