Billionaire hedge-fund investor David Tepper on Thursday said that a “flat” position in stocks is “not a bad place to be right now.” In an interview with CNBC, the founder of Appaloosa Management expressed doubt about earnings expectations and the ability to maintain current price-to-earnings multiples. Tepper said he’s not comfortable being short stocks given equities tendency to rise over time. Tepper said a drawdown in global foreign-exchange reserves is contributing to rising volatility and making for a more difficult investing environment. Tepper’s fund manages more than $20 billion and was up more than 12% year-to-date through the end of August, CNBC reported. The fund returned 2.2% in 2014 after a 42% return in 2013.
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From:: Stock Market News