Mr. Tepper has reduced his holdings on the stock market, said Wall Street in "last minute rounds".

Billionaire David Tepper, one of Wall Street's best hedge fund managers, on Thursday presented a less optimistic forecast for equities, stating fears of trade clashes with China and one of the world's biggest investors. Bull market is in its 10th year. cause of moderation.

"I gave up my exposure," said Appaloosa Management's director, who manages about $ 14 billion, in an interview with CNBC on Thursday. "Our entire book, we probably took 30% at one point, the share of equity," he said.

"If you ask me in which race we are … I would say short sleeves," he said. "But do you know what happens with baseball sometimes? He gets into extra sleeves, "he said.

Previously, Mr. Tepper was more optimistic about the stock market's ability to reach new heights following the corporate tax cuts introduced in December by the administration of President Donald Trump.

On Thursday, Treasury Secretary Steven Mnuchin urged senior Beijing officials to continue trade talks on trade, marking a potential detente between the two largest economic superpowers. However, fears of intensifying clashes between the two countries have proved to be the biggest challenge for the market.

Lily: Here, the most affected values ​​in the world were drawn from the fears of war

Trade concerns and expectations that the economy and the market may not have much more room to maneuver before reaching a wall after a series of years have left Tepper more conservative.

Until now in 2018, the Dow Jones Industrial Average

DJIA, + 0.50%

is up 5.7%, while the S & P 500

SPX, + 0.50%

climbed 8.5% and the Nasdaq composite index

COMP + 0.82%

grew by more than 16%.

Founded in 1993, the Tepper fund has accumulated net gains from its inception to the end of 2017, totaling $ 25.4 billion, according to LCH Investments, ranking it ninth on the list of all the temperature.

The founder of Appaloosa is known for the concentrated bets he made on the financial system during the 2007-09 financial crisis, when he assumed that a protection scheme provided by the Federal Reserve could stop hemorrhaging in this area, leading to dramatic gains.

Provide critical information for the US trading day. Subscribe to MarketWatch's free Need to Know newsletter. register here