White House Economic Advisor Carl Icahn Bearish on Inventory Market

White House Economic Advisor Carl Icahn Bearish on Inventory Market

Carl Icahn, the billionaire investor who sold the Trump Taj Mahal in Atlantic City last week to Hard Rock Overseas, can be an informal economic advisor to President Donald Trump.

Carl Icahn has added much wealth to his portfolio in the stock exchange since his friend became president, but now the billionaire believes a retraction is in store.

The 45th commander-in-chief says his billionaire pal is ‘innately in a position to predict the near future’ because it pertains to economies. If that’s true, investors might be smart to adhere to 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 states that Icahn is shorting 1.3 shares for every one share he is purchasing. Shorting stocks may be the activity of committing to purchasing shares at a date that is later. Icahn wins if the company loses value between now and also the purchase date.

‘I am concerned at this time that the market has run ahead of itself,’ Icahn told the financial news outlet.

The areas have been on a run that is strong Trump won the presidency, but now their economic advisor is hedging their wagers on a correction. But not all of Trump’s casino bros are pessimistic regarding the economy.

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