David Tepper, A State Banquet, Nvidia Invests in Intel 9/18/25

25:04The administration brags about$300 billion in revenue from tariffs a year. That's taxes by another means. So it's kind of funny how, you know, it's sort of, it's not so much offsetting, but it's interesting how there's kind of carrot and stick out there. Well, I was interested in Joe's questioning, if Kevin has it too, on this question of taking a cut from what NVIDIA or trying to take a cut maybe from what Intel does, all of these things, especially if you're going to have chips trading to China. You've got to figure out what are our national interests, our national strategic interests. and you don't necessarily want to mess that up by saying, oh, and let's make a little bit of a deal where we can get some money here.

25:47Walter, I guess we'd be remiss if we didn't ask you about the overnight news of Jimmy Kimmel. I know that you're not familiar with him. You're a great Gutfeld guy. I know you tune in every night on Fox. But what do you make of what happened there? You know, it's different. these are companies doing these things because they're feeling the pressure. We went through an era of cancel culture, you know, where people on the left tried pretty hard to cancel. Now we're going through a period of cancel culture, people on the right doing it. Obviously, I think you and I both feel this is not really the best way to have a sense of free speech and discussion in America.

26:31I think there are certain things that truly cross lines. I'm not going to get into the nuances of the Jimmy Kimmel one. But certainly if you're looking all across the board of what's happening here, we're starting to lose in a different way, a different flavor of our loss of free speech and our right to have comedy. And it comes at a time when there's been a lot of pressure. We saw the Paramount deal being put under pressure. We see Trump announcing lawsuits just randomly now against the Disney Corporation. So that's particularly interesting. And it gets to Elon Musk, by the way, who bought Twitter, turned it into X, and it's become incredibly influential in changing the politics here.

27:17I think one thing to go back to, or to connect these two things, I was somewhat surprised that Elon Musk has not been invited either to the tech patio dinner at the White House or into England, And it may be because certainly he's been very strong pushing Tommy Thompson, the populist right candidate in England, against Keir Starmer. And so you're seeing this mix of media, politics, and the Trump administration playing favorites and changing favorites, I guess. If, Walter, if the FCC hadn't weighed in on Kimmel and it was only Nextstar with all of its stations in the middle of this country that probably already weren't too enthralled with Jimmy Kimmel's brand of what I guess it's humor.

28:08I don't even know what you call it. But let's say it was just Nextstar saying, look, this does not suit our viewers. He crossed the line here. What if it was the companies? What if it had nothing to do with the Trump administration? Companies are allowed to say... Absolutely. Companies have the right to... I've worked, you work at CNBC, I've worked at many media companies. We had the right to decide who to put on, and we had the right to decide who served our audience best. But as you say, the FCC has kind of weighed in. Trump has kind of... I don't know if he weighed in exactly on Kimmel, but we're seeing this pressure on government.

28:43It's the exact same thing that people were talking about where the Biden administration would sort of push and prod and try to get things done. As somebody who's spent 40 years in the media, I kind of think that, once again, it's not something where government should be choreographing it any more than they should be choreographing microchip sales and who gets which cut of them. 40 years in the media. So this is your fault. I think we can join together, Joe, and share the blame if you want. We just celebrated our 30-year anniversary. Maybe it's both our faults, just from either side. Walter, um...

29:22The fault is not in the stars, it's in us, Joe. It's exactly. Who knows what lurks in the mind of men. Only the shadow, Walter. Thank you. We do have a picture of Jensen Wong, I think. There you go. Is that what we want to show? Yeah. It is kind of rare to see him without a leather jacket. Senator Elizabeth Warren is saying the Fed had no choice but to cut rates to protect American Jobs. And the senator joins us this morning. She's the lead Democrat on the banking committee. And Senator, welcome. It's good to have you on. I bet you you're probably glad about 25. But I know you've argued for for even bigger cuts.

