Billionaire hedge fund manager David Tepper told CNBC on Wednesday he could take a significant hit by his investment in European stocks.
"I am long European equities. And, you know, I could lose my behind," Tepper told "Squawk Box." "That's life, if it goes the other way. But the odds are the odds."
Tepper, founder and president of Appaloosa Management, said his European position hinges on the outcome of the French presidential election.
"If you get this French election going the right way, already you have good growth. You're at minus 40 basis points in the ECB. Boom!" he exclaimed, adding that there is more upside in European markets than most people recognize.