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Hedge fund manager David Tepper is right to be nervous about this market, investment manager Michael Farr told CNBC Thursday.
"We're at all-time highs on the markets. We went up 32 percent last year for the S&P 500," he said.
Farr, author of "Restoring Our American Dream: The Best Investment" and a CNBC contributor, told "Power Lunch " he's been urging caution for quite a while. Valuations are full, he said, and the economy is being fueled by the Federal Reserve's stimulus.
"The consumer's not driving this economy. It's inflated, it's staying up," he added. "The economic data aren't horrible but I think caution is definitely warranted and it's where I've been for a while in my multi-national blue chips."
Farr's call for caution echoed comments by Tepper, head of Appaloosa Management, who voiced his concerns Wednesday at SkyBridge Capital's SALT 2014 conference in Las Vegas.
"I'm not saying go short, I'm just saying don't be too fricking long right now," Tepper told the audience. "I am nervous. It's nervous time."
The closely watched hedge fund manager told CNBC he has reduced his equity exposure to about 60 percent from 100 percent six months ago.
Tepper's comments spooked the markets, which fell Thursday on disappointing retail earnings and weak economic reports.
Bruce Richards, CEO of Marathon Asset Management, told CNBC's "Closing Bell " that financial assets are fine for now, just don't expect to make as much money as last year.
"You have to heed some of [Tepper's] advice and comments, but I think you could pencil out a 6 to 7 percent return, which is the historical return you get for equities over the next 12 to 24 months," he said.
The bottom line in this volatile market, Farr said, is to keep calm.
"Stock markets go down at times. That's not a horrible thing. They have to correct, they let a little air out," Farr said. "This is no reason for panic, but be cautious."
—By CNBC's Michelle Fox. CNBC's Jeff Morganteen contributed to this report.
Disclosure: Michael Farr and Farr, Miller & Washington own Johnson & Johnson, Qualcomm and Abbott Labs.