Buy Market Dips Until Fed Triumvirate Waivers: Hedge Fund Pro

The director of a hedge fund with $53 billion under management told CNBC on Thursday that he would keep buying pullbacks in the stock market until the three most influential Fed policymakers change their minds.

"You mess up by thinking anyone's important at the Fed other than" Chairman Ben Bernanke, Vice Chairwoman Janet Yellen, and New York Fed President William Dudley," Fortress Investment Group's Michael Novogratz told "Squawk Box."

"Unless those three people change their tune, I'm going to be a buyer on these dips," Novogratz said.

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That strategy has paid off recently, as the Dow Jones Industrial Average moved toward all-time highs.

Blue chips saw triple-digit losses on Monday on the cloudy Italian election results, and the middle of last week after the minutes from the Fed's January meeting showed a number of policymakers had expressed concerns about "potential costs and risks arising from further asset purchases."

But Bernanke's defense of the Fed's bond-buying program before Congress this week put those concerns in the rear view mirror.

"You don't fight the Fed in this environment," Novogratz said. "We've been buying into any weakness."

(Read More: Novogratz Wrestled at Princeton - Now Grapples With Olympic Committee)

He said he hasn't seen a rotation to stocks at the expense of bonds yet. "[But] we don't see great value in credit. ... I think credit will be rich and stay rich for a long time, and that's going to drive money into equities."

As for the "sequester," the across-the-board spending cuts scheduled to begin Friday are something to worry about in the short term, he added, but fiscal issues in Washington won't be a "boogeyman" this year.

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"I think the Republicans are going to finally trump [President Barack] Obama in the poker game" of deficit reduction, said Novogratz, who described himself as a former "Obama guy."

By CNBC's Matthew J. Belvedere; Follow him on Twitter @Matt_SquawkCNBC