Business

Tepper Is Bullish On Airlines; Bearish On J.C. Penney, Treasuries

Appaloosa Management’s David Tepper joined Bloomberg Television’s Stephanie Ruhle this afternoon, live from The Robin hood Foundation Investors Conference. Tepper said U.S. equity markets are not in a bubble, “I know there’s talk about bubbles, this is not one.” Tepper went on to say he is short the bond market and it’s time to start tapering. Additionally, Tepper said:

Tepper Is Bullish On Airlines; Bearish On J.C. Penney, Treasuries

–          Sees equities, GDP is going to be higher

–          U.S., Europe on firm ground

–          “Airlines are a big play”

–          Owned big percentages in airlines stocks

–          Sees gross numbers for this year “well into 40s”

–          Recently put on more of a treasury short

–          Not worried about inflation at all

–          He no longer owns J.C. Penney Company, Inc. (NYSE:JCP) Position; JC Penney stake was more of a trade

–          He would have bought Twitter for long-term

–          Rather work at McDonald’s than Bank but not at grill, because that’s too hard

–          He still invests in and owns U.S and European Banks

–          Sees upside in Citigroup Inc (NYSE:C), sees stock at $70/SHR

–          He’s a democrat but would support Chris Christie

–          Taper could affect market negatively in short term