29:59Yeah. You know, look, I've been arguing for a couple of years for interest rate cuts. But there's a difference between interest rate cuts that come because the economy is strong, because the job market looks good and because inflation is headed in the right direction, that is down, and where we are right now. And that is that the job market is weak enough that the Fed felt like it had to go forward, even though the indications on inflation are headed in the wrong direction. You know, I'm reminded that the head of the Fed, Jerome Powell, said last month that the Fed would have cut interest rates back in February, except for the concern over the chaos that Donald Trump was causing to the economy because of tariffs.

30:51And so that means we've had for seven months now, families paying more on credit cards and car loans and payday loans. And I'm just concerned right now about the economy overall. And I recognize that rate cuts by themselves are not going to fix the problems that Donald Trump is causing. We had, Senator, and I thought about it yesterday when I knew you're going to be on. I asked this question to the leader, Jeffries, when he was on. I'm going to give you I'm going to give you a shot at the same question. It'll take me about 30 seconds, but I'll be as quick as I can. The inflation rate of 2.9 is still above where the Fed would like it to be, but it was as high as 9 % under Joe Biden.

31:39The labor market may be showing signs of weakness, but unemployment is still 4.3%. Real wages are finally growing. The Dow, the S &P 500, and the Nasdaq are all hitting record highs. We've had major trade deals signed and hundreds of billions of dollars of foreign investment coming into the country, while the southern border is now secure and Iran's nuclear ambitions have been sidetracked likely for years. Where is where is the calamity? I just what would you point to? So, look, I want to make two points here. The first one is the Fed and the rate cuts in the economy is all about direction. And yes, coming out of the pandemic, when Donald Trump was near the end of his first term, we had very high inflation.

32:27We had very high unemployment. And that was a problem. But it was down, down, down, down, down on the trend lines. Now those trend lines have reversed again. And we are seeing more weakening in the job numbers and we are seeing prices tick back up. Plus, Donald Trump is claiming to have collected billions and billions and billions of dollars in tariff money, and that's going to keep pushing prices up. So the concern is the directionality. The point is the Fed is always trying to look at where the economy is going and trying to direct it. But there's a second point here, too. And I appreciate that Wall Street is doing very well, that we're watching incomes go up for a lot of folks at the top.

33:14But you really need to be looking at the numbers for what's happening to the rest of America. Look how big the consumer debt load is right now and how it has grown by four trillion dollars over the past six years. This is not pandemic money. This is coming out now. More and more families cannot make it to the end of the month without borrowing money. Look at what's happening right now with car loans. More people are in default. More people are seeing their cars taken away. And for a lot of people, that means they can't go ahead and go to work. Look at what's happening to consumer sentiment. People who do the work every day, not the folks who show up to hobnob with the king of England, but the people on the ground here in America who keep this country running.

34:07They are telling us that they are not seeing an economy that works. And we need to pay attention to that. We need to have economic policies that are not just made for a handful of people who can afford to pay a million dollars for a dinner with Donald Trump or fly over to England and hobnob with the royals. We need an economy that's working for small businesses, working for medium sized businesses, working for people who do the work of keeping this economy going. And that's where the problem is. The age old problem. And I agree with you. It's a cover of the Wall Street Journal today. There really are two economies.

34:53But at the same time that we think about what type of what we should spend money on, additional money on, you just mentioned how we're at 37 or 38 trillion. And I think we're at 24 percent of GDP on spending and 18 percent on revenues. And that's unsustainable. But but when we talk about when you want to raise taxes and maybe there's something to that, maybe a stepped up basis or something because we can't get out the billionaires taxes. But would we try to lower that? Are there other things we can do? We throw so much money at so many problems and we don't seem to get a lot of return for it. What should we do?

35:31Well, I don't know what you mean by we don't get a lot of return. Look, I think billionaires, yes, ought to be paying more in taxes. I think that right now the idea that Jeff Bezos pays taxes at the same rate as a Boston public school teacher makes no sense at all. I think the idea that billionaires really taxes are optional for many of them because they just borrow against their wealth and then use a stepped up basis when they die for their families. So money never taxes, never get paid on that. But remember what the Republicans are doing right now. A year ago right now, Donald Trump was saying to everybody who would listen, he would lower costs for American families on day one, on day one.

