The other day David Tepper came out on CNBC and said that he’s taking some money off the table – noting that he’s just not as bullish as he could be. The Appaloosa Management founder thinks S&P earnings will come in lower and the multiples will contract (he’s looking for a 10 to 20 percent correction).

David Tepper’s Appaloosa was down 1.8 percent in August, but the fund is up 11.5 percent for the year.

In Bill Ackman-like fashion, he shows up the next day on CNBC to counter Tepper. He’s more bullish on the market than Tepper, calling stocks cheap.

But Ackman isn’t for talking about the economy, though. As a long-term investor, he’s interested in stock picking. Hence, he’ll take any chance he can to pump his stocks.

His big name of late, Mondelez (NASDAQ: MDLZ).

Ackman was once again telling the market what it wants to hear … “If you had to make a list of companies that Buffett would like to own, Mondelez is certainly on the list,” says Ackman.

On Herbalife (NYSE: HLF), it’s not a bet on what the regulators will do, but more one of those “doing God’s work” type of investments. “The last way we win here is just basic business deterioration. The company’s business is declining double-digits in pretty much every market around the world…,” says Ackman.

Everyone likes to talk about a Canadian Pacific (NYSE: CP) (Ackman holding) merger with of CSX (NYSE: CSX), but seeing Ackman getting involved with CSX to push such a deal is becoming less likely. It’ll be up to CSX to change its mind on a merger.

Bill Ackman’s Pershing Square back in black: up 0.4% for September thru Tue. Now up 0.3% of the year.

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