Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City week that is last Hard Rock Global, can also be a casual economic advisor to President Donald Trump.
Carl Icahn has added wealth that is much his portfolio in the stock market since his friend became president, but now the billionaire believes a retraction is in shop.
The 45th commander-in-chief says his billionaire pal is ‘innately able to predict the near future’ because it relates to economies. If that is correct, investors might be smart to follow along with Icahn’s lead in betting up against the surging Dow Jones and NASDAQ composite indexes.
Icahn, whose holdings include Trump Entertainment Resorts, is worth around $17 billion. But Icahn Enterprises is betting against the rally that is continued Wall Street.
CNN Money reports that Icahn is shorting 1.3 stocks for every one share he’s purchasing. Shorting stocks is the activity of committing to buying shares at a date that is later. Icahn wins in the event that company loses value between now plus the purchase date.
‘I have always been concerned at this aspect that the market has run ahead of itself,’ Icahn told the news outlet that is financial.
The areas are on a run that is strong Trump won the presidency, but now their economic advisor is hedging their wagers on a correction. But not totally all of Trump’s casino bros are pessimistic in the economy.