The stock market is at an all-time, but economic activity is not at an all-time, explains billionaire investor Sam Zell to CNBC this morning, adding that, every company thats missed has missed on the revenue side, which is a reflection that theres a demand issue; and when you got a demand issue its hard to imagine the stock market at an all-time high . Zell said he is being very cautious adding to stocks and cutting some positions because I dont remember any time in my career where there have been as many wildcards floating out there that have the potential to be very significant and alter peoples thinking. Zell also discussed his view on Obamas Fed encouraging disparity and on tax inversions, but concludes, rather ominously, this is the first time I ever remember where having cash isnt such a terrible thing . Zells calls should not be shocking following George Soros. Stan Druckenmiller, and Carl Icahns warnings that there is trouble ahead.

People have no place else to put their money, and the stock market is getting more than its share. Its very likely that something has to give here .

I dont remember any time in my career where there have been as many wildcards floating out there that have the potential to be very significant and alter peoples thinking, he said. If theres a change in confidence or some international event that changes the dynamics, people could in effect take a different position with reference to the market.

Its almost every company thats missed has missed on the revenue side, which is a reflection that theres a demand issue, he said. When you got a demand issue its hard to imagine the stock market at an all-time high.

He also lamented about how difficult it is to call a market top. If youre wrong on when, thats a problem. His answer: You got to tiptoe. and find the right balance.

This is the first time I ever remember where having cash isnt such a terrible thing. despite the fact that interest rates are as low as they are, he added.

On Obama and inequality.