Carl Icahn isn’t buying stocks right now. He’s hoarding cash, shorting commercial real estate and preparing for the coronavirus to wreak more havoc.

This is a time to be “extremely careful,” Icahn, who owns more than 17% of Caesars Entertainment, said in an interview Friday on Bloomberg Television. Icahn was driving force behind Caesars’ pending $17.3 billion merger with Eldorado Resorts.

From his home on Miami’s Biscayne Bay, the billionaire investor has surveyed the damage to stock prices — and to his portfolio — and reached out to medical experts for information and opinions on the Covid-19 pandemic. To Icahn, who at 84 has traded through all the stock-market crashes since the Great Depression, the future is just too unpredictable for the S&P 500 to be trading at 17 times 2021 earnings estimates.