Appaloosa Management founder David Tepper and Duquesne Capital founder Stanley Druckenmiller disagreed about just how bad the economic pullback has been since the coronavirus pandemic took hold.
Tepper says the current recession is not as bad as 1999, while Druckenmiller says that it is already worse than 1999.
"Here's what you need to know about both of them," Jim Cramer told club members of the Action Alerts PLUS Charitable Trust. "They are straight shooters. They are honest people. Druckenmiller, by the way, has loved Amazon. So anyone who characterized him as hating the market left that out. That matters. Why? Because Amazon AMZN is our largest position."
Tepper is a trader and an old friend to Cramer. He shared the interaction between the two at the Super Bowl in February, where both Cramer and Tepper discussed an article about the effects that the coronavirus and a global pandemic could have on the economy. They were stunned at the potential effects of what was on the horizon.
Tepper had independently read the same article. Cramer was so worried that instead of attending the Super Bowl, "I flew back to warn people and we've got a real game-changer."
What influences Druckenmiller and his thought process? Cramer says he's a 'big think guy' who trades the S&P 500 instead of the Nasdaq.
So who should investors be listening to in this argument? Tepper, Druckenmiller or neither? Cramer believes it might be smart not to put too much thought into what either of these giants of the investing world is saying about how bad this is.