The Minutes of David Tepper https://minutesof.com/david-tepper/ David Tepper: 51 verbatim quotes from 16 appearances on positioning, fed and equities. Latest February 2026. Every quote timestamped and linked to its… en Sun, 30 Aug 2026 16:22:30 +0000 Tepper notes Charlotte has a large Hispanic population that people are unaware of. https://minutesof.com/q/6245712b-4314-42ea-b504-c30457f3ccb1/ https://minutesof.com/q/6245712b-4314-42ea-b504-c30457f3ccb1/ “we gave a, you know, Charlotte has a fairly large Hispanic population that people don't know about.” — NFL on ESPN Fri, 06 Feb 2026 18:53:22 +0000 Tepper says he has had the same people working at his hedge fund forever, contrasting public perception. https://minutesof.com/q/270f4e06-9b08-4130-b56e-c8792d7fc266/ https://minutesof.com/q/270f4e06-9b08-4130-b56e-c8792d7fc266/ “I've had the same people working for me forever at my, my hedge fund. So it's kind of like one of those dichotomies, you know, that people view” — NFL on ESPN Fri, 06 Feb 2026 18:53:22 +0000 Tepper notes Bryce Young has the most comebacks since 2023. https://minutesof.com/q/e2f844be-d05c-484f-9b6e-4afc86698b23/ https://minutesof.com/q/e2f844be-d05c-484f-9b6e-4afc86698b23/ “he has I guess he still has probably said on the show you know he has the most comebacks since '23 you know” — NFL on ESPN Fri, 06 Feb 2026 18:53:22 +0000 Tepper claims Appaloosa has the best record over thirty-five years of any hedge fund alive. https://minutesof.com/q/8ad4d97d-7bae-485b-868e-d2e66e8623fc/ https://minutesof.com/q/8ad4d97d-7bae-485b-868e-d2e66e8623fc/ “Appaloosa is probably has the best record over the last thirty five years of any hedge fund alive.” — NFL on ESPN Fri, 06 Feb 2026 18:53:22 +0000 Tepper says Chinese stocks trade at low teens multiples versus US, making them relatively interesting. https://minutesof.com/q/f2abcc3b-626a-46a3-b6c9-4ef8408390a6/ https://minutesof.com/q/f2abcc3b-626a-46a3-b6c9-4ef8408390a6/ “I mean, I think the move has been good, the earnings unlike here are still relatively low. I mean, you're, you know, you're talking, you know, low teens versus where we are.” — CNBC Television Thu, 18 Sep 2025 14:00:10 +0000 Tepper says he owns NVIDIA but trades in and out, not holding a constant position. https://minutesof.com/q/7f827c56-7d08-4969-9c65-38317fd5f6f5/ https://minutesof.com/q/7f827c56-7d08-4969-9c65-38317fd5f6f5/ “I do own NVIDIA, but I go back and forth and back and forth a little bit, because I do, you know, I will trade a little bit.” — CNBC Television Thu, 18 Sep 2025 14:00:10 +0000 Tepper says he's miserable despite a good year because he owns the market at high multiples. https://minutesof.com/q/92f89f1d-c9d3-4011-950d-442852b23b38/ https://minutesof.com/q/92f89f1d-c9d3-4011-950d-442852b23b38/ “I I we're having a really good year, and I'm so miserable for having a really good year. Because I still own the market, and I can't stand that I own the market.” — CNBC Television Thu, 18 Sep 2025 14:00:10 +0000 Tepper says one or two more rate cuts won't be too easy, but beyond that risks repeating the 2000-2001 crash. https://minutesof.com/q/c1179fba-4e66-4b11-8d34-152c46ef7ff9/ https://minutesof.com/q/c1179fba-4e66-4b11-8d34-152c46ef7ff9/ “I don't think another ease matters, you know, as far as being too easy. This is gonna be a little bit restrictive.” — CNBC Television Thu, 18 Sep 2025 13:39:12 +0000 Tepper calls 25% or 50% tariffs destructive, drawing a line above 10% levels. https://minutesof.com/q/411063b5-256e-4121-8b1a-ca67ceaf5cf6/ https://minutesof.com/q/411063b5-256e-4121-8b1a-ca67ceaf5cf6/ “I don't love the the 25% or the 50% tariffs. I think they're a little bit destructive.” — CNBC Television Thu, 18 Sep 2025 13:39:12 +0000 Tepper is constructive on Fed easing but concerned about high market valuation levels. https://minutesof.com/q/be7afe27-0406-451e-91b9-b5e22023b0d9/ https://minutesof.com/q/be7afe27-0406-451e-91b9-b5e22023b0d9/ “I'm constructive because of the easing right now, but I'm also miserable because of the levels.” — CNBC Television Thu, 18 Sep 2025 13:39:12 +0000 Tepper warns that easing beyond two or three cuts risks a weaker dollar and higher inflation. https://minutesof.com/q/98613b7d-86dc-461e-a13f-83867385a45e/ https://minutesof.com/q/98613b7d-86dc-461e-a13f-83867385a45e/ “Beyond that, I think it can, you know, then you're really risking a lot of things. A weaker dollar, more inflation, and those sort of things.” — CNBC Television Thu, 18 Sep 2025 13:39:12 +0000 Tepper says big stocks aren't cheap but he won't fight the Fed in the near term. https://minutesof.com/q/774780b5-935f-44a0-9575-8d749e76b28f/ https://minutesof.com/q/774780b5-935f-44a0-9575-8d749e76b28f/ “The big stocks are not cheap. I mean, so you don't have cheapness here, but you do have a constructive you know, like, you know, I'm not fighting the Fed.” — CNBC Television Thu, 18 Sep 2025 13:39:12 +0000 Tepper says he has no confidence in NVIDIA earnings forecasts for 2026 and 2027. https://minutesof.com/q/8dbe86d0-3a9f-4b95-b3a3-b6009787f96e/ https://minutesof.com/q/8dbe86d0-3a9f-4b95-b3a3-b6009787f96e/ “I have no idea in '26 and '27. I am no idea. Okay? I mean, as if I was but I don't believe I don't believe my analysts.” — CNBC Television Thu, 26 Sep 2024 13:48:15 +0000 Tepper argues meeting AI power needs will require natural gas, not just nuclear. https://minutesof.com/q/825530b7-5126-4f98-9968-9107db4dc974/ https://minutesof.com/q/825530b7-5126-4f98-9968-9107db4dc974/ “It has to be if you're gonna meet these power needs of what they need for AI, you're gonna have to use natural gas.” — CNBC Television Thu, 26 Sep 2024 13:48:15 +0000 Tepper says he strongly prefers split government and is pleased with current electoral outlook. https://minutesof.com/q/4df41b6f-61dc-4954-b90b-a2d3ba22381a/ https://minutesof.com/q/4df41b6f-61dc-4954-b90b-a2d3ba22381a/ “I am a big proponent of split government. And right now, as you're more than aware of Yep. It looks like the senate is, republican and the house is democratic, and I'm loving life.” — CNBC Television Thu, 26 Sep 2024 13:48:15 +0000 Tepper explains split government is best for markets and economy, rejecting either party's sweep. https://minutesof.com/q/7f0a35e9-f1e7-435b-98d1-b9c2a267aca7/ https://minutesof.com/q/7f0a35e9-f1e7-435b-98d1-b9c2a267aca7/ “But from a from this market perspective, an economic perspective, what's good for the economy, I wanna split government. And I don't want all Democrats, and I don't want all Republicans.” — CNBC Television Thu, 26 Sep 2024 13:48:15 +0000 Tepper warns markets could face problems if election results surprise split-government expectations. https://minutesof.com/q/dfd0fc7f-cedd-4b4f-ade9-dc6ff4d80e4f/ https://minutesof.com/q/dfd0fc7f-cedd-4b4f-ade9-dc6ff4d80e4f/ “So if it gets surprised, that could be a problem for the markets. But as long as it's a split, the market's gonna be fine.” — CNBC Television Thu, 26 Sep 2024 13:48:15 +0000 Tepper says he likes NVIDIA at current price levels despite earlier concerns. https://minutesof.com/q/862a1cf4-455c-4b61-b579-c473ef90b49f/ https://minutesof.com/q/862a1cf4-455c-4b61-b579-c473ef90b49f/ “I I I kinda like NVIDIA, the price. Okay? So don't get me wrong. I I I could just love it.” — CNBC Television Thu, 26 Sep 2024 13:48:15 +0000 Tepper says Chinese central banker Pan Gongcheng exceeded expectations by promising to do more and more if nee https://minutesof.com/q/9633ddb9-6c54-49da-860f-84e9d6679d0f/ https://minutesof.com/q/9633ddb9-6c54-49da-860f-84e9d6679d0f/ “It's like, woah. Jovial saying we're gonna cut and we're gonna and we'll give you more. And he said, we'll do more and more if needed.” — CNBC Television Thu, 26 Sep 2024 13:30:27 +0000 Tepper emphasizes that China's commitment to do more is very strange language especially for Chinese central b https://minutesof.com/q/781229f1-99e4-4024-bb8d-2dbbceb1acf6/ https://minutesof.com/q/781229f1-99e4-4024-bb8d-2dbbceb1acf6/ “Now the Chinese to say we'll do more and more if needed, they don't say that because it's not been healthy to say those sort of things in China.” — CNBC Television Thu, 26 Sep 2024 13:30:27 +0000 Tepper says China is creating swap facilities to buy stocks as part of aggressive easing measures. https://minutesof.com/q/a30218f5-b337-4bb8-a6ea-60d0f24464f7/ https://minutesof.com/q/a30218f5-b337-4bb8-a6ea-60d0f24464f7/ “And they're gonna be they're aggressive in how they're gonna do it, and they're they're also, believe this or not, swap facilities to buy stocks.” — CNBC Television Thu, 26 Sep 2024 13:30:27 +0000 Tepper describes China lending money for stock buybacks with no downside risk for borrowers. https://minutesof.com/q/e991d368-bc73-416d-9a06-b88d6fd152d8/ https://minutesof.com/q/e991d368-bc73-416d-9a06-b88d6fd152d8/ “Not only encouraging it, lending you money to do it. And they're giving money like health money where you can put money out and you have no losses if you wanna do it.” — CNBC Television Thu, 26 Sep 2024 13:30:27 +0000 Tepper says if China stimulates successfully and animal spirits return, Japan will be a major beneficiary. https://minutesof.com/q/4db361d8-0fec-4698-86c1-5c462c70540a/ https://minutesof.com/q/4db361d8-0fec-4698-86c1-5c462c70540a/ “If you look what happens, if China runs and they get the economy going and you get the animal spirits going, what happens?” — CNBC Television Thu, 26 Sep 2024 13:30:27 +0000 Tepper notes mortgage rates have declined 90 basis points since peaking in early November. https://minutesof.com/q/e714ba01-17f8-4fad-af94-7cd3ab0d2c00/ https://minutesof.com/q/e714ba01-17f8-4fad-af94-7cd3ab0d2c00/ “But the truth is that was in November where rates peaked, mortgage rates peaked in early November. Well, they're down 90 basis points since then.” — CNBC Television Thu, 22 Dec 2022 14:39:54 +0000 Tepper says junk spreads down 150 basis points since fall peak, which doesn't help Fed's tightening goals. https://minutesof.com/q/7974d539-4cb5-407d-ae7a-66801b4a4ff8/ https://minutesof.com/q/7974d539-4cb5-407d-ae7a-66801b4a4ff8/ “Junk spreads down 150 basis points since their peak in early October, late September. That doesn't really do a lot for you if you're the fed.” — CNBC Television Thu, 22 Dec 2022 14:39:54 +0000 Tepper emphasizes coordinated global tightening is rare and central banks are signaling further tightening ahe https://minutesof.com/q/af849a9b-849e-47dc-afbb-3ad103db13c2/ https://minutesof.com/q/af849a9b-849e-47dc-afbb-3ad103db13c2/ “I mean, we don't have coordinated tightening around the whole world and everybody tightening at the same time too often. You just don't. And I don't have people telling me they're gonna go further tightening.” — CNBC Television Thu, 22 Dec 2022 14:39:54 +0000 