never thought that i would see an owner in the nfl who could out steinbrenner steinbrenner, but david tepperd-season in the last 48 months and you know, what's amazing about tepper, grew up in pittsburgh or he's from pittsburgh, he owned 5% of the steelers for nine years before he bought the panthers. the steelers have had three coaches in the last 54 years. that is what football is about. get a good coach, be stable and go through the hard times and withstand the hard times. david tepper clearly doesn't understand that. >> i don't know that much about sport, but didn't steinbrenner do pretty well with the yankees all those years? >> of course. that's why with steinbrenner at least he won championships. the only thing that david tepper has won right now really is the first pick in the draft, and what good is that? he's already traded it off so he can't get, you know, a lot of help for his organization. >> peter, david terp has been quoted as saying that he does want to find the next head coach and he wants it to be someone who can be there for 30 or 40 years. he said, jokingly, i'm assuming

. >> so this, to me, smacks of almost exactly what david tepper told me from qe to qt, different environment different multiple. the greatest wild card is what's the right multiple? no one knows. druckenmiller's point is that multiple 20 times or near then is definitely too high in this new post-qe rising deficit slowing economic world. make sense? >> total sense because you're having pressure on corporate earnings, rising rates, putting pressure on borrowers both in mortgages, student loans, auto. but i think there's a framework to look at. take a client that is wealthy and wants to stay wealthy and you have a targeted rate of return there. so let's say they want to double their money in ten years. they need a 7% tax free rate of return. last week we were generating 5% on lockout munis. i have 5% on rates of return, how much risk for a client that wants to double their money in ten years on the equity market? expectations of 246 in earnings in the s&p next year. i don't see it happening. a good time to focus on opportunity. >> this is what you hear. there's better risk/reward, joe, outside

i'm reminded when david tepper when the fed came in in '09 and rhetorically asks the question -- and i might be paraphrasing a little bit, what's going to go up? everything will go up. that was sort of the mindset now i'm wondering, well, if the fed is done, if truly they are done and the next move is a cut because inflation has come down enough they can cut, what will go up isn't going to be an everything move. are we going to get that movement it will not be the only thing that will go up? >> that could be the healthiest thing going into next year >> is it the highest probability? >> as stewards of capital, you have to pay attention to the risk >> of course >> they're not completely off the table. you focus on individual businesses and that gets back into the conversation of being a stock picker versus just picking the market you have some very big names that are drivers of market performance but there's been enormous carnage and opportunity created. okay, if this is over, we're going to start to identify those. >> you have worries about regional banks they weren't convinced the wo

david tepper just has not done that. >> all right. peter king with nbc sports, football morning in america columnist, thank you very much. we appreciate it. >> one thing i know is no one wants to take over a football team and have to deal with this, so it will be interesting what his next move. >> a harvard business case study. >> thanks for watching "power lunch." >> "closing bell" starts right now. >> thanks. welcome to "closing bell." i'm scott wapner from post 9 at the new york stock exchange. a big question about stocks, how far with can the runway for the rally go? just to the end of the year as some are suggesting or can it go much further? we'll ask our experts this hour including pimco's erin browne who unveils her 2024 playbook in just moments and in the meantime the scorecard with 60 minutes to go in regulation looks like that and it's mixed and not as good as it was and the most active part of the day was just before lunch and that's when the fed's chris waller suggested if inflation continues to fall that rates could be l

holding it to this day but it's up about 8% since september 30 lt so he could be sitting on a loss david tepper the fund dissolved positions in broad coms, marvel, cutting in qualcomm, taiwan semi. and dan lobes, third point reduced the stake in tsm by 0% by 20% chips were under a reset during q3 and maybe slightly into october. concerns about china, weakness in autoindustrial demands are some factors weighing on the sector a few weeks ago but as you talked about, momentum is back into the sector, nvidia closing at an all time high yesterday. adding $2 billion in market cap over the last few days applied materials, broad com, intel. and amd, data center gpu revenue above expectations, the microsoft event today making their own a.i. chips maybe not good for nvidia. aws announcing rental services and a slew of other events. >> we ignite today. >> i just used ignite several times. >> we get nvidia on the 21st the. >> next tuesday. >> right how much is riding on that guidance. >>>'s not necessarily the guidance -- yeah, it is the guidance for 2024. it's how much confidence can nvidia put in that ca