Recently, there has been quite a stir about whether Carl Icahn is actually as bearish on the stock market as he seems to be, in light of a recent letter he wrote to his investors announcing he would return all outside capital. In essence, it appears that he is playing it safe, and does not want to bear the responsibility to limited partners in the event we see another market swoon.

Insider Monkey, however, believes that Icahn is actually quite bullish on the stock market. The excess cash could easily be used by Icahn to lever up his long exposure. He has also not really hinted at selling core holdings. Food for thought, indeed.

At any rate, courtesy of The PPT, here are Icahn Capital LP’s top holdings.