In a new video released today, Carl Icahn, Apple’s largest individual shareholder, explains why he thinks the market is especially overheated in the high-yield bond market.

30 years, no tax reform. 30 years, no immigration. As a result, you have this movement toward a guy like Donald Trump becuase you want somebody who’s not beholden to the establishment. So, we need a president that can move Congress. And I think Donald Trump could do it. I disagree with him on certain issues and certainly would talk to him more, but this is what this country needs, somebody to wake it up…

Our country is shooting itself in the foot because these companies are saying they’re not going to bring [offshore profits] back then. Who are they punishing? They’re punishing the little guy again because if that money came back, it would make for jobs… It’s absurd not to make a deal. And, these companies are willing to pay a tax. Everybody agrees that it should be done it’s just having a food fight – it’s almost funny if it wasn’t so sad – it’s “who’s going to get the credit for it,” you know, is it going to be the republicans that are going to put their foot down and say, “hm, we’re not going to charge any tax to take it back” or the Democrats that want 15% of that money back, so the whole thing’s absurd…

Now, I have been a proponent for buybacks in companies like Apple where they’re sitting with $200 billion in cash and not a lot of debt. They should do buybacks. Especially at Apple where the stock in nine times earnings. But you have companies today [that shouldn’t be doing buybacks].

We are making earning by financial engineering… If low interest rates were just that simple of a panacea, we would never have recessions, we would never have these crises, we would never have these panics… Where do you draw the line here?

I’ve seen this before a number of times. I’ve been around a long time. I saw it in ’69, ’74, ’79, I could tell you, ’87, and then 2000 wasn’t pretty and I think a time is coming that might make some of those times look pretty good…

I look back and I love this country, but I sure as hell don’t love a lot of the politicians in it, or the CEOs. I think they’ve taken advantage of the system and it’s just déjà vu. The public, they got screwed in ’08. They’re going to get screwed again. I think it was Santayana who said “those who do not learn from history are doomed to repeat it” and I’m afraid we’re going down that road.

Direct link to video here.

Apple’s largest individual shareholder, Carl Icahn, endorses Donald Trump for U.S. President – September 28, 2015
Icahn warns about U.S. stock market while touting Apple – June 25, 2015
Carl Icahn lauds Apple Watch, but he doesn’t want to be pushy – May 20, 2015
Carl Icahn’s open letter to Tim Cook worth $8.35 billion for Apple shareholders – May 18, 2015
Why Carl Icahn believes Apple’s share price should be $240 – May 18, 2015
Carl Icahn issues open letter to Apple CEO Tim Cook – May 18, 2015
Apple expands capital return program to $200 billion – April 27, 2015
Here’s why Carl Icahn wants even more Apple buybacks and why CEO Tim Cook has to pay attention – October 9, 2014