tuesday's road map, page-14

In the second half of 2010 funds manager David Tepper set off a market rally on the day of his interview on CNBC in which he was super bullish about the effects from Fed QE.

In the past 12 months his fund has made a 25% return.

Yesterday morning (US time) he was interviewed again by CNBC and perhaps this has started a bit of a year end rally of US shares. Worth a listen. However he was not asked about what he thought of the already high profit margins of US firms and if that is sustainable. I suppose he shares the same sort of views as Professor Jeremy Segal (spelling) about the effect of low interest rates on the sharemarket, and that the main factor for a higher sharemarket will be PE multiple expansion.

http://video.cnbc.com/gallery/?play=1&video=3000134410

http://video.cnbc.com/gallery/?play=1&video=3000135847

http://video.cnbc.com/gallery/?play=1&video=3000135863

loki