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Hedge fund billionaire David Tepper says he's 'still long stocks' and 'still short bonds'

Billionaire hedge fund manager David Tepper told CNBC on Monday he remains bullish on the stock market rally.

"Still long stocks. Still short bonds," Tepper told CNBC's Scott Wapner.

The founder of Appaloosa Management said: "Why are stocks and bonds acting differently? It's as if they're reacting to two different economies."

Since the election, bond prices have been falling, and bond yields have been rising. Stock prices, meanwhile, have been hitting new highs.

But more recently, as of mid-February, bond prices and stock prices have been moving higher together again.

Tepper also asked: "Could be there's too much monetary policy still around the globe? Reaction in markets suggests it's affecting the bond market more."

After Friday's late comeback, the Dow Jones industrial average was riding an 11-day win streak for the first time since 1992, with 11 record closes in a row for the first time since 1987.

Tepper's comments come on the same day as another billionaire investor, Warren Buffett, talked up stocks and bashed bonds.

U.S. stock prices are "on the cheap side" with interest rates at current levels, Buffett told CNBC's "Squawk Box" on Monday morning.

The Berkshire Hathaway chief also said: "It absolutely baffles me who buys a 30-year bond. I just don't understand it."

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