Panthers owner received February email that sounded COVID-19 economic alarm

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Before the pandemic, some knew or had reason to know that real trouble was coming, specifically for the economy. The New York Times, via Sports Business Daily, reports that Panthers owner David Tepper knew or had reason to know that trouble was coming.

A February email documenting potential concerns about the impact of the outbreak on the stock market made its way to Tepper, per the report.

Written by hedge-fund manager William Callanan, the email addressed “the level of concern among American officials over the spread of the virus domestically.” He wrote that almost every official in the Trump administration described the virus “as a point of concern, totally unprovoked.”

In late February, at the time of the Callanan email, few in positions of relevance and prominence regarded the situation as something that would be so damaging and uncontained. For those who heeded it, the warning provided an opportunity to sell in advance of the crash.

According to the Times, Tepper initially “denied receiving” the email before “acknowledg[ing] in a later interview that he most likely received the email but that it was not memorable.”

Still, others who became aware of the information in the Callanan email sold stocks — and bought toilet paper.

Will it surprise anyone that the rich and powerful got a head’s up as to what was coming? It’s hard to fault Tepper for any of this, however, since he was making his concerns about the impact of the pandemic public in early February, explaining on CNBC that the virus “may be a game changer,” and that investors need to be “cautious.”

Three weeks later, of course, Tepper and others would become privy to information that “may be” had become “will be.” It was information that wouldn’t be available to those who didn’t have a chance to dump stock or hoard toilet paper until it was too late. For those who had the benefit of the Callanan email, the head’s up came before it was too late.

18 responses to “Panthers owner received February email that sounded COVID-19 economic alarm

  1. This is a non-story. Is the point of this story to make him look bad? Is it to suggest impropriety? The virus we a known threat and was talked about on major news channels before it became a seismic issue in America. Not sure why this random email that Tepper received is relevant in any way.

  2. It’s no different than any other stock report that you, me and anyone else can google. Everyone has their theories on the market and which stock to buy/hold/sell and this is no different.

  3. I was at my regular bar for the Super Bowl and ran into a lady I used to date. She too was talking then about the effects the virus would have on the economy but I wouldn’t have called it impropriety information. She said than that the government will force a lockdown and we will be going into a recession. Some people just have a great feel for this.

  4. “It’s no different than any other stock report that you, me and anyone else can google.” It’s sort of way different, that is if you consider nearly 220,000 dead Americans and the economy in the ditch “different”. I challenge swami to find one story in early/mid Feb telling folks this thing is a disaster in the making and you need to bail out of stocks! Keep swallowing the kool-aid swami. Of course 200,000 dead Americans are only a number to some folks.

  5. I read about this in January on BBC. Made a business international flight in South America 1st week of March to get ahead of what was to me clearly coming. If you chose to ignore the info, that was your choice.

  6. In February – Every news outlet out there had hypologicalal articles about what this strain could do to the economy if it made it to the US. Nothing special here.

  7. Those who can afford to, play the stock market. For those who can’t, there’s toilet paper. Quite the disparity.

  8. If someone could predict the stock market, they wouldn’t need to invest other people’s money, or sell advice. They’d keep those secrets private, and rake in billions.

  9. This article is silly. Callanan was simply speculating that things would turn out worse than expected. Lots of people do that all the time. They get nicknames like Dr Doom. Others are perma-bulls like Tony Dwyer. If you sold your stocks in February, you could have bought them back much cheaper in late March. But if you stayed out of the market, you would have missed a lot of gains since March, even as the country was suffering.

  10. If those responsible for assembling a comprehensive national response to COVID-19 had done so in February, 215,000 Americans would not have succumbed to it. Of course, Tepper certainly doesn’t bear that responsibility. But it sure as heck is a travesty that he and other wealthy folks were warned at the same time our “leaders” were calling it a hoax.

  11. He _publicly_ stated his concerns earlier the same month as the email. He may have looked at it, thought “I already said this on CNBC”, and blew it off. I’m not a fan of the owners, but I also don’t believe in garbage accusations. That’s what this is.

  12. Most people who don’t pay attention to the BS MSM knew something was coming back in December.
    ——
    Uhm, the msm was far ahead of our elected officials on this issue. They certainly didn’t downplay it, so your theory that “not paying attention to the msm” somehow gave you advanced warning is absolutely idiotic.

    Btw, in case you didn’t know, the first step to dictatorship is to turn the populace against the free press. Might want to really think about the things you say and do if you follow a guy who’s trying to tell you you can’t trust the press or the voting process and only trust him.

  13. It’s what you make of it. It’s a bad case of the flu. That’s it. No amateur or professional athletes have died because of it. C’mon people.

  14. tincada1 says:

    October 15, 2020 at 3:09 pm

    “It’s no different than any other stock report that you, me and anyone else can google.” It’s sort of way different, that is if you consider nearly 220,000 dead Americans and the economy in the ditch “different”. I challenge swami to find one story in early/mid Feb telling folks this thing is a disaster in the making and you need to bail out of stocks! Keep swallowing the kool-aid swami. Of course 200,000 dead Americans are only a number to some folks.
    ——–
    The amount of deaths or the economy has absolutely nothing to do with what the report is. The report is a buy/hold/sell, how many deaths or what’s become of the economy doesnt change that. Google stock reports at that time, it’s not hard to find others saying to brace for a potential fall but as Tepper said he didnt think anything pf the report just as you or me if we saw it would likely had written it off as paranoid. This article makes it seem like it’s some kind of insider information which its not.

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