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David Tepper: Stocks Are Just As ‘Cheap’ Now As They Were Last Year

|Includes: DIA, QQQ, SPDR S&P 500 Trust ETF (SPY), TBT, TLT

Look at where multiples and rates were in 1999. I’m not saying stocks are screaming cheap, but you’re nowhere near an overheated market. Any comparisons to past overheated markets are ridiculous.

That’s what David Tepper told CNBC back in September and by God, he’s sticking with that assessment in the new year.

Who knows, maybe it’s not a great idea to question Tepper’s judgement. Recall the following from our buddy Kevin Muir, recounting the “Tepper Bottom“:

Think back to September of 2010. At the time, most pundits were bearish US equities. There was a ton of doubt about the efficacy of quantitative easing. Many investors were chasing gold, believing the Fed was pushing on a string and another 2008 style collapse was imminent.

Yet one hedge fund manager was brave enough to get on TV, and take the other side. I still remember watching David Tepper make the convincing case that stocks were a screaming buy.

Either the economy is going to get better by itself in the next three months…What assets are going to do well? Stocks are going to do well, bonds won’t do so well, gold won’t do as well. Or the economy is not going to pick up in the next three months and the Fed is going to come in with QE. Then what’s going to do well? Everything, in the near term though not bonds…So let’s see what I got—I got two different situations: One, the economy gets better by itself, stocks are better, bonds are worse, gold is probably worse. The other situation is the fed comes in with money.

That worked out pretty damn well, so you know, who are we (or anyone else) to question the following from Tepper, who spoke to CNBC on Thursday...