Below is an abridged excerpt from today's Early Look:
A little bit of a #TepperTantrum yesterday from the Appaloosa Management founder and stalwart bull.
Advocating higher cash allocations, highlighting higher volatility and increasingly challenged corporate fundamentals, voicing concerns over current multiples and pervasive over-optimism around forward growth prospects.
Tepper’s fundamental and valuation concerns are really just manifestations of our current late-cycle reality and a recapitulation of our 2Q15 #LateCycle Macro Theme.
We don’t always agree with Tepper but, when we do, we like to do it 3-months and 150 SPX handles ago.