Appaloosa Management
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Date updated:09-21-2008
Appaloosa has averaged 30%+ annual returns since its inception in 1993. In 2003 they earned 150% alone. These returns and their $4bb under management has placed founder David Tepper in the top 50 richest men in America with a fortune estimated around $2bb.
Managed by former Goldman Sachs junk bond traders David A. Tepper and Jack Walton, a former asset manager from Goldman, Chatham NJ based Appaloosa was founded in 1993 as primary a distressed debt shop. Today it takes big positions in both stocks and bonds of distressed (and sometimes not so distressed) companies and tries to play a role in managements decision making. Most recently the Fund has been reported to have assets under management of over $4 Billion and has been in the headlines for its large ownership position in Delphi automotive and its clashes with management on whether management has the shareholders best interests in mind or those of GM and the UAW.
Tepper was discussed in the December 4 2006 issue of Barron’s. When asked about the big returns he made on big-cap tech such as Oracle and Cisco Tepper was quoted as with regard to the Nasdaq 100 that “There’s nothing to jump up and down about” but that “equities are as good as any other asset class right now”
More about Tepper can be found in the book New Investment Superstars.
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01/13/2008 09:37 AM CST Asked by deedeedum
can you help me understand why you picked Goodyear tires to be in your portfolio? I never liked their products since I came from the automotive industry, and their business isn't my favorite either. The tire industry is so competitive and profit margins are very low. Tires such as BF Goodrich tires are kicking Goodyear tires out of the game