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David Tepper says be careful playing this speculative market game, noting it didn’t end well in 1999

David Tepper, Appaloosa Management

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David Tepper, Appaloosa Management Founder, said that investors should be careful if they are long and playing this speculative game going on in the market right now.

“It was partyon.com in 1999 that screwed the shorts and now it’s gangup.in. It didn’t end well in 1999 when the dot com bubble popped. Been there done that. Old scars,” he told CNBC’s Joe Kernen.

The billionaire investor went on to emphasize that investors who are trading more speculative areas of the market should stay cautious.

His comments come amid a frenzy of trading activity by retail investors.

Individual investors are creating short squeezes by piling into names that hedge funds are betting against, forcing the funds to rush to cover their losses. This typically pushes shares even higher. Retail investors are promoting their activity on the WallStreetBets Reddit board, which has north of 3 million members.