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David Tepper on Apple: Warren Buffett 'made a better trade' than I did

Billionaire investor David Tepper told CNBC on Wednesday that Warren Buffett turned out to be right to buy Apple since late last year.

Tepper's Appaloosa Management trimmed its Apple stake late last year, according to the hedge fund's fourth quarter 13F filing with regulators.

Meanwhile, Buffett's Berkshire Hathaway was buying Apple at the end of last year through Jan. 31, when the tech giant reported earnings, Buffett revealed on CNBC last month.

Berkshire has amassed about $18 billion of Apple stock.

On Wednesday's "Squawk Box," Tepper said Buffett "made a better trade than me" on Apple, acknowledging the stock has been "up since we trimmed it."

Tepper said he decided to sell some Apple shares during 2016's final quarter because of worries about China exposure.

"We were a little concerned about what China policy might be in the beginning of the year," said the founder of Appaloosa, which has $17 billion in assets under management.

"We were waiting for that shoe to drop with China," he continued, "and it never did."

Asked whether he's looking to add back shares of Apple, Tepper said not at $139 each, where the stock was trading mid-morning Wednesday.

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