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As David Tepper Was Pitching A 20x P/E, He Was Selling (And Buying) These Stocks

Tyler Durden's picture





 

On October 15, well into the fourth quarter, David Tepper appeared on CNBC for his semi-annual stock pumpfest, most memorable for his suggestion that a 20x P/E multiple on the S&P was perfectly acceptable. Which would suggest Tepper was very bullish on risk. Which would suggest buying more stocks, not selling. Yet selling is precisely what he did between September 30 and December 31 for the vast majority of his top holdings according to his just released 13F. So what did he sell or liquidate?

First, here are his biggest liquidations:

  • US Airways ($178 million, 9.4MM shares)
  • Dow Jones DIA ETF ($151 million, 1MM shares)
  • Hertz ($33 million, 1.5MM shraes)
  • Bank of America ($31 million, 2.2K shares)
  • Sandisk ($25 million, 425K shares)

Just as notable is what he sold in part:

  • Goodyear: sold 6.7MM shares
  • United Continental: sold 2.5MM shares
  • Qualcomm: sold 1.4MM shares
  • Ford: sold 412K shares
  • AIG: sold 254K shares
  • Delta Airlines: sold 2.8MM shares
  • MetLife: sold 1.6MM shares
  • Hartford: sold 1.5MM shares
  • Transocean: sold 890K shares
  • Freeport McMoRan: sold 627K shares
  • EMC: sold 517K shares

And so on - for the full list of companies that didn't quite buy the 20x P/E thesis see table below.

So what did he buy to offset all these sales? Here are his biggest additions and new positions

  • American Airlines: New - 7MM shares
  • Halliburton: New - 993K shares
  • Eastman Chemical: New - 601K shares
  • Google: added 92K shares, ironically after selling 20k shares in Q3
  • HCA Holdings: added 528K shares
  • Owens Corning: added 554K shares
  • KBR: added 412K shares

However, most notable was the massive addition to his two top holdings: the SPY ETF, which he added $1.5 billion to and had $2.1 billion worth of SPY as of Dec. 31, and the Nasdaq QQQ ETF, which was a $765 billion position as Dec. 31. In other words, of Tepper's entire $8 billion disclosed long AUM, some 36% was in index tracking ETFs.

It may be a "stock-picker's market", but for Tepper it's all about blunt shotguns.

And finally, for those wondering what Tepper did with that flyer for $6.5 million or 737k shares in JCPenney from Q3 and which got hammered, he sold it.

Tepper's complete latest holdings are shown below, sorted by notional as of Sept 30. New positions in green.


 


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Fri, 02/14/2014 - 19:17 | Link to Comment falak pema
falak pema's picture

When you sell as market MOVER you  TELL OTHERS TO BUY ! 'Cos you be "the guy".

Zh sounds like it doesn't know how a scam is operated in the market. 

How else does the "No Moral Hazard in this evergreen market" meme propagate????

"This market will never go down again" is now the Pax Americana mantra, and its cast in stone by the Neo cons and their NWO.

Why else does Cheney say "our way of life is non negotiable" and why else does Potus say "Yes i scan"?

Thats the price to pay to be hegemon.  

 

Fri, 02/14/2014 - 19:19 | Link to Comment Divided States ...
Divided States of America's picture

David Tepper is Jewish no? Much like Carl Icahn, Dan Loeb, Bill Ackman, Larry Fink. Holy fuck the list goes on and on. If you listen to their advice, you deserve to lose your money.

Fri, 02/14/2014 - 19:53 | Link to Comment Rafferty
Rafferty's picture

Fleecing goyim is enthusiastically recommended in the Talmud.  Apparently we're not fully human and deserve our fate.

Fri, 02/14/2014 - 20:40 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

yep, apparently so, according to Leader of the Israeli Sephardic community, Rabbi Ovadia Yosef, founder of the Shas Party, part of the Likud coalition headed by Prime Minister Benjamin Netanyahu.

“Gentiles need to die….goyim have no place in the world.” .....

“Goyim were born only to serve us.  Without that, they have no place in the world, only to serve the people of Israel…Why are gentiles needed?  They will work, they will plow, they will reap.

We will sit like effendi and eat!”

http://www.veteranstoday.com/2010/10/20/gordon-duff-israeli-rabbi-gentil...

Sat, 02/15/2014 - 01:10 | Link to Comment boogerbently
boogerbently's picture

They can "tweet" their way to prosperity.

No need for expensive TV ads or time consuming appearances.

Just a simple "I'm meeting with Mr X tomorrow about a major purchase", a week after you bought a ton of Mr X's stock.

OR

"Just met with Mr X and heard he's doing a big stock buyback".

Sat, 02/15/2014 - 07:16 | Link to Comment Rafferty
Rafferty's picture

I've literally seen the equivalent happening.

Sat, 02/15/2014 - 13:20 | Link to Comment cpnscarlet
cpnscarlet's picture

Just a reminder all -

The Talmud is not part of the Bible. The Talmud was written by a bunch of elitist rabbi comentators and reflects "oral tradition" that rabbinical Judiasm thrives on today. The Talmud(s) also reads alot like the Koran.

Fri, 02/14/2014 - 20:02 | Link to Comment ThroxxOfVron
ThroxxOfVron's picture

Oy vey -it's Valentines Day!