36:18Those were his words. He didn't say it was going to lower costs for billionaires. He said, I'm going to lower costs for your family on day one. And where are we? The cost of groceries is up. The cost of utilities is up. The cost of real estate is up. The cost of health care is up. And what's been the response of the Trump administration? Well, part of it has been the tariffs to drive up costs even more. But the other part, the big signature achievement has been that the Republicans and Donald Trump have cut health care from 15 million Americans and they are driving up costs in the health care system literally for everyone.

37:02Even if you don't have Medicaid, even if you don't have an ACA subsidy, if you have health insurance starting next month, thanks to the Republicans, you will be paying more. And why did they do all that? So that they could give tax cuts to a handful of billionaires. That's not how we make this country work better. I think everyone in the original tax cut, everyone did get a cut, maybe more crews. can I ask you about some of your comments last week, it had to do with I don't know what we should do with the country right now as divided as it is, and both sides I guess you would argue share some of the blame, but if we just hear constantly from your side of the aisle fascist, dictator, rapist, just on and on and on, this incendiary language, don't both sides have to take some of the blame for this environment that we're in in terms of, I mean, I don't know what you'd call this where we are in terms of political violence and even assassinations.

38:09But do you think, it didn't sound like you wanted to cool the rhetoric when I heard your comments last week. I'm always glad for people to speak calmly, to speak about facts. I'm very much in favor of that. But the key thing, I just, I want to say it, I can't say it enough. Violence is never the answer. And no one, does make any difference what your political views are, no one should be encouraging violence, because violence is never, ever, ever the right answer. Senator, I'm going to have to cut you off in a second, not quite yet, but I think President Trump is going to be speaking in Checkers, which is apparently a pretty nice place where Keir Starmer hangs his hat.

38:56And we are going to listen in. But let me ask you one more question. Because you have lobbied the Fed a lot about it and you're very passionate about it. Oh, he is going to start actually right now. Thank you. And hopefully we'll see you.

39:13It's an honor to have all of these great leaders, really an honor. But I'm sincerely grateful to Prime Minister Starmer and Lady Starmer for welcoming us to this very special home, this beautiful place. The ties between our countries are priceless and it's really an inheritance, beautiful inheritance. Today we're making those ties closer than ever before. We've done some things that financially are great for both countries and we work together and it keeps us together and I think it's an unbreakable bond we have regardless of what we're doing today. I I think it's unbreakable. But this is very big.

39:50And I want to thank all of the incredibly talented business leaders, the best in the world, biggest in the world, here this afternoon for investing in the Anglo-American alliance. And you personify.

40:04Next on Squawk Pod, hedge fund billionaire David Tepper. The Tepper tantrum. There was a time where you said buy everything because of QE. And they were unbelievable calls. So that's who you are. One year ago, he joined us with a massive call to go all in investing in China. He said, buy everything. So where does he stand now in the markets around the world and here in the U.S.? We're having a really good year, and I'm so miserable for having a really good year because I still own the market, and I can't stand that I own the market.

40:46It's all good stuff. It's like it's like the squawk pod. It says it's the best of a squawk. It's like could be three hours because it's all good. You know who's here? Someone who never comes in studio, Tepper, are now joined here at the table to discuss a lot of things. Fed decision markets and more. David Tepper, founder and president of Appaloosa Management. He's also the owner of the Carolina Panthers. I got to give some background on you. One of the great investors of all time, Dr. Miller, we both know him. What he did, like 30 % for 30 years? I don't know exactly what. But he said you're the guy now that has the big intestines to take the big bets.

41:28And he admires you for taking huge swings, and it's paid off. You were at our 30-year anniversary. You were not at that. No, I wasn't at your 30th. That's why I decided to pop in today, because I wasn't at your 30th anniversary. So you felt bad. I felt a little bad. The reason I brought it up is because in the tape that we ran, some of your big moments on the show were highlighted. The Tepper tantrum. There was a time where you said, buy everything because of QE. And they were unbelievable calls. So that's who you are. I just want to let everybody know it's great to have you on. Thanks. Have you been killing it the last couple of years?

