Oil stocks are the cheapest equities by every measure because people hate them, according to a hedge fund manager. : Tepper, who was participating in the Robin Hood Investors Conference Wednesday, said with interest rates this low, equities are the place to be -- particularly FAANG stocks, according to people who heard his comments. The interview was pre-recorded for the event, which was held virtually this year. Oil stocks are the cheapest equities by every measure because people hate them, said Tepper, who runs hedge fund Appaloosa. Tepper said he’s long many of them.