Carl Icahn said Tuesday that an economic downturn could be on the horizon and that he is loaded with protection against a steep sell-off in the market.
Icahn said on CNBC that there could be a recession or even worse. We try to be activist to get that edge against the long positions. You can hear me being negative. I don't even predict the short term.
The founder and chairman of Icahn Enterprises said that surging inflation is a major threat to the economy, while the Russia-Ukraine war added more uncertainty to his outlook.
The Federal Reserve raised interest rates for the first time in more than three years in order to fight inflation that is running at its highest level in 40 years. Powell said this week that he was open to hiking the rate more than 25 basis points.
Icahn doesn't know if they can engineer a soft landing. When inflation gets going, it's terrible.
The system of company boards needs to be fixed and weak management could lead to disasters, according to activist investor and corporate raider Icahn.
There is no accountability in Corporate America. There are some very fine companies, some very fine CEOs, but a lot of them aren't up to the task.
Icahn said he was betting against malls and commercial real estate to position himself for a recession.
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