David Tepper, a billionaire investor and one of the world’s largest hedge fund managers, is not a fan of the stock market right now.
““Sometimes there are times to make money…sometimes there are times when you don’t lose money.”“
That’s what hedge fund founder Appaloosa Management told CNBC in an interview Friday, as US stocks plunged, the prominent investor also spoke.
Close to record highs on Friday.
“I don’t know how interest rates will behave next year,” Tepper added. “I don’t think there are any major asset classes at the moment,” said the owner of the Carolina Panthers of the National Football League.
Tepper said he “don’t like stocks. I don’t like bonds. I don’t like junk bonds,” referring to markets he felt were overvalued.
Standard yield of 10-year treasury bonds
It hit about 1.70% on Friday, near its highest level since May, as expectations grew that the Federal Reserve would soon announce a reduction in its monthly purchases of Treasuries and mortgage-backed securities that have been supportive of the market.
Tepper said investors should remain long-term investors, but he stopped short of it.
“My exposure is not high at the moment,” he said of his position in the financial markets. Tepper net worth is $15.8 billion, According to Forbes magazine.
Tepper, who founded Appaloosa Management in 1993, has one of the strongest records among active investors, and his observations Markets often move.