Unlike other hedge fund managers, however, Icahn does not provide monthly letters explaining his mindset which is why we eagerly watched a expansive, 40 minute interview he gave to Bloomberg's Erik Shatzker, in which in addition to a detailed discussion of Trump and how the Republican presidential candidate would change the US economy, he shared some much needed insights into his gloomy vision of the market.

Below are some of the key excerpts from his discussion of the market:

Shatzker:  Why is it that the stock market is where it is?  That with valuations so high that I noticed in the letter that — or at least in a statement that you made with your son, Bret, earlier this month, that you don't feel confident making any large investments?

ICAHN:  Aabsolutely, Erik.  I have hedges on, I'm more hedged than I ever was. I will tell you there's certainly good companies. [The market] is way overvalued at 20 times the S&P and I'll tell you why: a lot of it is a result of zero interest rates.  It's just what I said. You have zero interest and a lot of buybacks. Money is not going into capital.