He is a perma-bull, supports government intervention (which helped make his fortune), supports the Fed, and actually believes the Fed will fix the economy and sees very little downside possible to the market, but tremendous potential gains by being long.
I need someone to pinch me.
Of course, since his hedge fund has been created during the biggest and longest bull markets of all time, it's not surprising that he says "the market won't go down to 1000 points — or if it does, we'll go 100% long equities".
While I'm nearly not as successful a money manager as him, I'm thinking he's got it completely wrong, and that Appaloosa might have a hard time ahead, but I nonetheless appreciate him sharing his candid view on the markets, and it's a very interesting watch.
One thing that I've learnt over the years, is that when something is presented as being a 100% sure thing, generally the exact opposite occurs. David Tepper is 100% sure that everything is going to go up, thanks the Fed. Unfortunately, he seems to be stuck in the past 18 months trend, that kind of broke back in April. Wait & Pray.
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Update — transcripts and excerpts available. Here are a few quotes:
EITHER THE ECONOMY IS GOING TO GET BETTER BY ITSELF IN THE NEXT THREE MONTHS AND WHAT ASSETS ARE GOING TO DO WELL? YOU CAN GUESS THE ASSETS. STOCKS ARE GOING TO DO WELL. BONDS WON'T DO SO WELL. GOLD WON'T DO AS WELL. OR THE ECONOMY IS THE NOT GOING TO PICK UP IN THE NEXT THREE MONTHS AND THE FED IS GOING TO COME IN WITH QE. THEN WHAT'S GOING TO DO WELL? EVERYTHING. IN THE NEAR TERM. EVERYTHING.Update2: Mish also takes on David Tepper
THE ECONOMY I'M NOT SURE WHICH WAY IT IS RIGHT NOW. I THINK IT'S GETTING BETTER. I'M NOT ABSOLUTELY SURE. IF IT'S NOT GETTING BETTER THE MARKET CAN GO DOWN A LITTLE BIT. WHAT DOES THAT MEAN? GO DOWN TO 1,100? SURE IT CAN. CAN IT GO DOWN TO 1,000? NO. I DON'T BELIEVE THAT. IT CAN, I TELL YOU WHAT WE'LL BE 100% EQUITIES.