Carl Icahn has released an ominous video on his website saying that the seven-year bull market has run its course. Although this is only a teaser video for something much larger that will be released later, it still has a chilling effect.

Basically, the root of this market pullback is the Federal Reserve increasing interest rates, according to Icahn.

He sees the end as near, and accordingly is warning investors as a harbinger. Among other things, Icahn is concerned about the high-yield market as he considers it to be in a “major bubble.”

The market keeps going up, and Icahn’s theory behind these gains is that interest rates pegged at zero have pushed up the market this whole time. Ultimately, they have allowed for companies to borrow cheaply and build out from there.

Icahn said in the video, that it was not so much a question of if this pullback will happen but really when it will happen.

One key point of this video is that Icahn claims we could have averted the financial crisis in 2007-2008 if more respectable investors had warned that the markets were overvalued, similar to what he is doing in this video.

Is Icahn right? There are many that believe similarly to Icahn that low rates have propped up the economy and that ending quantitative easing and raising rates would effectively cause a contraction. Another point of view is that by raising the rates we reach a level of normalcy that is better off in the long run because rates cannot stay at zero forever.

Regardless, Icahn has issued a warning. He is known for his savvy investing and market foresight, and his opinion is very much worth paying attention to.

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