For investors, now is not the time to 'be a hero,' David Gerstenhaber says

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Hedge fund manager David Gerstenhaber said on Thursday that he thinks markets are fully valued but said investors shouldn't make big bets. 

Gerstenhaber, who is one of the so-called Tiger Cubs that worked under famous hedge fund manager Julian Robertson, said on "Squawk Box" that the market has not factored in the longer-term damage from the pandemic.

The economic shock from the pandemic has created a "substantive swatch of long-term unemployed people," and that will become more visible and cause a larger hit to the economy as government support programs expire, he said. 

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