Some people are intentionally hoarding toilet paper; others are stockpiling hand sanitizers and masks; and the glut of oil around world grows concerningly higher day after day. But, while stock markets rebound by the most ever (after their fastest collapse ever), there is (at least) one billionaire investor who is not buying it and instead is hoarding something else in readiness for what comes next...
In an insightful (and unusual for mainstream business media) interview with Bloomberg TV, Carl Icahn isn’t buying stocks right now. He’s hoarding cash, shorting commercial real estate and preparing for COVID-19 to wreak more havoc.
This is a time to be “extremely careful,” Icahn said in an interview Friday on Bloomberg Television.
The 84-year-old's reasoning is simple - and terrifying for the average commission-raker and asset-gatherer - having traded through every stock-market crash since the Great Depression, the future is just too unpredictable for the S&P 500 to be trading at almost 20 times next 12m earnings estimates...
“You cannot really justify that multiple,” Icahn said.
“Short-term, you may have some big downdrafts.”
more,,,,,,,,,
http://www.zerohedge.com/markets/its-08-all-over-again-carl-icahn-warns-investors-be-extremely-careful
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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