42:06It's been so long since you've been on. Would you say you have been able to repeat your great success again and again and again? You've been killing it? Well, first, I do want to congratulate you guys on 30 years. And Mike's here instead of Andrew. He looks kind of like a buffed Andrew, so I'll make it pretend like that. And Becky's not here, so. It's actually my social media handle. You look nothing like her. No, I look nothing like her. No, you don't. That's not even close. And a wig wouldn't help if nothing would help. No, nothing would help. Nothing would help. Yeah, I mean, we're having a pretty good year.

42:39I mean, I actually was here last year, I guess, you know, talking about China. The China thing. Yeah, which turned out to be half-decently good. At the beginning and then maybe not so good later, right? But who knows how long we're holding. Well, I mean, we're up big now. We're pretty, well, I mean, you know, kind of, yeah, it's been big. I mean, like Alibaba's up a lot, so it worked pretty well. So, I mean, we're having a pretty good year. Where are we? and it's a good day for you. Why did you want to come in today? I just came in because I felt bad. About missing it. And I'm in New York, the whole city, and I felt bad about missing your 30th anniversary.

43:14Okay. Which is a big deal. But it is a Fed cut yesterday. Is it the beginning of it? I noticed it. You were watching this morning. You watched Frank Holland talk about it. Is it the beginning of an easing cycle? Well, look, I mean, they eased yesterday. And, you know, I think the market knows there's another ease coming. Could be two more eases coming. I don't know what's in there this morning. But, you know, and you're easing at least those eases into, as you just saw numbers out, not in a bad economy. And, look, I don't know how long that lasts. We're not at cheap levels in this market. On the other hand, you know, when they eased after long-term capital and then they used to get into Y2K, I mean, we weren't in a bad economy then, and the market went a little bit nuts.

44:00I'm not saying the market's going to be nuts now, but and by the way, the other side of that was a disaster. OK, so I mean, you know, I don't think another ease matters, you know, as far as being too easy. This is going to be a little bit restrictive. I don't know if they do, too. Beyond that, it's going to be a little tricky, I think, because you've got to be careful not to make things too hot to have the other side of the mountain, which was really frickin ugly, you know, in 2000. You have that one. etc you haven't been on since um trump got elected that's not true i was on last year talking about china was that after trump got elected that was just last year last year was it last year after trump i can't remember when he got it might have been before trump got elected actually yeah i don't think you've got you haven't talked about tariffs industrial policy the the big beautiful bill do any of you any of those go into your calculus for what you do Look, I'm not like a lot of, you know, classically trained honors in economics and college economists.

45:03I don't love terrorists. On the other hand, I don't think 10 percent terrorists, at least at that level, make a difference. And there's something to be said for having a little bit of, you know, in an AI sort of world where you may have, you know, a little less employment, have little protection or having people protecting people here. And the same thing with immigration policy. So you could argue that if you do have eventual layoffs because of AI. So I can be fine with it. I don't love the 25 % or the 50 % tariffs. I think they're a little bit destructive. But quite frankly, 5 % or 10%, which are a little bit higher, I understand that.

45:43I don't think it really makes a difference. And it may be kind of constructive where we are right now. You think it's a slippery slope to some type of state-sponsored industry by taking a stake in Intel and having NVIDIA pay royalties on stuff we let them sell to China? Any of those things bother you? I don't love it when it comes from, and neither do you, because you've made comments in the past, when it comes from Democrats. And I don't love it when it comes from Republicans. I mean, does it matter if it's not done widespread? Again, no. So to be consistent about it, I don't love it on either side when it happens because you take away from the natural kind of process.

