If more credible investors spoke out in the past, we may of not have had the financial crisis..
Dick fuld, please stay out of this one.
For those who are unaware, refer to this link to watch the video. Danger ahead.
http://carlicahn.com/
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Credible investors, government officials, central bankers saw the housing crisis coming years before it actually did. The problem is is that its impossible to tell when the levy will break, so up until that point you look like an idiot and lose out on gains.
Icahn is saying the stock market/world economy is in danger, but at the same time going long in highly cyclical commodity plays (Chenerie and Freeport).
One thing for sure, High Yield Market is fucked.
How is HY fcked (besides metals & energy)?
Only 15% HY debt outstanding is due in the next 3 year. which is like a 10 year low. As such, defaults will likely remain benign for the next year or two.
Is it going to be a bumply ride? Yep. But thats the case for most asset classes at this point.
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