New York – Billionaire activist investor Carl Icahn said on Wednesday he would recommend investors hold cash given market risks and that he was “seriously considering” buying “a lot more” shares of Apple Inc.
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“I would say keep cash,” Icahn told cable television network CNBC. “You’re only making 1 percent on your cash – what’s better? Making 1 percent or losing 30 percent?”
Icahn owned about 53 million shares of Apple at the end of the second quarter, according to a U.S. Securities and Exchange Commission filing.
Icahn also said that diversified miner and energy producer Freeport-McMoran Inc was an example of a “golden” buying opportunity and that copper prices would eventually rebound. Icahn owned an 8.8 percent stake in the company as of Sept. 22, according to an SEC filing.
“I certainly am not thrilled with a lot of the actions that company has taken,” Icahn said. Despite his bullish view on the company, he said average investors should be careful since its shares could move lower.
Icahn also called liquefied natural gas company Cheniere Energy Inc “sort of a no-brainer.” A regulatory filing on Sept. 28 showed Icahn raised his stake in Cheniere to 11.43 percent.
Icahn also reiterated that he is backing Republican presidential candidate Donald Trump, and said that he believed Trump could win the nomination.
“I think Trump has a shot,” he said.