Billionaire hedge fund founder David Tepper said his big bet after the Federal Reserve’s rate cut was to buy Chinese stocks. “I thought that what the Fed did last week would lead to China easing, and I didn’t know that they were going to bring out the big guns like they did,” Tepper told CNBC’s “Squawk Box” on Thursday. “And I think there’s a whole shift.” “We got a little bit longer, more Chinese stocks,” Tepper continued. “And so, I have limits, historic limits. I probably said a long time ago, I don’t go above 10% or 15%. Well, that’s probably not true anymore.” In fact, the founder of Appaloosa Management said he may have doubled his limit to China equities, saying he bought more of “everything” such as large-cap tech giants Alibaba and Baidu after the U.S. lowered interest rates earlier this month. “It’s everything. Now, I would love to see a pullback, OK,” he said. “I will have another newfound limit, OK, in a pullback.” Tepper has grown optimistic on the China market this month after state media on Thursday afternoon said Chinese President Xi Jinping and other top leaders affirmed the government’s efforts to stimulate the economy. That comes after China earlier this week unveiled interest rate cuts , as well as other measures to support the pr …