Tepper says he is leaning short on bonds despite being generally an optimist by nature. https://minutesof.com/q/3fa0c76b-0af2-493d-8fdf-86045861df20/ https://minutesof.com/q/3fa0c76b-0af2-493d-8fdf-86045861df20/ “But for me as a hedge fund manager, I'm going to lean short. You know, I'll be short bonds and I'm not a great, I'm like generally an optimist.” — CNBC Television Thu, 22 Dec 2022 14:39:54 +0000 Tepper says he is leaning short on equities because risk-reward doesn't make sense given central bank guidance https://minutesof.com/q/f6a66f50-d08c-4d95-bed6-8836c265720e/ https://minutesof.com/q/f6a66f50-d08c-4d95-bed6-8836c265720e/ “I would probably say I'm leaning short on the equity markets, you know, so right now, because I think they're, you know, I think the upside downside just doesn't make sense to me when I have so many people telling me, so many central banks telling me what they're going to do,” — CNBC Television Thu, 22 Dec 2022 14:39:54 +0000 Tepper questions high equity multiples on S&P 220 earnings estimates given current interest rate levels. https://minutesof.com/q/7803d44c-a9db-43ce-8205-b01868cbc581/ https://minutesof.com/q/7803d44c-a9db-43ce-8205-b01868cbc581/ “I saw somebody else on your show the other day, they had a two twenty price to two twenty earnings estimates for the S and P.” — CNBC Television Thu, 22 Dec 2022 14:39:54 +0000 Tepper notes going from a 12 to 16 multiple would represent a 33% market increase. https://minutesof.com/q/5ad1586a-d94a-4223-8d91-97a6689f9853/ https://minutesof.com/q/5ad1586a-d94a-4223-8d91-97a6689f9853/ “If it's a 16 multiple, in those days you would have said great going from twenty ten. We talked about those days. I go to twelve, sixteen, that's a 33% increase.” — CNBC Television Thu, 22 Dec 2022 14:39:54 +0000 Tepper emphasizes need to carefully manage the Panthers' $200 million salary cap and limited draft picks. https://minutesof.com/q/1228e76e-6a66-4b89-987b-2985b2bb38b5/ https://minutesof.com/q/1228e76e-6a66-4b89-987b-2985b2bb38b5/ “Look, we have to be very careful about how we use our limited resources. We have 200,000,000, 200 plus million salary cap.” — WRAL Thu, 13 Oct 2022 19:02:55 +0000 Tepper notes Panthers started 1-4 this year after winning only five games each of the last two seasons. https://minutesof.com/q/9c5f03e9-47c3-4b59-9ac6-28d4d9d37c96/ https://minutesof.com/q/9c5f03e9-47c3-4b59-9ac6-28d4d9d37c96/ “We started off on a four this year. We, you know, had five wins the last two seasons. We, you know, had a different lack of success at other seasons.” — WRAL Thu, 13 Oct 2022 19:02:55 +0000 Tepper refused to execute bond order from Goldman's M&A head because company was on restricted list despite pr https://minutesof.com/q/358d6ce6-99bc-42c3-8bd5-789b9512bcdb/ https://minutesof.com/q/358d6ce6-99bc-42c3-8bd5-789b9512bcdb/ “So he wanted to buy this one company's bonds. And he gave an order for it in, and I refused his order because the company was on the restricted list.” — B.E.S.T. Sun, 06 May 2018 00:11:47 +0000 Tepper believes stock market may have hit its yearly high due to interest rates around 3%. https://minutesof.com/q/05e3e728-8ed3-445f-bf17-5521e85ca9b4/ https://minutesof.com/q/05e3e728-8ed3-445f-bf17-5521e85ca9b4/ “And it really has to do with interest rates. I'm not sure we're right on the cusp of breaking out on interest rates at this level, around 3%.” — B.E.S.T. Sun, 06 May 2018 00:11:47 +0000 Tepper says quantitative trading machines are performing poorly this year despite prevalence of algorithmic fi https://minutesof.com/q/a9dc95b1-7ffc-46e4-80cf-a5ca62854a44/ https://minutesof.com/q/a9dc95b1-7ffc-46e4-80cf-a5ca62854a44/ “Machines, to compete against machines, which there's a lot of machine finance. The machines are doing shitty this year.” — B.E.S.T. Sun, 06 May 2018 00:11:47 +0000 Tepper sees nothing negative for small businesses with deregulation and tax cuts ahead. https://minutesof.com/q/17cb36c3-dbaa-4131-b502-083b90d9de27/ https://minutesof.com/q/17cb36c3-dbaa-4131-b502-083b90d9de27/ “If you're a small business, you there's nothing negative on the horizon. Nothing. What's negative? They're gonna give you less regulations for Obamacare. They're gonna give you a tax cut.” — CNBC Wed, 08 Mar 2017 14:54:29 +0000 Tepper projects long-run growth could be 0.25-0.5% higher with deregulation, 3.5% in 2017-18. https://minutesof.com/q/9f97d492-6442-4baf-bf65-ae05a69042a4/ https://minutesof.com/q/9f97d492-6442-4baf-bf65-ae05a69042a4/ “I'm saying I think the long run with in a deregulatory could be a quarter half point higher.” — CNBC Wed, 08 Mar 2017 14:54:29 +0000 Tepper says the Fed's 1% real rate target is dead wrong if tax cuts happen and French election goes well. https://minutesof.com/q/04c05440-5395-4483-a483-d9887cc1c26e/ https://minutesof.com/q/04c05440-5395-4483-a483-d9887cc1c26e/ “It's not wrong if there's no tax cuts necessarily. Certainly, if the French election goes the wrong way, not wrong. Not wrong. But it's gonna be dead freaking wrong.” — CNBC Wed, 08 Mar 2017 14:54:29 +0000 Tepper warns markets must prepare for Fed hikes in June, September, December and possibly more. https://minutesof.com/q/6189f751-8749-45d7-9b65-31972b90d57c/ https://minutesof.com/q/6189f751-8749-45d7-9b65-31972b90d57c/ “You're gonna bet against these tax things. You're gonna bet against the French election. You better be you better be ready, and the market has to get ready for June increase Yeah.” — CNBC Wed, 08 Mar 2017 14:54:29 +0000 Tepper dismisses the view that Fed won't hike in non-press-conference meetings as fallacy. https://minutesof.com/q/b505b391-2850-4f28-8f3b-af73a605c44f/ https://minutesof.com/q/b505b391-2850-4f28-8f3b-af73a605c44f/ “September increase, December increase, and maybe more than that. This is fallacy that says the Fed won't go in on, press conference.” — CNBC Wed, 08 Mar 2017 14:54:29 +0000 Tepper argues Fed is far behind where it should be given projected 2.25% inflation by year-end. https://minutesof.com/q/8077faec-1e58-4ffe-885f-a9108254dce2/ https://minutesof.com/q/8077faec-1e58-4ffe-885f-a9108254dce2/ “They'll go a lot because they're so far behind where that 1% real if you're running two and a quarter percent inflation by the end of the year and and you have all these things happen, I think the real rate should be higher sooner because you have all these things happen.” — CNBC Wed, 08 Mar 2017 14:54:29 +0000 Tepper says three more hikes this year is more likely than two, questions if fourth should be priced. https://minutesof.com/q/e8cbd0a1-8d8e-4dac-be1c-09f8920902fb/ https://minutesof.com/q/e8cbd0a1-8d8e-4dac-be1c-09f8920902fb/ “So I'm sure that the Fed funds odds are going up as we're speaking, and there's a better chance that they'll go three times more this year than two times more this year.” — CNBC Wed, 08 Mar 2017 14:54:29 +0000 Tepper says Appaloosa previously controlled a company that did Juvederm and breast implants, which they sold t https://minutesof.com/q/2d29f6b2-cd91-45b9-af0a-3d175ce3dbff/ https://minutesof.com/q/2d29f6b2-cd91-45b9-af0a-3d175ce3dbff/ “particularly Allergan, which we actually, we actually had owned a large amount