so interesting words, guys, in terms of tepper's mindset at the moment.uld note he manages about $19 billion at appaloosa. they're sightly up for this year but don't want to rule out further upside, at the same time they don't want to be overly short. >> do we have any details, kate, on how he's positioned within that supposedly neutral position? >> well, it's hard to get complete clarity. obviously i mean it sounds like they themselves at appaloosa are trying to occupy middle ground here. looks as though one thing they did so far this year is took about a 1.6 million share position in facebook in the first quarter that they then sold in the second taking some profits there perhaps. and they've also been active in airlines. they've downsized a little bit of their delta position, paired a little bit of their southwest position, they've gone longer on some pipeline companies that they like. so those are some of the different things they're doing. i don't see a big sec torl theme here. it was that 3 million call option position in the spider stuck out when y

tepper made headlines in 20134 when the market at 1900. the s&p that is. too fricking long, quote/unquote nervous time. it was a surplus of leverage in the system and deflation. now the market close to 2200 telling people something similar and the picture is different. and he's adding that people shouldn't be as it were too fricking short either. he's recommending that investors that don't believe in further upside go to cash rather than too heavy on the short side. this is advice that various other managers including perhaps carl icahn and lost 18% year to date primarily because of positions on the short side, that's how they described it, and david einhorn and took hits leaving his greenlight capital fund about flat for the year through the end of june may find themselves agreeing with. meanwhi meanwhile, kelly, it is not clear what happened to the spdr calls. >> overall, you know, not emphatic on the markets and that echos what we were saying about the way people feel broadly, kate. thank you. >> thank you. >> kate kelly there with comments of david tep

eric tepper says people are being forced to make choices. >> i have patients every day who complain who says i know i need this. i can see it. i can't aforward it. >> reporter: a state. >> i can see it. i can't afford it. >> reporter: a state requirement has required epi- pens to be on hand for schools. how can they afford it? >> they are provided free by the manufacturer. we have 60 schools with 240 pence each year. >> reporter: they have a short expiration date so the school gets a fresh shipment every year. good for the schools and the kids who need it there. but expensive for parents supplying it at home. >> if a doctor recommends that you purchase an epi-pen for your child, what parent is going to say, well, what's the -- if i don't do it, what's going to happen, if the answer is potentially death what parent isn't going to try to do that? >> if you think it's easy for a competitor to just jump in and decrease price, it costs hundreds of millions of dollars to get approved by the fda. in sacramento, kelly ryan, kpix 5. >> doctors are testing out a new technology that helps them und

chinese and we know it has been a popular trade amongst some well-respected investors induding david tepper kyle bass among others. >> thoughts? weiss? >> such a large outflow of capital. $100 billion a month. saw it go from $4 trillion down to $2.7 trillion. >> just about a year ago? >> yeah, and into this year. >> our markets fell out of bed. >> and feshlly believed also. the average market devalued currently by 32% and theirs down 7%. you saw crowded trade and they didn't do it. why? because it's china and they can basically put out whatever numbers they want. miraculo miraculously, trickled down to nothing. like every other central banker got into the party. seen ten year come down to 2.7% from over 3%. buying and easing there. basically under the penalty of death, do not take capital out of the country anymore. a big deterrent. right now, i would say that ultimately, it will come down. trying to be good neighbors but could care less about these stabilized global economy. it's not what they think about. >> i think they're trying to elevate their market in economic status going forward.

