At the start of Q4 2014, Appaloosa's David Tepper made a series of statements - dismissing Bill Gross as irrelevant (nope - turmoil caused by PIMCO unwinds roiled credit markets), calling the end of the bond bull market (nope - yields went on make lower and lower lows), and finally proclaiming that stocks were inexpensive and multiples not high. So, one wonders, if stocks were inexpensive and multiples not high, why did Appaloosa dump 40% of its US equity exposure in that quarter (only to end the quarter with even more exuberance proclaiming that stocks could rise another 10% in 2015)? It appears that when David Tepper says "buy", he means "buy... from me." From Facebook to Apple to Alibaba, it appears Tepper has pulled the plug on the tech beta surge... * * * So - to summarize - after telling the American people that stocks were inexpensive, Tepper's fund enacted a 40% reduction in dollar value in Q4: With full liquidations in: Alibaba, Apple, Broadcom, CBS, Citigroup, Disney, Facebook, Ford, Halliburton, MGM Resorts, Mohawk Industries, Powershares QQQ ETF, Schlumberger, Shire, and Weatherford Reduction in positions in virtually all existing holdings And adding only 1 new position: American Realty * * * Of course this is not the first time he has done the exact opposite of what he has proclaimed on mainstream media...