of a company. We controlled a company before that we sold to Allergan that did Juvederm and and breast implants.” — CNBC Wed, 08 Mar 2017 14:49:52 +0000 Tepper argues Allergan's aesthetics business being taken down with regulated pharma was crazy since aesthetics https://minutesof.com/q/e6e7d1a3-d380-4bfb-8fe7-4b6f6dacea25/ https://minutesof.com/q/e6e7d1a3-d380-4bfb-8fe7-4b6f6dacea25/ “It's not affected by, regulation, that part of the business, the aesthetics business. So we thought that part of the business getting, you know, taken down with everything else was just absolutely crazy.” — CNBC Wed, 08 Mar 2017 14:49:52 +0000 Tepper says Allergan multiples were too low partly because the stock got tied to Valeant, which he calls nonse https://minutesof.com/q/c76f458c-d640-4d50-9fd3-6ad66bf67f6e/ https://minutesof.com/q/c76f458c-d640-4d50-9fd3-6ad66bf67f6e/ “the multiples were too low, and they put for some reason because it was tied in somehow with the valiant, you know, the nonsense with valiant.” — CNBC Wed, 08 Mar 2017 14:49:52 +0000 Tepper says if Allergan went to 500 he wouldn't own a share, but he's not suggesting it will hit 500. https://minutesof.com/q/e9dd90de-7c7b-4fac-b4a9-f78493dc11b2/ https://minutesof.com/q/e9dd90de-7c7b-4fac-b4a9-f78493dc11b2/ “If it went to 500, I wouldn't own a share. So, not suggesting it's going to 500,” — CNBC Wed, 08 Mar 2017 14:49:52 +0000 Some days I say it's really cheap. I should buy more. And some days I don't know why the heck I look at https://minutesof.com/q/1c2d05ba-239f-4e5c-97c6-9ced16def301/ https://minutesof.com/q/1c2d05ba-239f-4e5c-97c6-9ced16def301/ “Some days I say it's really cheap. I should buy more. And some days I don't know why the heck I look at” — CNBC Wed, 08 Mar 2017 14:49:52 +0000 And I got to tell you, during the financial crisis, during Sandy, not one dime not one dime and I know this fi https://minutesof.com/q/e43d5fd3-a150-4135-a57e-043fc080ada1/ https://minutesof.com/q/e43d5fd3-a150-4135-a57e-043fc080ada1/ “And I got to tell you, during the financial crisis, during Sandy, not one dime not one dime and I know this firsthand. This is fact, not conjecture, fact.” — CNBC Mon, 07 Nov 2016 19:43:38 +0000 Tepper says Trump gave nothing to major Jersey food banks or pantries during Sandy or nine-eleven benefits. https://minutesof.com/q/2c129413-9b69-46ce-b75c-1d080e30973e/ https://minutesof.com/q/2c129413-9b69-46ce-b75c-1d080e30973e/ “Not one dime to one major food bank, one major pantry in Jersey, doing Sandy, the the Big Sandy benefit, the Big nineeleven benefit.” — CNBC Mon, 07 Nov 2016 19:43:38 +0000 Tepper notes Trump gave nothing to Robin Hood in New York during nine-eleven despite being a supposed multibil https://minutesof.com/q/cb95d960-b481-43ec-a50c-30fd89ffbf00/ https://minutesof.com/q/cb95d960-b481-43ec-a50c-30fd89ffbf00/ “When you live in these places, and you are living with your people here, and you have just supposedly a multibillionaire and not 1 dime no, same thing for people in the greatest hour of need, Duane Sandy, Dwayne Dwayne nine eleven even in in in New York for Robin Hood in New York.” — CNBC Mon, 07 Nov 2016 19:43:38 +0000 Tepper invokes the golden rule as a personal standard unrelated to investments when judging Trump's behavior. https://minutesof.com/q/7c8efdd1-2f9f-4e28-b765-689a7789b4e8/ https://minutesof.com/q/7c8efdd1-2f9f-4e28-b765-689a7789b4e8/ “And listen, one thing I do in my life, this is kinda thing called the golden rule, has nothing to do with investments, nothing to do with investments.” — CNBC Mon, 07 Nov 2016 19:43:38 +0000