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Billionaire Carl Icahn saw the net asset value of Icahn Enterprises (NASDAQ:IEP) increase by nearly 30% in the first six months of 2022.
As inflation remains frothy at 40-year highs, the Federal Reserve is left with no choice other than to hawkishly raise interest rates. This is a large contributor to why it is much harder to see your money double this year, compared to 2020 and 2021.
“We printed up too much money, and just thought the party would never end," Icahn said at MarketWatch’s Best New Ideas in Money Festival. "And the party’s over."
See Also: 'I Think It May Be Time To Pull The Trigger' - Jim Cramer Says On Stock Down 34% This Year
The S&P 500 had a rough first half of the year — its worst since the 1970s. Icahn, however, didn't suffer the bear market drawdown.
Besides owning a 64% stake in Icahn Enterprises, Icahn’s second most owned position is in CVR Energy (NYSE:CVI), where he owns more than 70 million shares.
CVR Energy engages in petroleum refining and nitrogen fertilizer manufacturing through its holdings in CVR Refining LP and CVR Partners LP (NYSE:UAN).
Why does Icahn like Texas-based CVR Energy? “You can't build another refinery in this country,” he said. Here's a closer look:
See Also: Icahn Likes These 2 High Yielders - 2 Energy Suppliers That May Get 'The Lift'
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