[Video] David Tepper Remains Very Bullish
Courtesy of MarketMontage. View original post here.
Hedge fund titan is infamous now for saying in 2010 as QE2 was being brought out that you must be long this market since the economy will either improve (to help the market) or the Fed will act to get the market moving. So now his comments are very closely watched. Tepper had about a 30 minute segment this morning on CNBC and didn't pull back on any of his bull nature. If anything he now implies if there is no tapering by the Fed the market can go into "hyper" mode (i.e. a bubble awaits)
- Hedge fund titan David Tepper, founder and president of Appaloosa Management, told CNBC on Tuesday he's still bullish on stocks and investors shouldn't worry about the Federal Reserve tapering its massive bond-buying program. "There better be a true [Fed] taper or else you might be back into the last half of 1999," Tepper said in a "Squawk Box" interview. "So like guys that are short, they better have a shovel to get themselves out of the grave." "If the Fed doesn't taper back, we're going to get into this hyper-drive market," he explained. "It's a backwards argument. To keep the markets going up at a steady pace the Fed has to taper back."
- His appearance on "Squawk" in September of 2010 sparked what was dubbed "The Tepper Rally," after he said the Fed's asset-purchase program virtually guaranteed strength in stocks.
- Tepper compared the reason for being in stocks to the ending of the movie "My Cousin Vinny," saying the evidence is overwhelming. By his calculations, he said there's $400 billion in the economy looking for a place to go and stocks are one of those places. Tepper said he's nervous to be shortanything because there's so much cash out there.
- The last time Tepper was on CNBC, he said stocks were cheap and on "Squawk" Tuesday he said he still feels that way.
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