Icahn spoke yesterday to reuters but also made some comments on his website ..have a look:
Personal Views Concerning Media Reports On My Remarks re Markets and AAPL from Reuters Summit
November 18, 2013 by Carl Icahn
Reuters was completely accurate that I am concerned about the level of the market. But I also made it clear on the conference call (and I believe as Reuters reported it), that it is almost impossible to predict what a market will do in the short term. There are too many variables.
Often when we are concerned about the market, we hedge to some extent and this is one of those times. Interestingly, our investment funds had an annualized return of approximately 27% since January 1, 2009, and that return would have been greater if we had not hedged. As I have often said, picking short term moves in the market is like predicting how many sevens the “hot” dice player will continue to roll.
Concerning Apple, I told Reuters I believe that Apple is not a bank and that a large buyback should be put into place, as well as taking advantage of other ways this cash can be made more productive. While I do not micromanage, at the risk of being immodest, I believe that in the area of allocating capital there are very few better then we and we hope to be able to be involved, as a large shareholder, with Apple, in this area.
Link to article : {http://reut.rs/1aod0VR}
Highlights Day 1: Europe's appeal, stock 'drop' coming
(Reuters) - Marc Lasry, chief executive of hedge fund Avenue Capital Group, said that European securities offer the best opportunity, while activist investor Carl Icahn said that the U.S. stock market could see a "big drop."
Bonnie Baha, head of global developed credit at DoubleLine Capital, said she favors high-yield bonds, non-agency mortgage-backed securities, emerging market corporate bonds and floating-rate bank loans.
Sonia Gardner, president of Avenue Capital, said a strong track record was the best way for women hedge fund managers to gain recognition in the sector and raise capital.
Josh Brown, chief executive of Ritholtz Wealth Management, said that a pullback in the U.S. Federal Reserve's easy money policies could trigger a plunge in U.S. stocks.
Those were some of the highlights from Day 1 at the Reuters Global Investment Outlook Summit, held at the Reuters office in New York. Money managers shared their best investment ideas on topics such as the Fed's monetary easing and the record highs in U.S. stocks.
Marc Lasry, co-founder and chief executive of Avenue Capital Group
Lasry said that the "biggest opportunity" is Europe, in particular Southern European countries such as Spain, Greece, and Portugal.
Lasry also pointed out how much attention companies currently pay to activist investors, since a stake of 3 percent or 5 percent in a company is "de minimis."
"I just marvel at the fact that companies react to that," Lasry said. He added that investors have become more comfortable going public with their holdings, whereas they were more private in past years.
Lasry said that he is bullish on the U.S. housing market. He also said that his $12 billion fund has invested in Puerto Rico municipal bonds and the debt of ailing retailer J.C. Penney. He said J.C. Penney is likely to survive after an ambitious reinvention failed.
Sonia Gardner, president, managing partner and co-founder of Avenue Capital Group
Gardner said that women need to "mentor" up-and-coming women in the hedge fund industry and recognize that it is going to be hard, but that strong performance remains the best way of attracting investor cash.
"If you can show good performance, then I think you'll get the money. I don't think that it's necessarily women versus male," she said.
Joshua Brown, chief executive of Ritholtz Wealth Management
Brown said that the surge to record highs in U.S. stocks this year could end in a downturn once the Fed decides to pull back its $85 billion in monthly bond-buying, which analysts have said could occur at the central bank's December meeting.
A scaling back of the Fed's easy money policies presents the "biggest opportunity for a correction," Brown said. The Standard & Poor's 500 stock index has rallied more than 25 percent this year.
Bonnie Baha, head of the global developed credit group at DoubleLine Capital
Baha said that she likes high-yield bonds, floating-rate bank loans, emerging market corporate bonds, and non-agency mortgage-backed securities. She also said that the rebound in the U.S. housing market has likely ended.
"When you look at housing and the improvement in housing ... I think it's kind of done," Baha said. DoubleLine Capital had $53 billion in assets as September 30.
Baha also said that Fed Vice Chair Janet Yellen has a "very tough task ahead of her" as the likely successor of Fed Chairman Ben Bernanke.
Carl Icahn, chairman of Icahn Enterprises LP
Icahn said he is "very cautious" on the stock market, since he could see a "big drop" because earnings at many companies are fueled more by low borrowing costs than management's efforts to boost results.
Icahn also said that activist investors draw media coverage through their strong performance.
"It's fascinating we do so well. Why do we cover a winning athlete? I think the success leads to coverage to some extent."
Greg Lippmann, chief investment officer and portfolio manager at LibreMax
Lippmann said that home prices are not likely to rise as fast as they did this year.
"I don't think they're going to keep going up at the rate they did in 2013. Home prices will moderate but not decline."