46:23Does the great American economy, and it's the greatest ever in the world, does that, and AI, do those two things just sum up why you, I'm not going to put words in your mouth, but are you excited about the stock market for the next couple of years? I'm, look, excited. I'm not like, you know, there was a phrase I used, you know, walls in 2010. It's actually fine to use that because it's a throttle. I know. It has nothing to do with testicles. I know. So we decided it was a, you said that word. Who told you to say that word? Testicles is a medical term. Anyways, so. It's a medical term. Anyways, no, look, I'm constructive because of the easing right now, but I'm also miserable because of the levels.

47:12Does that make sense? So, so. Is it just seven stocks though and everything else is cheap? What's that? Is it just seven stocks and everything else is cheap? When they do these weighted? No, it's not, though. I mean, everything's cheap anymore. The other 470, 493 are like 20 times. They're 20 times. Maybe a little lower than that, but they're not cheap by historical standards. Now, they're cheap pockets. I mean, if we do get rates lower, some of the housing-related stocks are maybe cheap, but they're not showing up in earnings right now because they've had tough quarters and they're still having tough quarters.

47:48So depending where the tenure goes and, you know, where mortgage rates go, you know, they could be interesting. But then again, if it just continues on the same way, they may not be interesting. So you're not here to pass something down from on high that it's time to just. I am here because I just want to congratulate you and Becky and Andrew. You guys have to have like a big party every year. And have Tepper come in. I know. I will come every year. I know. You don't. I can't remember the last time you were in studio either. I mean, this is I was in a studio last time. Joe's been joking about, OK, we're not really joking, but three percent's a new target.

48:27Right. The average CPI for 30 years back. I mean, it's like two nine or something like that. Like, in other words, two percent's not magic. The market, the stock market seems to be kind of OK where we are if the bond market's not going to rebel against it. So how do we how do we think about it? My view has been that one easing or two easings or even three easings just don't matter. Don't matter because we're still in a little restrictive territory with looks like a little bit too high inflation, even without the tariff induced inflation. So they should be a little bit restrictive. Beyond that, I think it can, you know, then you're really risking a lot of things, a weaker dollar, more inflation and those sort of things.

49:12So, you know, I don't it doesn't matter what happens if you really want to play with mortgages a little bit. You know, the Wall Street Journal had a thing of what the PIMCO said about, you know, not reducing the balance sheet with mortgages. Right. That may be something you do. But to go too much more on interest rates, depending what happens with the economy, you know, is it gets into the danger territory right now to go another 25 basis points or another. 50 basis points, does it really matter, you know, one way or another? It probably keeps the stock market a little buoyant. You know, you have to be careful because, like you said, where the average stock isn't cheap, the big stocks are not cheap.

49:53I mean, so you don't have cheapness here, but you do have a constructive, you know, like, you know, I'm not fighting the Fed. I'm not going to do that, at least in the near term. And then it's what happens on the flip, right? Presumably, though, the composition of the Fed is going to get more dovish in the next several months, right? I mean, so therefore, maybe they're going to push it more than just a couple of eases. You know, it's an interesting thing when you say that because just what we're talking about here, if you push it, are you pushing the things you want to push? And the things you really want to push is, you know, probably the housing market and, you know, the pent-up demand there.

50:27So that can be counterproductive. So I don't think at the end of the day that, you know, you do have people like Besson in there, and I think they understand that. And they also understand that, you know, like I said, The same thing I just said, the 25, the 50, the 75, you know, maybe if you go that far, does it really make that much difference? Okay, so, but if you push it too far, well, you know, at that point, you know, the old Joe would be going nuts. Okay, I mean, you know, at that point, it just doesn't make a lot of economic sense. And you can't, a long time ago when I was a young man, when I was 30, I thought I can control individual markets.

51:03I can't control anything, and either can the Fed or either can people there. So you can push it so far, but you can't push it beyond that. And I think hopefully they understand that. So anyways. Update us on China. A day doesn't go by when we don't say, the way the president said, China. But update, on your call, have we replaced security concerns with economic concerns? Is that the right thing to do? Do you have long-term worries as an American about China? Well, I do. I mean, listen, I always it's what keeps my position from being too large because of worried about different things that can be there.

