Market Extra: One of the most successful hedge-fund pros says we’re ‘nowhere near an overheated’ stock market

Billionaire David Tepper thinks comparing this current stock-market environment with the overheated markets of 1999 is “ridiculous.”

The hedge-fund manager, who runs Appaloosa Management, told CNBC in a phone interview on Tuesday that the market’s record run, notwithstanding last week’s pullback for the S&P 500 index SPX, +0.19% Dow Jones Industrial Average DJIA, +0.21% and the Nasdaq Composite Index COMP, +0.25% doesn’t translate into over-the-top valuations for U.S. equities.

“Look at where multiples and rates were in 1999. I’m not saying stocks are screaming cheap, but you’re nowhere near an overheated market,” Tepper said.

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