David Tepper: No Depression, No Deflation, No Hyperinflation

"I got a little story for you. In 1898, the first international urban-planning conference convened in New York. It was abandoned after three days because none of the delegates could see any solution to the growing crisis caused by urban horses and their output. In the Times of London, one reporter estimated that in 50 years, every street in London would be buried under nine feet of manure.

I know, everyone hates the financials, but the PIIGS --[Portugal, Ireland, Italy, Greece, and Spain] every single one has a deficit-reduction plan! The ECB—the Bundesbank—bought back government bonds! Holy Christ. It’s like the chastity belt is off, and the girl is starting to play.

On the way to work this morning, I got a headache because I was listening to one guy talking about how there’s gonna be hyperinflation. And then after him there was some guy telling me there’s going to be a depression and deflation. Neither is most likely going to happen.

The point is, markets adapt, people adapt. Don’t listen to all the crap out there.”

David Tepper