Easy monetary policy might seem fun at the beginning, but it has consequences.

While asset prices shot up in 2020 and 2021, they pulled back substantially in 2022. Meanwhile, inflation remains near 40-year highs and the Fed has to raise interest rates aggressively to bring price levels under control.

“We printed up too much money, and just thought the party would never end. And the party’s over,” Billionaire investor Carl Icahn says at MarketWatch’s Best New Ideas in Money Festival on Wednesday via a remote feed.

Still, although many investors suffered painful losses in 2022 — the S&P 500 had its worst first half of the year since 1970 — Icahn is not one of them. At his company Icahn Enterprises, the net asset value went up about 30% in the first six months of this year.

Looking ahead, his outlook isn’t exactly optimistic.

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“The worst is yet to come,” Icahn says, while cautioning that “inflation is a terrible thing” and “you can’t cure it.”

That said, he doesn’t suggest you should bail on stocks completely.

“I think a lot of things are cheap, and they’re going to get cheaper,” he says.

Given Icahn’s massively successful career as an investor, people want to know where he sees opportunity right now.

“I’m just curious what stocks look cheap and viable right now,” an audience member asked him during the Q&A session.

Icahn provided two names.

CVR Energy (CVI)

Energy was by far the S&P 500’s best-performing sector in 2021, returning a total of 53% vs the index’s 27% return. And that momentum has carried into 2022.

Year to date, the Energy Select Sector SPDR Fund (XLE) is up a solid 35%, in stark contrast to the broad market’s double-digit decline.