THE BIG PICTURE |
Updated: 20-May-13 Analysis of major issues impacting the financial markets.
Stock Market Not Ready to Handle Tapering Truth CNBC had to be feeling good about itself last week. Not only did it have the pleasure of highlighting some dubious business practices employed by its competitor Bloomberg, it also had the good fortune of conducting the interview heard around the capital markets world last Tuesday. The featured guest was none other than successful hedge fund manager David Tepper of Appaloosa Management, who said in September 2010 that the stock market would do well either if the economy recovered on its own or if it faltered and the Fed intervened. What he effectively said then is that the stock market couldn't lose. We know today that Mr. Tepper's view was right on the money. The real economy hasn't done great since 2010, yet the Fed has continued to intervene and the S&P 500 has rallied to a new all-time high. Evidence Matters What was learned in last week's interview with Mr. Tepper is that: (1) he is definitely still bullish on the market (2) he doesn't think the market should be overly...
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