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CNBC Exclusive: CNBC Excerpts: Appaloosa Management President & Founder David Tepper Speaks with CNBC’s Kelly Evans on “Squawk Box” Today

WHEN: Today, Friday, October 30th

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with David Tepper, Appaloosa Management President and Founder, today on CNBC's "Squawk Box" (M-F, 6AM-9AM ET). Following is a link from the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000440267.

All references must be sourced to CNBC.

TEPPER ON BEING SURPRISED

The ECB surprisingly was very easy leaning. The Chinese surprisingly lowered rates. You know, we were surprised too. And we were cautious before on the stock market because of margins and all these other things. And really, those things haven't changed that much. We do have a little easier. On the other hand, the Fed did talk about raising rates and you know there is a much better chance then there was a little bit ago that they were going to raise rates. On the other hand, you can view it as they have some faith the in the economy.

TEPPER ON BEING IN A PARADIGM

We're in just old fashion investing here. I mean you have to keep some cash on the sidelines, have a diversified portfolio. You know, have some – I don't love the bond market right now, but I'd guess you would own some bonds if you're sitting out here. So I don't think there is any magic formula. If there was a magic formula, it would be China really easing a lot. And I consider them much too tight still and they play to many games with their economy. So if there was going to be a paradigm, it would be China really easing, not one quarter but they could probably lower couple hundred bips.

TEPPER ON GENERAL MOTORS

Two things, General Motors. It is leverage to the U.S. economy. It has been done very well. They are doing better than other folks like Ford in China. And look, not that I love to give – you know, I don't talk about managements that much, but Mary is doing a really good job there. You know, so that's for you Mary, ok? So, she really is. You know, I'm a fan. And you know, we did a deal with them. You know, which I think gave them a little leeway to not have other people bother them – activist type people bother them. So I think it's really got its act together, and to tell you the truth, I don't think the market is really recognizing it yet.

TEPPER ON HIGHER WAGES

I'm in favor of, you know, to a certain extent, of higher wages. Particularly the people who have been getting higher wages, which has been on the lower end. There seems to be, Lenar put out a report, there seems to be a shortage of unskilled labor in this country all of a sudden. Which is interesting. I mean it's interesting because they're getting higher wages, that's good. It just can't go too out of hand and that's a challenge for the Fed right now.

TEPPER ON UNITED STATES BEING STRONG

The United States is great. It's that country that some people put in red on the other side of the world that is causing a problem. It's everything related there. But the pure United States is, you know, listen we're pretty strong here. And this ying and yang and again this makes it really hard for the Fed I think and you know, people might underestimate you know if that place straightens itself out. If they ease and they can get themselves straightened out somehow, how fast the Fed may have to raise rates.

TEPPER ON CARNEGIE MELLON

I'm putting my money into Carnegie Mellon and this project because I think this is a very unique place and a unique university in a unique city. Carnegie Mellon and University of Pittsburgh are right down the street from each other. Very unusual for two major universities. I think that Pittsburgh, that unique setup, has a possibility to create something very different in learning.

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