Posted on 01/22/2013 10:47:32 AM PST by blam
DAVID TEPPER: 'This Country Is On The Verge Of An Explosion Of Greatness'
Julia La Roche
Jan. 22, 2013, 11:13 AM
David Tepper, who runs $12 billion distressed debt hedge fund Appaloosa Management, was on Bloomberg TV "Market Makers" with Stephanie Ruhle moments ago.
It was a tremendous interview and it showed a very relaxed and funny side of Tepper.
Tepper, who has one of the best long-term track records, told Bloomberg TV that his fund was up 30% in 2012.
He's said he's "going to come out of the closet" as being bullish in 2013.
The reason, he explained, is there are no major negatives and basically nothing to really be bearish about.
"This country is on the verge of an explosion of greatness," he said, "An explosion of greatness."
He said the "main thing right now is to be long equities." He said that if you're long equities, you're going to make money this year.
Tepper is long Citigroup, which is one of his fund's top holdings. He thinks Citi has a 50% upside from here due to its international business.
As an aside, he clearly had a lot of fun on set with Ruhle.
At the beginning, Tepper, who owns a 5% stake in his hometown Pittsburgh Steelers, gave her a Steelers hat. She didn't try it on. He joked that it might mess up her hair.
Speaking of jokes, Tepper was full of them today. For example, he made fun of the Bloomberg TV set for being cheap when Ruhle said she didn't make a lot of money and he also said something about how taking his clothes off would kill (snip)
(Excerpt) Read more at businessinsider.com ...
He is right about one thing. The country is on the verge of an explosion.
“Pride goes before ... a fall.” -Proverbs 16:18
This is bubble talk. I’d be worried.
He is right about one thing. The country is on the verge of an explosion.
That was my identical thought when I saw the title.
Yup......$16 TRILLION in debt.....nothing to lose sleep over.
Debt is 16 trill, but add in all unfunded liabilities and the debt is more like $115 TRILLION DOLLARS.
That’s a stack of $100 bills TWICE as high as the World Trade Center.
Explosion, indeed.
Yup the Medicare grandparents will explode. The value of the dollar will implode. And us purveyors of second amendment rights are ripe to explode.
It must be nice to be such a blooming, cock-eyed optimist.
Oh well, I can dream can’t I. s/
TRANSLATION: “We can’t tell what the Hell is going to happen.”
This is what happened in O's first term. When he DIDN'T get his main initiatives through (no cap and trade, continued fighting the Bush wars, etc.) the stock market improved.
The markets like a weak Obama.
He may be right. The average US worker’s wages and standard of living have been cut to a quarter of what it was twenty years ago. We’re “competitive” now. That, fracking, and the rest of the world collapsing, who knows. All we have to do is go down the drain slower than the rest of the world, and we’ll have a boom.
No, we're on the verge of a $1 Quadrillion derivatives explosion and a bond market crash. Our money has been so watered down by massive printing (to create the illusion the economy is doing just fine under Oboma), the cost of food is going to double, to say the least.
When they start offering money for silver like they did gold (to get it out of the citizens hands), and the gold and silver markets move all over the place, we'll know we've slipped over the cliff.
The left thinks world wide mutual destruction is a good thing, as if they'll be able to come in as the saviors to save us all afterwards.
Tust me, the people of the world are NOT going to look favorably on the worlds control freak politicians. They're the ones that manufactured the crises for their own enrichment and power. People aren't going to want to be BFF with these guys!!!
That Tepper interview was fantastic. Just hilarious. To put it in perspective he was commenting about being long in equities as the credit markets are just about “full” with money from the QE actions across the globe (BOJ announced a new one last night). Money has left equities over the last 2 years and gone into credit markets (look at the near record lows in UST’s). He’s expecting equities to fill the hole as “typical risk averse assets are topping”. He was making a comparison of US markets versus the rest of the world. The guy is very, very, very good at what he does.
Picture looks like Rick on “Pawn Stars”? I suppose a hedge fund is like a pawn shop.
This country is on the verge of an implosion...
LMAO! You must not know anything about Tepper to think he is a "cock-eyed optimist."
Got news for you Dave, this country is way down a slippery slope to oblivion.
The left sees this as a good thing. Think about that a minute. World economic destruction, and they're celebrating it?
It’s going to explode all right, but not what Tepper thinks.
Has he been spending his time in the pot clubs in Colorado??
What derivatives (specifically) and where at JPM? Who is the counterparty?
If you were able to make a billion a year on distressed debt, you might be an optimist on this economy as well.
He’s about 60% long equities in his funds too.
This reads like one of those articles they inevitably have on “American Greed” that was written about many of the scammers.
He’s largely in financial stocks—which are another form of distressed debt holdings.
Roger that.
Last 13F top 10:
QQQ - 11%
AAPL - 9.65%
C - 8.3%
AIG - 6.73%
UAL - 4.76%
GTPP - 4.34
GOOG - 3.66
QCOM - 3.58%
LCC - 3.54%
GM - 3.37%
JPM is 14th at 2.41% which makes “financials” 17.4% of the portfolio. The majority of the top 10 is Tech stock with QQQ, AAPL, GOOG, QCOM making up 24.31% (BRCM and ORCL are in top 20), Airlines, Car Manufacturers (F is 13th) and housing (OC, MAS, WHR, MWA) make up the bulk of the rest.
“pump and dump shyster”
So that’s why the majority of his funds holdings he has for 3+ years?
These guys are the casino managers encouraging everyone to go all in because the house is paying out big tonight,
then they shut off the lights leaving you with a bunch of worthless plastic chips.
Great analogy.
If by on verge he means in four years when this apologist, socialist, America hater is out of office and we hopefully have a Conservative, America loving patriot at it’s helm, then I agree.
Actually, Al Qeada is about to explode all over the world. And while you are watching your assets literally exploding, thank Emperor Zero who made Osama Bin Laden into one of the greatest Islamic martyrs, just so he could buy a reelection.
“He is right about one thing. The country is on the verge of an explosion”
You beat me to it.
This guy is on crack.
I stand corrected. I was familiar with his Citi and AIG holdings.
He did say that he thought CITI has “50% upside from here”. He is also invested in GM which is another bailout firm. David Einhorn also has made a killing on GM.
>> “If you were able to make a billion a year on distressed debt, you might be an optimist on this economy as well.” <<
.
Of course most would call him a racketeer rather than an optimist...
>> “then they shut off the lights leaving you with a bunch of worthless plastic chips.” <<
.
Precisely my way of thinking.
Put these immoral opportunists in the cooler where they belong.
This country is always on the verge or greatness.
Now and then, we actually achieve it.
Being on the verge of greatness is nothing.
0bama will pull us back to mediocrity and further into abject failure.
0bama lied, millions will die.
http://www.breitbart.com/Big-Peace/2013/01/22/Obama-Peace-in-Our-Time
(derivatives...shhhh)
(CDO's...shhhh)
(employment prospects...shhhh)
(mortgage/title fraud...shhh)
...or as the late J. Bruce Ismay(White Star Line)might say..."full speed ahead! WOOHOO!"
Explosion? I guess he’s a zit. Get it.
So investing is now "immoral opportunism"... fascinating that this is being said on a supposedly conservative website. This thread is a hell of a lot like the Occupy Wall Street freaks.
bookmark
“pump and dump” is OK with you then?
Someone giving “financial advice” to his own advantage and your detriment is OK?
Once again, if you think Tepper is a “pump and dump” guy then you are completely clueless about him.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.