-Have YOU schtupted your Muppets today?

Fri, 02/14/2014 - 20:12 | Link to Comment Pseudo Anonym
Fri, 02/14/2014 - 21:15 | Link to Comment Nutflush60
Nutflush60's picture

I am not Jewish. I do not like Ichan, Tepper, Kramer and most of the Jewish bosses I have had. Having said that, anti-Semetism has no place on this site,

Sat, 02/15/2014 - 01:14 | Link to Comment Ness.
Ness.'s picture

Yes it does.  

 

Causation is correlation.

 

Free Francis Sawyer!! (and Jon Corzine too).

Sat, 02/15/2014 - 07:24 | Link to Comment Rafferty
Rafferty's picture

Ten years ago I'd have fully agreed but it's abundantly clear that Jewish greed and groteque ethnic networking are destroying America.  Of course not all Jews are in on it but more than enough are.

 

Here's an example of how most of them think. http://irishsavant.blogspot.ie/2014/02/my-righteous-jews-spreadsheet.html

 

Ant-semitism is an all-pupose charge whose sole objective is to close down discussion on jewish misdeeds.

Sat, 02/15/2014 - 10:47 | Link to Comment william114085
william114085's picture

I certainly agree with your last point.  I was watching some old George Carlin video on youtube the other day.....He was ranting against "old white guys who own the country".  He got a lot of laughs and applause.  Imagine him ranting against the "jews who own the country".....his career would have ended that night.  

Sat, 02/15/2014 - 10:42 | Link to Comment Woodhippie
Woodhippie's picture

The people he mentioned are not semetic.  They are Ashkanazis.

Fri, 02/14/2014 - 19:19 | Link to Comment Rising Sun
Rising Sun's picture

This is what the banksters do - tell their clients to do one thing while the banksters do the opposite and have a view into their clients fucking themselves.

Fri, 02/14/2014 - 19:21 | Link to Comment lasvegaspersona
lasvegaspersona's picture

Is this the Friday we get the bank holiday?

I know the kids get a long weekend.

Fri, 02/14/2014 - 19:30 | Link to Comment SweetDoug
SweetDoug's picture

'

'

'

When the time comes, there won't be enough poles to hang all these bastards in the streets…

 

What a complete douche-bag.

 

•?•
V-V

Fri, 02/14/2014 - 23:46 | Link to Comment Wahooo
Wahooo's picture

You hang the first one from the pole and the second one from the first one's feet.

Fri, 02/14/2014 - 19:31 | Link to Comment Unknown Poster
Unknown Poster's picture

If I picked stocks like JCP, I'd switch to index funds.

Fri, 02/14/2014 - 19:39 | Link to Comment Seasmoke
Seasmoke's picture

Free Francis Sawyer !!!!!

Fri, 02/14/2014 - 20:17 | Link to Comment fuu
fuu's picture

He's back, you can find him in the lead off post in the Ron Paul thread.

Fri, 02/14/2014 - 20:30 | Link to Comment skwid vacuous
skwid vacuous's picture

The Turd Tepper! what a smug piece of shit...and he gets 2 and 20 for buying and selling SPY's DIA's and QQQ's wtf?

Fri, 02/14/2014 - 21:21 | Link to Comment NoWayJose
NoWayJose's picture

The talking head guests always tell you what they want you to do, often after they have set up their own positions. It is a rule of financial news, blogs, newsletters, etc... The only exception is Gartman, who flip flops so much that you don't have time to do what he says before he switches back.

Sat, 02/15/2014 - 01:21 | Link to Comment DIgnified
DIgnified's picture

Those 'buys' have a theme.

Sat, 02/15/2014 - 01:54 | Link to Comment mt paul
mt paul's picture

did he sell

 his Bitcoin...

Sat, 02/15/2014 - 06:51 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

WTF is David Topper?

Sat, 02/15/2014 - 10:19 | Link to Comment bwh1214
bwh1214's picture

Ok whoever wrote this story is just as bad at the mainstream  media.  Take a look at number one, HEBOUGHT 1.5 billion in the S&P500.  Just because he sold out of some of his positions and had more sell TRANSACTIONS then buy that does not mean he isn’t bullish.  He bought more equities then he sold.  I really hate that whoever posted this didn’t  take the time to look at his total holdings and if net he bought more then he sold in dollars.  They cherry picked to make it look like he was lying, which he was not.

This is a sad sad day and makes me trust zerohedge, one place that I thought had some integrity less. 

THE MODERATOR SHOULD PULL THIS STORY DOWN IMMEDIATELY AND APPOLOGISE FOR PUTTING UP PROPAGANDA!!!!

Sat, 02/15/2014 - 10:27 | Link to Comment bwh1214
bwh1214's picture

He sold about a billion and bought 2.7 billion, granted that is also some capital gains, but still it is clear that he BOUGHT way more then he sold.  Thus was completely truthful in his bullish call.  ZEROHEDGE SHOULD BE ASHAMED TO POST A PROPAGANDA STORY ATTEMPTING TO CHERRY PICK DATA TO SHOW INFORMATION IN A MISLEADING LIGHT. 

SHAME ON YOU ZEROHEDGE!!!!!

Sun, 02/16/2014 - 16:56 | Link to Comment assistedliving
assistedliving's picture

i only wish i had a record like his...

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