Carl Icahn Sees Major Correction In The Markets Soon

When Carl Icahn speaks, the Street not only sits back and listens, but also reacts.

This was evident last year when Icahn, in an interview with Reuters, said he expects markets to go down -- and the markets started dropping.

In a sort of déjà vu, Icahn again spoke at Reuters' Global Investment Outlook Summit in New York recently and predicted a sell-off soon.

"It's really a question of when that is going to happen, in my opinion. It could be three years, it could be three months, it could be three days. But I really do believe there will be a major correction in the next three to five years, at least," the billionaire said.

Though Icahn acknowledged still owning shares of companies that he loves including Apple Inc. AAPL, he highlighted that there are some "mediocre companies" currently trading at 18 to 19 times earnings.

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He also didn’t shy away from mentioning that his track record shows that he has been mostly correct with his predictions, even though he was in the minority at the time.  

Lastly, he chatted about the doom and gloom surrounding oil companies. Icahn reasoned that in the near future, some of them can be "great opportunities" for investors.