Skip to comments.DAVID TEPPER: 'This Country Is On The Verge Of An Explosion Of Greatness'
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 ...
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.
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.
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.
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