David Tepper Is Worried We're About To Relive 1999

At a time when most of Wall Street is bullish on stocks next year, the founder of the $20 billion distressed debt hedge fund Appaloosa Management said the market may be overvalued, in a brief email to CNBC. 

"Worldwide money [was] made too easy for where USA fundamentals were in both late 1998 and 2014," Tepper said. He continued, noting  what happened in 1999 is "not exactly the same" but said it was "similar," according to CNBC.

Tech stock valuations soared in 1999 to form the tech bubble that burst in early 2000. What's also similar to the events of 1998 is the Russian currency crisis. Russia defaulted on its debt that year.

"This year rhymes with 1998. Russia goes bad. Easing [is] coming from Europe. Sets up 1999.... [oops] I mean 2015," he wrote.

Markets continued to rally in trading Tuesday as the S&P and Dow soared to record highs, with the Dow climbing to a record 18,000. A revised report showed that US GDP grew by the most since 2003 in Q3, at 5.0% compared to last month's estimate of 3.9%.

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