Salient to Investors:

David Tepper at Appaloosa Management said:

  • P/E ratios for US stocks are not high and junk bonds are at the mid-point of fair value.
  • The US economy is good.
  • The end of the bond market rally started last month when the ECB unexpectedly cut interest rates and said it would start QE.
  • Long-term, Bill Gross’s departure from Pimco does not mean anything because the market is a market and is bigger than anybody.
  •  The S&P 500 is at 15.2 x estimated earnings versus the average 13.8 over the past 10 years.

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