‘I love riding a horse that’s running.’
David Tepper tells CNBC
Perhaps, cribbing from the lyrics to the viral song “Old Town Road”, David Tepper is going to take his horse and ride till he can’t no more.
That is essentially the sentiment conveyed by the founder of hedge fund Appaloosa Management to CNBC on Friday.
Tepper told the network’s anchor Joe Kernen that he “has been long and will “continue that way.”
The U.S. stockmarket has enjoyed a nearly uninterrupted assault on records, highlighted by the Dow Jones Industrial Average DJIA, +0.11% closing at a milestone above 29,000 for the first time and the S&P 500 SPX, +0.21% achieving its own landmark close above the psychological round-number at 3,300, while investors in the Nasdaq Composite Index COMP, +0.05% may have their sights trained on 10,000.
The ascent for stocks have made investors uneasy, primarily, because markets are already coming off a stellar 2019 and further gains, while possible, were expected to be more subdued than the current start for major indexes in the third week of 2020.
On top of that, U.S. economic expansion its in its record-setting 11th year, with experts and statisticians making the case that the expansion and bull run for markets can’t last forever.
The Dow ended 2019 up 22.3%, its best year since 2017, while the S&P 500 saw its best year since 2013, gaining 28.9%. The Nasdaq produced its loftiest annual performance in six years after rallying 35.2% last year.
So far this year, the Dow and S&P 500 are both up by about 2.9% in January and the Nasdaq Composite is up more than 4.5% in the first three weeks of the year.
The gains have even made well-known professor of finance at the University of Pennsylvania’s Wharton School of