Activist investor Carl Icahn said on Monday he is “very cautious” on the stock market, saying he could see a “big drop” because earnings at many companies are fueled more by low borrowing costs rather than the strength of management. Icahn, speaking at the Reuters Global Investment Outlook Summit, also hinted at his ongoing plan for Apple Inc, the most valuable U.S. stock by market value, saying that he does not want to fight with management at the iPhone giant but has no plans to walk away from his investment.
