The bond market has turned into a punching bag for big investors, but strategists don't see Treasury yields moving much higher for now.
Both Warren Buffett and Omega Advisors' Leon Cooperman Monday called the bond market overvalued relative to stocks. David Tepper of Appaloosa Management, at the Ira Sohn conference, was also bearish on bonds, calling them "horrific" with quantitative easing.
"If I had an easy way, and a non-risk way, of shorting a lot of 20-year or 30-year bonds, I would do it. But that's not my game. It can't be done in the quantity that would make sense for us," Buffett said on CNBC Monday morning.
Read MoreBuffett: Stocks versus bonds