Before today’s sell-off, it was “one of the most overvalued markets, maybe the second most overvalued I’ve ever seen,” billionaire investor David Tepper says.
Before Wednesday's sell-off, it was "maybe the second-most overvalued stock market I've even seen," Tepper said Wednesday on CNBC's ""If you talked to me yesterday, I would've said ... before the market went down, it would've been a 15% down, 5% up type market," Tepper said. "The market is pretty high and the Fed has put a lot of money in here. There's been different misallocation of capital in the markets.
Stocks fell on Wednesday with the Dow Jones Industrial Average dropping more than 500 points around midday. Still, the market has bounced back sharply from its March lows as investors have grown more hopeful about an eventual reopening of the economy. After tumbling into the fastest bear market ever two months ago, thehas bounced more than 30% from that bottom and is now sitting about 13% below its record high from February.
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