David Tepper Still Bullish on Stocks

Published by: Mike Goldman on 21st Jan 2011 | View all blogs by Mike Goldman
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David Tepper Still Bullish on Stocks

Renowned hedge fund manager David Tepper told CNBC on Friday that he thinks the stock market is still a good place to invest, though he didn't sound as bullish as he did back in September when he said that everything would go up, sparking a furious stock market rally.  The head of Appaloosa Management said that he remains mostly positive about the US economy and its stocks in the near future.

“So much uncertainty has been alleviated. The economy is so much better now,” Tepper said.  Tepper went on to mention several stocks he is especially bullish on, like Dean Foods [DF] and Micron Tech [MU], which he believes are poised for strong growth in the coming weeks.  Tepper also said that he described investment in currencies and gold as “tough right now”, though he believes oil and other industrial commodities will move higher thanks to improved global demand.

Tepper's September statement that all asset classes would rise stemmed from a belief that the Federal Reserve would issue another round of quantitative easing, which it ultimately did.  Since those remarks, the overall stock market has gained 22 percent, as of the closing bell on Thursday.  Tepper said that the rally should continue as long as the Fed exits the easing programs gradually and in a way that pleases the markets.

“If they do those things-cutting the budget, cutting the deficit-and that stuff happens and you have a Fed that gets itself out, the US looks pretty darn good, pretty darn good,” Tepper said.

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