Billionaire hedge-fund investor David Tepper on Thursday said Apple Inc. is a “cheap stock” at its current price.
Apple shares are 0.3% lower in premarket trade Thursday.
In an interview with CNBC, the closely-watched founder of Appaloosa Management said
he’s maintaining a position in Apple but that he doesn’t have a “huge
position” in the stock. Tepper, who also said that a flat position
in stocks is attractive right now, noted that currently his equity book is relatively small.
Tepper noted he sold out of the remainder of his position in Chinese e-commerce giant Alibaba Inc. in early July.
Investor also said a “flat” position in stocks is “not a bad place to be right now.”
He’s not comfortable being short stocks given equities tendency to rise
over time, he said. Tepper explained that a drawdown in global foreign-exchange reserves is
contributing to increasing volatility and making for a more complex
investing environment.
Tepper’s fund manages more than $20 billion and was up more than 12% year-to-date through the end of August, CNBC said. The fund returned 2.2% in 2014 after a 42% return in 2013.
