The hedge fund manager also went on an explosive rant against Donald Trump, saying the Republican candidate presented himself as philanthropic, but has actually been quite uncharitable to the New York/New Jersey area, even during times of dire need like in the aftermath of 9/11 and Hurricane Sandy.
Trump campaign manager Kellyanne Conway later told CNBC: "Mr. Trump has been very generous with his time and his money over a number of decades. … I've witnessed it first hand."
On Tepper's market positioning, he said: "Still cautious, but we actually got long, a little bit ... definitely longer today than I talked two weeks ago."
On election prediction models: "The reason the market is a little nervous. ... I think people are having a tough time market-wise doing some of this stuff this time," he said.
From inception in 1993 through 2015, Tepper's main fund generated annual returns of 25 percent versus the S&P 500's 9.5 percent, according to market sources. Appaloosa Management had $18.5 billion of assets under management as of midyear.
He also discusses:
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