David Tepper cautioned that investors shouldn’t fight accommodative central bank policies in the U.S., Europe, Japan and China that are usually bullish for stocks in those regions.

“Don’t fight four Feds,” Tepper, who runs $18 billion hedge fund Appaloosa Management, said at the Sohn Investment Conference in New York on Monday.

Tepper said the Standard & Poor’s 500 Index is trading a little “cheap” even after the measure rose Monday to near its closing record. In December, he forecast the S&P 500 could rise 8 percent to 10 percent in 2015 based on the strength of the U.S. economy and fair price-to-earnings ratios.

The S&P 500 has gained 2.7 percent this year. The measure trades at about 17.1 times its companies’ forecast earnings over the next 12 months, near the highest level since 2002 and 8.4 percent above the 20-year average of 15.8, according to data compiled by Bloomberg.

The former high-yield credit trader at Goldman Sachs Group Inc. started Appaloosa in 1993. He’s worth $10.9 billion, according to the Bloomberg Billionaires Index.

Chinese stocks should get a boost as long as the country’s interest rates are falling, he said at the conference, which is held annually and raises money for pediatric cancer research and care.