Appaloosa Management’s David Tepper on Bill Gross: Who cares?
David Tepper, co-founder of Appaloosa Management, spoke with Bloomberg TV’s Stephanie Ruhle and Erik Schatzker on “Market Makers” today about a wide variety of subjects, including the bond market, the U.S. stock market, Bill Gross’ departure from PIMCO and Roger Goodell. Appearing alongside Tepper for the interview was David Saltzman, executive director of the Robin Hood Foundation.
Tepper said that price-to-earnings ratios for U.S. stocks aren’t high and that junk bonds are at the mid-point of fair value: “The U.S. economy is pretty good, stocks are not at high multiples right now.” He also said: “I wish I didn’t have any investment” in Fannie and Freddie.
On how Bill Gross’ departure from PIMCO will affect the bond market, Tepper said: “Nothing. Who cares?…You saw it the other day. The little bit that was done with the corporate markets…It’s not going to mean that much…The market is the market. It’s bigger than anybody.”
Tepper, who owns a 5% stake in the Pittsburgh Steelers, was asked about Roger Goodell and the NFL’s handling of the Ray Rice situation, saying: “I actually like my job better than his right now…[Goodell] should be more sensitive and potentially be making some donations…
That’s one thing he should be doing and it hasn’t been done yet…I think he should be reaching into his pocket and just doing that, like any player in the NFL would be doing if they committed something.”
source: Bloomberg Television