market folly

David Tepper of hedge fund Appaloosa Management made a rare media appearance on CNBC and gave his thoughts on the market.

Tepper noted that "We're pretty light in the stock market right now and we have a lot of cash.  We're probably more positioned in the bond market right now.  I just don't see the market having the ability to move up that much.  I think the upside/downside is not the most favorable I've seen.  It's not a great environment."

Tepper also touched on the election, noting that it's a "fairly bad choice at the top."  He also said that, "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 this environment would probably be 'ok' returns, but not 'great.'

He particularly focused on the outcome of who wins the White House and who wins Congress, basically saying that different market outcomes will be determined by those results.

Embedded below is the video of David Tepper's CNBC interview:

Video 1


Video 2



You can also view Carl Icahn's interview here as well.