Loading ...Tepper’s comments were a change from late March, when he said he was “nibbling” at stocks, buying into companies focused on technology or hospitals and health care. Tepper, who runs the $13 billion Appaloosa hedge fund, told CNBC on Wednesday that valuations are “nuts” for some individual stocks on the Nasdaq. He also highlighted banks and airlines as difficult areas in which to invest right now
When reached by phone on Wednesday, billionaire Leon Cooperman pointed to an email he wrote in late April that predicted the government’s actions to combat the pandemic will lead to higher taxes and more regulation. He estimated the S&P 500 should be trading lower — somewhere between 2,200 to 2,800 — which suggests stocks could fall as much as 22%
Other marquee investors also have taken more defensive stances recently. Tudor Jones, who runs Tudor Investment Corp., told clients in early May he was investing in gold and had even put a small percentage of his firm’s assets in Bitcoin as he looked for havens. Meanwhile, Carl Icahn said in late April that he wasn’t buying stocks. Instead, he was hoarding cash and shorting commercial real estate.
Read more: Paul Tudor Jones buys Bitcoin with reminder of gold in 1970s