Yet ANOTHER Billionaire Warns About Coming Chaos … Maybe There’s Something to This Trend?

Posted by Mike Larsen - Money and Markets

Share on Facebook

Tweet on Twitter

Screen Shot 2016-05-25 at 7.50.53 AM

Screen Shot 2016-05-25 at 7.50.53 AM“holding a lot of cash right now doesn’t seem like a terrible opportunity” – we’re in the “ninth inning” of the economic cycle

Is there something in the water that billionaires drink? Because yet ANOTHER one just warned about coming market and economic chaos this morning!

Sam Zell is his name, and real estate is his game. Zell has founded or invested in multiple public and private real estate firms from his home base in Chicago over the years, and is now worth an estimated $4.8 billion.

As a guest host on CNBC today, he offered nothing but cold water and harsh reality for the starry-eyed optimists. Specifically, he said “holding a lot of cash right now doesn’t seem like a terrible opportunity” … added that we’re in the “ninth inning” of the economic cycle … and warned that recession was right around the corner.

Plus, he added:

“We live in a cyclical world. I think the cycle is changing. Things all over the world are telling us were near the end of that cycle.”

Why do I keep harping on this? Because …

First, it was Carl Icahn, estimated net worth of around $20 billion.

Next, it was Stanley Druckenmiller, estimated net worth of more than $4 billion.

Then, it was George Soros, estimated net worth of $25 billion.

The fact they have built up so much wealth over the years on Wall Street makes their opinions worth listening to. That wealth also allows each of them to speak his mind freely. They don’t have an ax to grind, or corporate masters to answer to, like your traditional happy-talk-spewing brokerage analysts.

They also clearly don’t offer up the kind of overly reserved, “on the one hand, on the other” kind of claptrap you get from central bankers and politicians.

No, that doesn’t guarantee they’re correct, as I’ve said before. But with so many billionaires piling on here, maybe there’s something to this their warnings? Maybe, just maybe, we should all be paying attention and taking steps to prepare for rougher times ahead? I know I am, and I encourage you to do so, too.

related: Stan Druckenmiller: ‘What Part of “Get Out of The Stock Market” Don’t You Understand?’