Hedge fund billionaire: I’m ‘pretty cautious’ on the stock market right now
Hedge fund billionaire David Tepper told CNBC on Monday he is “pretty cautious” on the market right now.
In an interview with Scott Wapner on “Halftime Report,” the founder of Appaloosa Management said the current environment is “difficult,” but hedge funds can still make “OK” returns.
While wages and the strength of the dollar are pressuring margins, Tepper said investors also have to deal with the backdrop of uncertainty surrounding the election.
“Depending on the outcome of the election, the market can move different ways. So, generally speaking, pretty cautious on the market, not outright bearish on the market,” he said.
Tepper said that, at the moment, his fund, which has about $19 billion in assets under management, is “pretty light in the stock market and we have a lot of cash.”