51:41On the other hand, look, you do have the same AI drivers there. You've had some movement in that market because people are realizing you have the same sort of things with AI there. And, you know, some of the stocks like Baba and I guess Baidu yesterday, you know, with also making chips now and they've been pushing it. So they're doing it right and not maybe they're like the H20, the video chip or something like that. that quality. So I think the move has been good, and the earnings, unlike here, are still relatively low. I mean, you're talking low teens versus where we are. So it's like that. So I understand.

52:16It's not like it was. It was ridiculous last year. It was single digits. So you're not at single digits now, but you're not. Given what the growth rate is and the multiples, you're still at relatively interesting levels, if you didn't have those other concerns, certainly. So, yeah, I think that pretty much it is. Have you been holding NVIDIA all the way? I haven't held it all the way. I do own NVIDIA, but I go back and forth and back and forth a little bit because I do, you know, I will trade a little bit. We've always had some NVIDIA position, but not the same size. So, anyways. The market seems to want to look for the next highly torqued play to the same trends, right?

53:02I mean, you had Broadcom gets its run, Oracle gets its run. Is there enough to go around, do you think, for everybody that's now? Look, like I said before, if you didn't believe you had the other China issues you had, now the Chinese can do whatever they want with their own stock market, but that would be the one that you already had a big move there, okay? But, you know, on an earnings basis, which you referred to before, you can make an argument that you still have a lot more there. But it's not easy for, it's easy for a small investment. It's not big to have too much of your book there because of the concerns you raised.

53:35Are you boning up on AI? Is that going to be part of your investment thesis in the future? Well, we have. We have a big AI book. Is there any way not to be? No. I mean, if you look at our 13F filings, I mean, we're big in the energy names there. We're pretty early there. You know, we do own NVIDIA. We own some of the other AI. Why do we have to look into your 13F filings? Can't you just tell us? What's that? Why do we have to look into your 13F filings? Can't you just tell us? Is it going to kill you? I can tell you what's in the 13F filings. Why can't you just tell us what's there instead of what's in the 13F?

54:03I can. I mean, we own the energy names. I'm not saying they're good right now or bad right now, but we own VSD and NRG. What is good right now? It's a tough market, like I said, because of the valuations for us. On the other hand, we own these stocks because they're moving, because of the Fed. and we lived you lived how old are you uh i'm i lived it you live in the late 90s yeah i'm just he didn't he didn't see neil armstrong yeah he didn't see no i'm sorry he did not see no i'm sorry so you know we do have those thoughts and we do you know obviously we're we're well known for being in china and that's if you really were look that our easing is a big deal for them because it gives them more room to ease so that would be the other reason our easing is their easing So that makes it pretty interesting from that perspective.

54:49But you have moved a lot there. But you could make the argument that if you were going to look at one thing that's classically cheap. But listen, there's a lot of hair there. As it goes up from eight times to 13 times, it becomes harder. And at some point, I mean, we've had these cycles in the past where all of a sudden the word goes out, we don't like people getting too rich, you know, domestic investors. Well, that's the problem there, right? So it's a little bit of a different sort of issue there. So there's nothing. Look, we're having a really good year, and I'm so miserable for having a really good year.

55:25Because I still own the market, and I can't stand that I own the market. You understand what I'm saying? I don't love the multiples, but how do I not own it with an easy, you know, I'm not ever fighting this fad. Especially when the market's telling me I have, I don't know what it is today, but one and three quarter more cuts, you know, before the end of the year. So that's a tough thing not to own. But you are at these. You pointed out the average. Well, and when people go down the list of, you know, reasons that this kind of valuation gets supported, one of the things they'll say is credit spreads are incredibly tight, right?

55:59In other words, there's no macro signal that you should be worried about there. But on the other hand, that means there's not a lot of cushion, I imagine, in credit. Yeah. No, I mean, if you have, I mean, I'm an old credit guy. But, yeah, I mean, they're very tight. And there's the private credit right now that probably results in that. You know, I don't own it. I can't own it. I own the market a little bit. Listen, I don't know. You know, we had a big run because we have excess savings because of COVID savings. If you want to make a bull case on China still, their excess savings are still humongous because they haven't spent it.

