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

Leon Cooperman photo (CC BY-ND 2.0) Insider MonkeyLeon Cooperman photo (CC BY-ND 2.0) Insider Monkey

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:

–          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

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