Billionaire investor Carl Icahn told CNBC on Friday that he has been shorting the commercial bond market. The activist investor said that his short was his “biggest position by far” in an interview on Friday. Specifically, he is targeting corporate offices and shopping malls. Based on the recent downturn in the markets, he’s likely doing well for himself.

Icahn said he expects U.S. commercial real estate to pull back sharply as we saw with housing in 2008.

Billionaire Investor Carl Icahn on the Markets

During the conversation, Icahn said the recent selloff likely hasn’t found its bottom. He said that stocks look very inexpensive.

“Now it’s reached a point that there are some companies that are sort of just given away,” Icahn said during CNBC’s “Halftime Report.” “Some of these companies are awfully cheap, they’re very cheap.”

He said that he is not as bearish as he had been. However, the market “probably has a longer way to go down.”

Icahn has been targeting a number of companies during the selloff. Specifically, he has been buying Occidental Petroleum (NYSE: OXY), Hertz Global (NYSE: HTZ), and HP (NYSE: HP).

“These companies are good companies. Occidental, Hewlett-Packard … there are companies that should be bought. On the other hand, there are many very overpriced companies with very high multiples and too much debt on them and those should be sold,” he said.

Icahn’s firm now owns 10% of Occidental Petroleum, according to new regulatory filings. He has been aggressively pushing to remove various members of the board, including CEO Vicki Hollub.

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