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David Tepper of Appaloosa Management, one of the most respected investors in the hedge fund business, told CNBC on Thursday the bull market still has room to grow.
"Explain to me where this market is rich? It's not rich with the tax thing that just changed earnings projections. With earnings forecasts going up and interest rates where they are, how is this market expensive? I don't see the overvaluation. World growth is higher," Tepper said in a phone interview.
"There's no inflation. The market coming into this year doesn't look rich, in fact, it looks almost as cheap as coming into last year."
The tax overhaul, which President Donald Trump signed into law last month, lowers the corporate tax rate to 21 percent from 35 percent.
The billionaire investor's comments that the market is nearly as inexpensive as the beginning of 2017 is noteworthy since the S&P 500 rallied 19 percent last year. Tepper said bond prices are the key indicator of whether the stock market can keep going higher.
"The market can't go down until the bond market gets hit. It's amazing where interest rates are," he added in the interview on CNBC's "Fast Money Halftime Report. "
Appaloosa managed $17 billion as of March.