Take your money and light half of it on fire and you'll get a pretty good idea.
Tepper is seemingly most concerned about developments in the Middle East. He is said to be especially concerned about Saudi Arabia. Sources say if the oil fields in Saudi Arabia are burning, Tepper would react to that by selling and going heavily into cash. In general, he is said to believe if the Middle East blows up, you can lose half your money.
Now, keep in mind that Tepper does well investing counter-intuitively. For example, he is said to currently like airlines stocks even though oil prices are surging. Indeed, last week many airlines announced yet another round of price increases due to the increase in jet fuel prices. He is said to like USAir, UAL and AMR, which he is said to believe can rise as much as 2½ times from current prices if the Middle East does not blow up.
He also believes that if inflation starts to increase, it will result in a flatter stock market. Another bet would be to short Treasuries, provided, again, the Middle East does not blow up.