The current stock market is second only to 1999 in terms of overvaluation, billionaire investor David Tepper told CNBC Wednesday.
“I would say ’99 was more overvalued,” Tepper said.
“If you talked to me yesterday, I would’ve said ... before the market went down, it would’ve been a 15% down, 5% up type market,” Tepper added. “The market is pretty high and the Fed has put a lot of money in here. There’s been different misallocation of capital in the markets.”
“The market is by anybody’s standard pretty full,” he said.
Stocks sold off in midday trading after a weak start, with the S&P 500 down about 1.9%.
