In an interview with CNBC on Friday, investment legend Carl Icahn referred to the stock market as "schizophrenic" and said that the market is on a "precipice" and "really could go either way.""If you get a double-dip recession and they start coming down, it's going to be a bit of a bloodbath," he said. "The amateur investor is going to get hit badly again because they're pouring money into these funds. Some of these funds managers I do not think are experienced enough to handle some of the distressed stuff they're buying and they're going to get burned."
Icahn sounded a bearish note on real estate investment trusts -- noting that most are heavily leveraged and trading at prices considerably higher than the liquidation value of their underlying holdings. What sectors does he like? Cell phones and online advertising, apparently.
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