White House Economic Advisor Carl Icahn Bearish on Stock Market

White House Economic Advisor Carl Icahn Bearish on Stock Market

Carl Icahn, the billionaire investor who offered the Trump Taj Mahal in Atlantic City final week to Hard Rock Overseas, can also be a friendly 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 anticipate the near future’ as it pertains to economies. If that’s true, investors might be smart to adhere to Icahn’s lead in betting contrary to the Dow that is surging Jones 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’s buying. Shorting stocks is the activity of committing to purchasing shares at a date that is later. Icahn wins in the event that company loses value between now plus the purchase date.

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

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

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