the options position like the tepper thing i talked about we only deduced because it existed in the firstot in the second quarter. we don't know if it was sold, if the option expired. don't want to read too much in. i did some reporting and it sounds like he's taking a somewhat -- i don't want to say neutral, but cautious approach to the markets. >> we can assume when warren buffett buys more apple, they like apple. >> bullish apple. they're not going to get too fancy with derivatives which they consider to be weapons of mass destruction. >> they never found those though. anyway, donald trump -- did they? am i wrong on that? >> well, i think you're mixing policy with derivatives. >> donald trump and hillary clinton's -- we're shifting gears. now in front of voters. but we're missing key details from both. joining us now is robert wolfe. hillary clinton supporter. and wilbur ross, the chairman of w.l. ross and company. he has a new op-ed on cnbc.com written with uc irvine professor. you're right. we've got wilf, wolfe, and wilbur. all right, wolfe, you're an obama guy. you like tpp. hillar

i'm hoping that the larger, that movement, if that tepper continues to go ethics of the people. >> atthe need to think that it was a good people standing only. we've got questions about how to be more effective when submitting comments to the fcc, things like that. >> cfa is always going to be an issue. jennifer and others ask them to bring it up and don't criminalize curiosity and phrases like that are extremely common. both from teachers. incredulous always good to be a tough one for this. i was out at aspen security form right beforehand and brandon was almost yelling at a cryptographer that asked the question saying this is your problem to fix. work harder for this. so encryption can always be easy. they've done a lot on that issue. it did pop up a little bit. one of the congressmen who was there is will heard from san antonio. i forget which district. he had been not just work national clandestine service but had been consulting for want of the computer security companies. so he was of the committee before he got elected. >> of the people spewing so it's great. it's a second year

david tepper and an interesting decision to resolve. cut the calls by 550 million.have reduced their position in general motors $1 million shares. and this is the interesting trade because they dissolved the position in facebook but they added their position in alphabet and might be a long alphabet short fb. and pfizer, another position i want to highlight for apple and 2.5 million shares and now triumph management. a big change here in the fund holdings and that is leg mason. they have dissolved it by 11 million shares and then third point quickly. make it quick with dan lobe. the most interesting part of the new portfolio is that they sold down their yum call so they're down to 2.5 million. originally 5.5 million and sold the 1.5 million calls, as well. twenty first century, a position they dissolved and time warner cable, sold out of the position they had in time warner cable. new positions that dan lobe added at third point, activision and facebook is a new position and union pacific, the railroad company. lots of moving parts and back to you. >> lots of action

on a related note, aig, tepper boosting his stake in agn to 1.2 million shares and then on another relatedote, tiffany, peltz apparently out, as trion exits, had a 5% stake in '07, but tiffanies had an amazing run in the past week or two. >> the dollar has weakened and that's been helpful for tiffany complained about the one-two punch of the weaker tourist spending here in the u.s. and also overseas sales getting hurt by the stronger dollar. i'm just noticing the three negative sectors on the s&p, utilities, consumer staples, and telecom. which sort of goes with the recent trend, mike, some of the cyclical laggards of the market, energy, health care, financials, are catching up. is this rotation for real. it's hard to tell with the 10-year still around 1.50. >> exactly. a rotation only in part. there is outperformance by the growth groups, consumer discretion flairry and tech, but not coming at the expense of the yield sectors yet. bond yields remain where they are. this kind of environment strong stocks, high liquidity, low rates definitely seems to be stoking the m&a impulse a little bit

you know, ash and i were talking about this, carl icahn has said this, david tepper, these are the bigrket will crash. and they're essentially saying global economic growth going down, whatever. here's the thing, this is not like a dot.com crash. it won't happen that way. 1999 people got out of tech stocks, and they moved into other assets. now with the central banks so full on and into the markets, what are you going to do, you going to go into a controlled bond market where there's little yield? the only game -- and this is why we're in a melt-up situation. stuart: yes. >> investors are pouring in and, you know, because the markets have nowhere else to go but up because the governments, central banks around the world are so controlling the bond market. stuart: you're right. it's been a melt-up summer. that's what it's been. >> yeah. stuart: nobody really predicted the dow industrials would hit 18,600 -- >> nobody saw that. stuart: and there it is. >> we were predicting correction, bear market. remember january, we were reporting that markets went down bigtime in this february. >> an