Who Is David Tepper, Appaloosa Management Founder?

Investing.com - Hedge fund billionaire David Tepper is a master of the game on Wall Street. Now he wants to be a winner in professional sports.The founder of Appaloosa Management is reportedly set to buy the of the National Football League for a record $2.2 billion.Owning a football team seems like a natural step for Tepper, who played the game growing up in Pittsburgh. He got his introduction to the numbers game at the University of Pittsburgh, where he earned a BA in economics in 1980. Four years later, he graduated Carnegie Mellon University with an MBA.Tepper worked briefly at Republic Steel and Keystone Mutual Funds before moving to Goldman Sachs (NYSE:GS) in 1985, Starting as a credit analyst, he was soon head trader in the firm's new high-yield bond department. After just eight years at Goldman, Tepper struck out on his own, forming Appaloosa Management in 1993.By 2001, Tepper has made a fortune specializing in distressed bonds and other high risk investments. It was during the financial crisis in 2009, however, that Tepper made his name and his billions.Appaloosa made a big bet that the depressed stock prices of major banks would rebound. By the end of the year he was right and was named the top-earning hedge fund manager of 2009.Appaloosa now manages some $17 billion and Tepper is considered the greatest hedge fund manager of his generation. Worth more than $11 billion, according to Forbes, Tepper has donated more than a $100 million to his two alma maters. He's almost as famous for returning to his roots as he is for delivering great returns for his investors.

(Source: Investing TV, May 18, 2018 at 11:48AM)

Comment Form is loading comments...