Billionaire investor Carl Icahn has warned of the possibility of a big drop in stocks at some point, in a statement to CNBC. Scott Wabner That the market’s “wild rides” always meet an exciting ending.

Wapner reported Icahn’s warning about “Half time report“During a turbulent day for the stock market.

“In my day I saw a lot of wild rallies with so many wrongly priced stocks, but one thing they have in common. Happens, but when that happens, look below,” Icahn said. “The other thing they have in common is that it’s always said, it’s different this time. But it never turns out it’s the truth.”

The investor refused to go into details of his positions, but told Wapner he was well surrounded.

Icahn’s cautionary statement came in the name of The US stock market fell sharply on the first trading day of the new year. The three major indexes were down more than 3% near midday, with the Dow Jones down as much as 700 points.

The rough start to 2021 comes after a remarkable year for markets, with the S&P 500 index rising 16% and some tech stocks seeing massive jumps even as the Covid-19 pandemic spreads across the global economy.

The rapid rally and inflated stock valuations have made some Wall Street strategists wary of the market’s path in the near term. The market, Mike Wilson, Morgan Stanley strategist, said in a note to clients Monday that “Time to step back. “

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Icahn made his name as an activist investor. Herbalife announced Monday morning that it will buy back $ 600 million of shares from Icahn and that the activist’s representatives will be out of the board of directors. Icahn said in a statement that the time to be active in Herbalife, which he has invested in more than eight years, is over but intends to remain a shareholder at a smaller level.

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