The New York Post is reporting that hedgie David Tepper (Appaloosa) has grown increasingly more cautious after his infamous “balls to the wall” appearance on CNBC last fall…

Hedge fund honcho David Tepper, who helped rally sagging markets last year with his bullish comments on stocks, is more cautious this year.

In an interview with The Post, Tepper said while “the biggest opportunities” will remain in equities, 2011 will be “harder and not without risk.”

“When things go up too high, they will go down,” Tepper said, referring to the recent market surge, which saw the S&P 500 close the year up 13 percent, in line with his prediction.

Last September, the founder of $15 billion hedge fund Appaloosa Management injected optimism into an otherwise downbeat stock market when he told CNBC that government intervention in the financial markets virtually guaranteed a rally.

The Tepper Rally was a blast, but I sure hope you’ve taken something off since then.  As I mentioned earlier this week, my conservative growth model is now running at around 20% cash.

This morning everything is lower, from techs to gold to banks to bonds.  Hopefully you weren’t among the super-reckless buying semis and software names at 70 multiples like tomorrow would never come.  It’s here.


Hedge Guru is Cautious (NYP)

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