Hedge fund honcho David Tepper, who helped rally sagging markets last year with his bullish comments on stocks, is more cautious this year.

In an interview with The Post, Tepper said while “the biggest opportunities” will remain in equities, 2011 will be “harder and not without risk.”

“When things go up too high, they will go down,” Tepper said, referring to the recent market surge, which saw the S&P 500 close the year up 13 percent, in line with his prediction.

Last September, the founder of $15 billion hedge fund Appaloosa Management injected optimism into an otherwise downbeat stock market when he told CNBC that government intervention in the financial markets virtually guaranteed a rally.

Tepper is promoting a $15 million fundraising campaign he helped kick off for Community FoodBank of New Jersey.