"I'm not saying go short, I'm just saying don't be too fricking long right now," David Tepper tells hedge fund colleagues at SkyBridge Capital's SALT conference in Vegas.
Among his concerns are lame growth in the U.S. and an ECB which has sat on its hands too long as deflation takes over in Europe. "The ECB - they better ease in June ... I don't know how far behind the curve, but I think they're really, really far behind the curve."
"There's times to make money and there's times not to lose money. This is probably (a time when) you're supposed to think about preserving some of your money ... I think it's nervous time."