Just last month, billionaire hedge-fund manager David Tepper said he loves “riding a horse that’s running,” in reference to his bullish stance on the stock market. He’s “long and will continue that way,” he told CNBC at the time.
What a difference a potential pandemic makes.
‘You have to be careful, because it may be a game changer. So you’ve just got to be cautious.’
That’s Tepper’s updated view of the market, which he just shared with CNBC following Friday’s hefty dose of selling.
He explained that the coronavirus has “certainly ruined the environment” for stocks that was in place a few weeks ago.
“If you’re a long-term person, you better not be leveraged,” warned Tepper, who owns the Carolina Panthers and, according to CNBC, oversees about $14 billion in assets for Appaloosa Management.
Watch the interview:
As for the latest on the coronavirus, at least 361 people have died and another 17,205 have been sickened. There are reportedly 151 cases outside of China.
The market, however, is rebounding from Friday’s retreat. At last check, the Dow Jones Industrial Average DJIA, +0.68% was up triple digits, while both the S&P 500 index SPX, +0.87% and Nasdaq Composite COMP, +1.35% were also higher.