â€œ â€˜Iâ€™ve seen a lot of wild rallies with a lot of mispriced stocks, but there is one thing they all have in common. Eventually they hit a wall and go into a major painful correction. Nobody can predict when it will happen, but when that does happen, look out below.â€™ â€
Thatâ€™s billionaire investor Carl Icahn talking to CNBC during Mondayâ€™s selloff about the potential for a big drop in the stock market. â€œAnother thing they have in common is itâ€™s always said, â€˜itâ€™s different this time,’â€ he continued. â€œBut it never turns out to be the truth.â€
So how is he preparing to navigate a possible correction? Icahn apparently didnâ€™t go into specifics of the makeup of his portfolio but did say heâ€™s well hedged.
Hereâ€™s more from CNBC:
That leaves him with a stake worth $400 million.
As for the broader market, stocks were taking a beating during Mondayâ€™s trading session, with the Dow Jones Industrial Average DJIA, -1.60% off more than 500 points. The Nasdaq Composite COMP, -1.63% and S&P 500 SPX, -1.65% were also firmly lower.