mr. tepper, appearing on "squawk box," has moved the market. >> no doubt about it. >> are you referring to the tepper rally? >> yes, i am. >> in this case, i don't know that we will see a significant down turn. he said, listen, remember the days when we had 15%-20% corrections. this he may not be over. take a listen. >> if we have a 20% correction or a 15% correction, i would buy. i have to see what the world looks like but i would be buying. >> mi meaning, all right, you get a 20% correction. he steps up and says thank you. right now, he doesn't appear to be in a buying mood. >> a lot of people seizing on his two rivers analogy. if you are saying, i can trust that i should be buying into these selloffs as opposed to selling into the rallies. if you had warren buffett on, i'm sure what warren buffett would say that history tells us the u.s. stock market rallies, because the u.s. economy gross. for tepper and others that make their money in more of a drexel situation, he doesn't seem quite as convinced for the near to slightly near future. >> the point he made was the discrepancy between th

mr. tepper speak for over an hour. not a particularly sanguine view of the bad

mr. tepper that we need to focus on valuations and pe multiples.hat is the big take away here. valuations really on an overall market basis got way out in front of what us sustainable for the realistic growth rate. nobody is saying we are not going to have any growth. everybody said we are going to have sluggish growth. the pe multiples for the market needs to reflect that. i was happy to hear david say that. i'm sure guy adami was happy to hear him say that. >> not only happy to hear that, happy nfl football season is back. carol's fired up. starts tonight. i was happy to hear those comments. you can't be a champion of david tepper when he says all bullish things and discount him when he says things aren't as rosie as the market might make them appear to be. to stephanie's point, we are seeing knee-jerk reaction by central banks on almost a daily basis. on unprecedented scales. almost like definition that can't be constructive for global markets. >> guy, who are you long going into the football season? >> i'm always long the football giants. i say

mr. tepper. the reason is sorts of valuation. i think today the stock market on next-year estimates is something less than 15 times earnings. the earnings yield and stock markets are something approaching 7%. the last way we win here is just basic business deterioration. the company's business is declining double digits in pretty much every market around the world except for china. china's been the growth engine in the last couple quarters, up 38% in the last quarter. this characteristic of massive growth and fairly massive declines is something you see in pyramid schemes. i think this meets our standard for a simple predictable cash flow generative dominant company. i can't tell you where any of our stocks are going to be next month or where they'll even be at the end of the year. i can tell you mondelez will be a much more valuable company a year from now than it is today. two years from now even more vabl. cp is going to be a much more valuable company. >> start with the last one, cp is ka filletedian pacific railway. it has n

mr. tepper.hink the stock market on next year estimates is something less than 15 times earnings. >>> so which one is right? joining us to weigh in is jason trenner. he is with strategis partners and phil orlando. welcome. whose side would you take on this? more bullish, more bearish? >> i like ackman. the way we're looking at market is we've rolled forward to next year's earnings. that puts us at 14 times earnings. given 1.2% inflation and 2.2% treasury yield, that's cheap. >> you made the point earlier, phil, what we're seeing is a correction. we've seen a correction since then. >> right. >> is the market stajding still? company's profits kind of pick up. you're not worried about the profits being picked up? >> no, i'm not. i think it was exacerbated by the china concerns. that's why we had the 11 or 12% correction but i think much like 2013, we've seen the taper tantrum then. now we're already pricing in the fed beginning to normalize policy. once we actually rip the band aid off we're going t

mr. tepper.nk stock market on call it next year estimates is something less than 15 times earnings. so the earnings yield and the stock markets, something approaching 7%. right? this is more than a 2% environment. that's the widest spread. and by the way the expectation over time should be the equity yields will increase as companies report over time. report higher profitability. >> when you think about profitability, what about the emerging markets -- >> he was questioning the "e" in the pe. >> i said it earlier in the year that analysts had not properly reflected the impact of currency. i want to say at this point currency has been largely reflected in next year's estimates. so i think -- you know, i think it's actually -- if you look at the market overall and then i put aside energy. that's not really a field where we invest. i can't predict where oil prices are going to be a year from now. but if you pick energy -- >> but you've historically liked retail. there's always been a view if oil pri