Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City week that is last Hard Rock International, normally an informal economic advisor to President Donald Trump.
Carl Icahn has added wealth that is much his portfolio in the currency markets 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 in a position to predict the long term’ since it pertains to economies. If that is true, investors might be smart to check out Icahn’s lead in betting contrary to the surging Dow Jones and NASDAQ composite indexes.
Icahn, whose holdings include Trump Entertainment Resorts, is worth around $17 billion. But Icahn companies is betting against the continued rally on Wall Street.
CNN Money reports that Icahn is shorting 1.3 stocks for every one share he is buying. Shorting stocks is the activity of committing to purchasing shares at a date that is later. Icahn wins if the ongoing 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 economic news outlet.
The markets have now been on a run that is strong Trump won the presidency, but now his economic advisor is hedging their wagers on a correction. But only a few of Trump’s casino bros are pessimistic on the economy.