Watch David Tepper's full market-moving interview on valuation, how he's positioned and the NFL

David Tepper, founder and president of Appaloosa Management.
Cameron Costa | CNBC

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Billionaire investor David Tepper told CNBC on Wednesday that the stock market was one of the most overvalued market he had ever seen, with even solid companies hitting the top their reasonable range. 

Tepper, who runs Appaloosa Management, said that, as of Tuesday's close, this was the second-most stretched market he had ever seen, trailing only the tech bubble in the late '90s.