美联储降息风向，泰珀警示再降两次风险，中国市场潜力凸显

Group 1 - David Tepper expressed concerns about current valuations, indicating a shift in sentiment compared to his previous preference for Chinese assets [1][2] - As of Q2 2025, Appaloosa Management held approximately $6.45 billion in U.S. equities, with Alibaba representing over 12% of the portfolio, while increasing Nvidia's position significantly [1][2] - Tepper highlighted the risks associated with multiple interest rate cuts, suggesting that a weakening dollar and rising inflation could disrupt market stability [2][3] Group 2 - Tepper noted that while Chinese companies have attractive price-to-earnings ratios, the uncertainty surrounding policies and liquidity poses significant risks [2][3] - He advised investors to diversify their portfolios and not to concentrate too heavily on any single investment, especially in the context of potential policy fluctuations [3][4] - Tepper's cautious approach reflects a balance between recognizing opportunities in Chinese assets and the historical lessons learned from past market volatility [4]