Amid the biggest weekly collapse in high-yield bonds since March 2009, Carl Icahn gently reminds investors that he saw this coming… and that it’s only just getting started!

As we warned here, and confirmed here, something has blown-up in high-yield…

With the biggest discount to NAV since 2011…

The carnage is across the entire credit complex… with yields on ‘triple hooks’ back to 2009 levels…

As fund outflows explode..

And here’s why equity investors simply can’t ignore it anymore…

If all of that wasn’t bad enough… the week is apocalyptic…

Icahn says, it’s only just getting started…

If you haven’t seen ‘Danger Ahead’ watch it on https://t.co/4rVAcLBsH9. Unfortunately I believe the meltdown in High Yield is just beginning

— Carl Icahn (@Carl_C_Icahn) December 11, 2015

As we detailed previously, to be sure, no one ever accused Carl Icahn of being shy and earlier this year he had a very candid sitdown with Larry Fink at whom Icahn leveled quite a bit of sharp (if good natured) criticism related to BlackRock’s role in creating the conditions that could end up conspiring to cause a meltdown in illiquid corporate credit markets. Still, speaking one’s mind is one thing, while making a video that might as well be called “The Sky Is Falling” is another and amusingly that is precisely what Carl Icahn has done. 

Over the course of 15 minutes, Icahn lays out his concerns about many of the issues we’ve been warning about for years and while none of what he says will come as a surprise (especially to those who frequent these pages), the video, called “Danger Ahead”, is probably worth your time as it does a fairly good job of summarizing how the various risk factors work to reinforce one another on the way to setting the stage for a meltdown. Here’s a list of Icahn’s concerns: