David Tepper Speaks Taper; Says Buy Stocks
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Hedge fund manager David Tepper of Appaloosa Management weighed in on the QE tapering announcement from the Fed in comments to CNBC's Joe Kernan Friday.
"Bottom line: When the dust settles only one place to be -- STOCKS", Tepper was quoted as saying.
The hedge fund titan said ignore the taper and focus on fact that rates will be kept low now until jobless rate hits 6% (not 6.5%).
These new comments from Tepper jibe with his commentary he made on air in mid-May. At that time he said, "There better be a true [Fed] taper or else you might be back into the last half of 1999," Tepper said. "So like guys that are short, they better have a shovel to get themselves out of the grave." He continued, "If the Fed doesn't taper back, we're going to get into this hyper-drive market. "It's a backwards argument. To keep the markets going up at a steady pace the Fed has to taper back."
"Bottom line: When the dust settles only one place to be -- STOCKS", Tepper was quoted as saying.
The hedge fund titan said ignore the taper and focus on fact that rates will be kept low now until jobless rate hits 6% (not 6.5%).
These new comments from Tepper jibe with his commentary he made on air in mid-May. At that time he said, "There better be a true [Fed] taper or else you might be back into the last half of 1999," Tepper said. "So like guys that are short, they better have a shovel to get themselves out of the grave." He continued, "If the Fed doesn't taper back, we're going to get into this hyper-drive market. "It's a backwards argument. To keep the markets going up at a steady pace the Fed has to taper back."
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