David Tepper, founder and president of Appaloosa Management.
David Orrell | CNBC
Hedge fund manager David Tepper turned somewhat bearish on the stock market, citing uncertainties around interest rates and inflation.
“I don’t think it’s a great investment,” Tepper said on CNBC’s “Halftime Report” on Friday. “I just don’t know how interest rates are going to behave next year… I don’t think there’s any great asset classes right now… I don’t love stocks. I don’t love bonds. I don’t love junk bonds.”
Tepper is the founder of Appaloosa Management, whose comments have been known to move markets.
The billionaire investor has made a number of prescient calls recently, including foreseeing the market collapse due to the Covid-19 pandemic. Back in February 2020 before the S&P 500 tumbled into a bear market, he warned that the virus could be a game changer for markets and “certainly ruined the environment” for stocks.
In March this year, Tepper turned bullish on the market, saying it’s very difficult to be bearish on stocks. The S&P 500 enjoyed seven positive months in a row from February to August, The benchmark is up more than 20%, hitting a fresh all-time high Friday.
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