David Tepper (Trades, Portfolio) told CNBC’s Fast Money Halftime Report on Thursday the market is almost as cheap as last year.
"Explain to me where this market is rich? It's not rich with the tax thing that just changed earnings projections. With earnings forecasts going up and interest rates where they are, how is this market expensive? I don't see the overvaluation. World growth is higher," Tepper said.
Tepper, the founder of Appaloosa Management, also said he did not see overvaluation in the market.
His comments echo those he made in August, when he said we were “nowhere near an overheated” market.
The S&P 500 has gained 20.9% over the past year, including a 2.6% rise year to date. It has a P/E ratio of 27.
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