As voting returns signaled Donald Trump’s win on election night last month, billionaire investor and Trump supporter Carl Icahn heard the news that stock-market futures were plunging in response.
Futures essentially are bets on how the market will open the next day, but Icahn figured prices would rise, not fall. So he gobbled up $1 billion in stocks that night. Sure enough, the Dow Jones industrial average surged nearly 257 points the next day.
“I feel I didn’t buy enough,” Icahn said later. “It’s almost a no-brainer. Everybody was saying if Trump wins everything is going to fall apart, which is nonsense.”
Now Icahn will help advise Trump on shaping economic policies...