Billionaire David Tepper, who runs $20 billion distressed debt hedge fund Appaloosa Management, said that he's short the euro during a "best idea" talk at the Robin Hood Investors Conference.
Tepper also recommended very short-term EU debt, like bonds maturing in 2 to 3 years.
He believes that the European Central Bank will have to loosen monetary policy further and expand its balance sheet in its effort to stimulate the euro zone.
The Robin Hood Conference, which has a stacked line-up of hedge fund heavyweights, is off limits to the media. Business Insider has a source inside the event.
Tepper also said that you have to get rid of the 500 euro note, according to our source.
Tepper, who is one of those closely-followed names, has one of the best long-term performance track records in the hedge fund space. He has also been the highest paid fund manager the last two years.