56:37They haven't invested it. I mean, they're huge. I mean, we looked at the other day. I don't know if it's true or not. Like$7 trillion. Excess saving versus their normal trend over there. So on the other hand, again, the market has moved so much. You know what? I have nothing. I can't just say I have anything. There's no other side to an investment right now. I can tell you why. It may be cheap, but look where it went. Or in the other case, look where we are. And then on the other hand, how do you not stay around for some of this party? I don't have to be as big, but you've got to stay for some of the party because the punch bowl is still there.

57:11They haven't taken it away yet. But when they take it away, that's what gets tough for it. They don't always give much warning. Yeah. Listen, if I had a small fund, then I can flip it. You have a larger fund. It's hard to move. You know, so that's that's the challenge for, you know, guys that are a little bit larger in size. How do you position you can't be that big because you can't get out? You know, and, you know, and listen, having lived through that, the other side of the 98, 99, early 2000 game, you can't get out. You know, at least if you're big. You know, so it's really, you know, so that's a little bit tricky right now, I think.

57:51But look, they're still going to use again, I think. Right? Yeah. And so there you are. Do you ever look out more than like one or two years? I mean, do you worry about$38 trillion in debt? Do you worry about political divide? Do you worry about that? I'm an American. Of course I worry about that stuff. In terms of your investments, do you worry about do taxes need to go up? Does spending need to come down? Can we grow our way out of this? Do we have the right policies to grow our way out of this? Do you think of any of these things? Yeah, sure, of course. I mean, look, the one thing about the tariffs, if they do help some of the deficit that was passed by the beautiful bill, so you kind of needed to balance things out a little bit.

58:30and they don't really score it. So, but it's, you know, you kind of need that in there. So I do worry about those things. I don't love, you know, nobody does the divisiveness here. You know, I'm a middle, look, I've been a middle of the road sort of guy forever. And, you know, people will say, people on the right will say, well, he's a liberal. I think you're left. Yeah, people who are liberal say I'm a royal conservative. No, they don't. Nobody says that. Well, they look who I've supported in the past. But I'm neither. Okay, I'm an American. So, anyways. You're a great American. Then thanks for...

59:09Happy 30th anniversary again. Thank you. That was the main reason for stopping by and to you, too. It's been since... You've been on here enough times. Good luck, yeah. It's been since September 26th, and I think most of the things that you were talking about are up either 40, 45, 46 percent. So, all the averages in China that you're talking about. Yeah, maybe more. One of you so miserable for being in the market. You know what it is? It's a funny game. He is kind of, I don't know, there are times you're a little bit troubled about things, are you not? Are you ever really happy? I mean, you own the Panthers.

59:37You can't be that happy. Well, you know, I also own a team, an MLS team. You know this? I own a major league soccer team. And we actually set the all-time longest winning streak record for that league. We tied it. You did? Last week. And we're going for the longest winning streak. What do you call it? Which team? The Charlotte FC. So what do you call football? Both? Football. Football and football. Football and football. All right, Tepper. I'll see you later. Thank you. Don't just move your chair. We're going to break. Okay. I'm going to walk in front of the camera. That is Squawk Pod for today.

1:00:10Thanks for listening. Squawk Box is hosted by Joe Kernan, Becky Quek, and Andrew Ross Sorkin, most days. Tune in weekday mornings on CNBC at 6 Eastern to get the smartest takes and analysis from our TV show, the best of it, really, right into your ears. please follow Squawk Pod wherever you like to get your podcasts. And check out our show notes for links to further details on the stories we cover on the podcast. And also we include timing guides for all of our guests. So you know just where to go in any given episode to find the start of interviews. Check it out. We'll meet you right back here tomorrow.

1:00:47We are clear. Thanks, guys.

1:00:56Thank you.