Legendary 'corporate raider' and hedge fund manager Carl Icahn recently sat down and divulged his thoughts on the current markets. He basically said that the stock market is 'schizophrenic,' and could swing in either direction in a major way. However, he feels that there is a risk of a double-dip recession and that people could really get burned should this occur.

Specifically, Icahn sees real estate as a prime short candidate, citing an overhang in the office and mall sectors. He spoke about the exchange traded fund (ETF) of IYR, the iShares US Real Estate Index, and wondered why anyone would want to sit and collect a measly 4.5-5% dividend for all the inherent risk it carries with all of that commercial property. He is worried about the underlying REITs being able to liquidate the value of their buildings should things get really bad. He goes on to say,