Mr. Veru doesn't expect the Fed to pull back soon, though, and remains bullish on stocks.

WSJ: Stocks Give Up Early Gains

"I've never seen so much anger and consternation out there, and how many big asset allocators are telling me they're terrified of the markets, " Mr. Veru said.

WSJ: Stocks Finish Strong

While noting that Mr. Tepper was "not just another bull, " Mr. Veru said his remarks echoed what some in the market had believed: that many big investors are still reluctant to join the rally and will push stocks even higher if and when they do come around.

WSJ: Stocks Finish Strong