White House Economic Advisor Carl Icahn Bearish on Stock Marketplace

White House Economic Advisor Carl Icahn Bearish on Stock Marketplace

Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City final week to Hard Rock Global, 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 store.

The 45th commander-in-chief says his billionaire pal is 'innately in a position to predict the long term' because it pertains to economies. If that's true, investors might be smart to follow along with Icahn's lead in betting up against the Dow that is surging Jones NASDAQ composite indexes.

Icahn, whose holdings include Trump Entertainment Resorts, is worth around $17 billion. But Icahn Enterprises is betting against the continued rally on Wall Street.

CNN Money reports that Icahn is shorting 1.3 stocks for every one share he's purchasing. Shorting stocks may be the activity of committing to purchasing shares at a later date. Icahn wins if the company loses value between now and also 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 strong run since Trump won the presidency, but now their economic advisor is hedging their bets on a correction. But only a few of Trump's casino bros are pessimistic in the economy.

Steve Wynn, who is tRead more