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Billionaire Carl Icahn says he’s well hedged ahead of a potential ‘painful correction’ for the stock market

‘I’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.’

That’s billionaire investor Carl Icahn talking to CNBC during Monday’s selloff about the potential for a big drop in the stock market. “Another thing they have in common is it’s always said, ‘it’s different this time,’” he continued. “But it never turns out to be the truth.”

So how is he preparing to navigate a possible correction? Icahn apparently didn’t go into specifics of the makeup of his portfolio but did say he’s well hedged.

Here’s more from CNBC:

Separately, Icahn reportedly unloaded about $600 million, or more than half his stake, in Herbalife Nutrition Ltd. HLF, +3.18%  and is giving up his seats on the company’s board.

That leaves him with a stake worth $400 million.

As for the broader market, stocks were taking a beating during Monday’s trading session, with the Dow Jones Industrial Average DJIA, -1.50% off more than 500 points. The Nasdaq Composite COMP, -1.60% and S&P 500 SPX, -1.64% were also firmly lower.

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