From Andrew Bary at Barron’s:
If financial markets crash, one of the biggest beneficiaries could be billionaire investor Carl Icahn.
An investment fund run by the 80-year-old Icahn had a net short position of 149% at the end of the first quarter. Icahn is considerably more bearish than he was at the end of 2015, when the fund’s net short position was 25%. A year ago, the fund had a net long position of 4%. It’s rare to see a fund outside a dedicated short fund with such a large bearish stance.
The 149% net short position was disclosed by the management of Icahn Enterprises (IEP), which holds a $1.8 billion interest in the investment fund, on an earnings conference call on May 5. Icahn Enterprises is a diversified investment vehicle run by the activist investor who holds a roughly 90% stake in the company. Icahn Enterprises holds sizable equity…