The profit came from a short position on commercial mortgage-backed securities, Icahn Enterprises LP said Monday in a regulatory filing. Icahn’s publicly traded holding company has committed capital to his proprietary investment funds and thus reports on their returns quarterly.
Icahn, 84, began making the bet, frequently called the “mall short,” in mid-2019 by purchasing credit default insurance using CMBX 6, an index highly exposed to shopping mall loans. The likelihood of defaults soared in March as the Covid-19 pandemic led to store closures and prompted more consumers to shop online, accelerating a trend already well underway.
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BUSINESS MAVERICK ANALYSIS: Prohibition: Social conservatism that’s shattering working-class livesThe consequences of prohibition include mounting commercial casualties that have helped land South Africa’s economy in the trauma unit. The motives of some of its backers are well meaning, and the reasoning behind the ban not without its merits. But as the economic toll mounts, it is worth bearing in mind that it reflects a socially conservative agenda with racist and classist roots, and that the working class is ultimately paying the price.
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BUSINESS MAVERICK: PIC takes major step to restore governance by separating the role of CEO and CIOThe Public Investment Corporation has appointed Sholto Dolamo, the state-owned asset manager’s current executive head for research and project development, as its acting chief investment officer. This is the first time in five years that the PIC has a stand-alone CIO.
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