Getting your player ready...
NEW YORK — Billionaire Carl Icahn said he was “cautious on the market” and holding “lots of cash” because of the market turmoil that sent the Dow Jones industrial average below 10,000 on Monday. He said bank debt may be a sound investment.
Even with the 25 percent drop in the Dow this year, Icahn says there are places to make money.
“I don’t think we’ll have a depression,” he said, noting the average price of actively traded leveraged loans is 75.33 cents on the dollar, according to Standard & Poor’s LCD. “I won’t see this again in my lifetime.”
