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As for all the other investors out there, Icahn said he “feels very bad for the public.”

He said his portfolio is very hedged in the case of a stock market correction or another economic downturn. However, he is “very concerned” for ordinary investors who are turned off by low interest rates and are chasing high yields in more risky investments like junk bonds.

“The public sees all these high-yield funds and think bonds will go up, but when they go down there’s going to be a great run for the exits,” he said. He doesn’t expect a re-run of the 2008 financial collapse but noted that he worries about a potential crash in certain sectors.

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