Unsurprisingly, hedge fund managers like Omega Advisors' Leon Cooperman, who has been bullish on the stock market for well over a year, and Appaloosa Management's David Tepper, whose championing of the so-called Bernanke put, which suggested that the Federal Reserve's program of quantitative easing would poise the stock market for huge returns, have performed exceedingly well.
Tepper remains bullish, according to someone familiar with his thinking, and predicts an upsurge of 20 percent or more this year if economic improvements continue. "We are still constructive the market," he told CNBC of his outlook.

Other hedge fund managers, though hoping to capitalize on the market's froth, are less secure about the S&P's trajectory, worrying that a hiccup in March or April could interrupt their gains or that an overbought market could lead to precipitous losses this summer.