David Tepper
The Balls of Steel Trader
Appaloosa Management
David Tepper worked at Goldman Sachs's high-yield desk before founding Appaloosa Management in 1993 with $57 million. His specialty is diving into distressed situations that terrify everyone else. In 2009, with the financial system on the brink of collapse, Tepper loaded up on Citigroup, Bank of America, and AIG at fire-sale prices — making $7 billion in a single year, one of the greatest annual returns in hedge fund history. He's known for his intense, no-nonsense style and for moving markets with his CNBC appearances. The brass balls on his desk aren't just decoration — they remind him of what it takes to buy when blood is in the streets.
“The key is to wait for the fat pitch. When the world is falling apart and everyone is selling, that's when the big money is made. You need the courage to act when others won't.”
Bank stocks during 2009 crisis — Citigroup, BofA, AIG at pennies on the dollar
$7B profit in one year. Appaloosa returned 132% in 2009.
Energy sector bets (2014-2015) — long oil-related stocks
Oil collapsed from $100 to $26. Lost billions but held through and eventually recovered.
“The people who know nothing are more dangerous than the people who know something.”
“I am the animal at the head of the pack. I am the first one to get to the kill.”
“This business humbles you. Every single day.”
Born in Pittsburgh, Pennsylvania
Joins Goldman Sachs high-yield desk
Founds Appaloosa Management with $57M
Makes $7B buying distressed bank stocks — best year ever
Buys Carolina Panthers for $2.3B
| # | Ticker | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | BABA | ALIBABA GROUP HLDG LTD | 5.1M | $753.1M | 10.9% |
| 2 | GOOG | ALPHABET INC | 1.8M | $560.7M | 8.1% |
| 3 | AMZN | AMAZON COM INC | 2.2M | $503.0M | 7.3% |
| 4 | MICRO | MICRON TECHNOLOGY INC | 1.8M | $499.5M | 7.2% |
| 5 | META | META PLATFORMS INC | 600.0K | $396.1M | 5.7% |
| 6 | TAIWA | TAIWAN SEMICONDUCTOR MFG LTD | 1.1M | $343.4M | 5.0% |
| 7 | NVDA | NVIDIA CORPORATION | 1.7M | $317.1M | 4.6% |
| 8 | WHIRL | WHIRLPOOL CORP | 3.9M | $282.1M | 4.1% |
| 9 | NRG | NRG ENERGY INC | 1.6M | $261.2M | 3.8% |
| 10 | MSFT | MICROSOFT CORP | 500.0K | $241.8M | 3.5% |
| 11 | AMERI | AMERICAN AIRLS GROUP INC | 14.2M | $216.9M | 3.1% |
| 12 | PDD | PDD HOLDINGS INC | 1.8M | $201.3M | 2.9% |
| 13 | QUALC | QUALCOMM INC | 1.1M | $195.9M | 2.8% |
| 14 | ISHAR | ISHARES INC | 1.9M | $182.3M | 2.6% |
| 15 | KRANE | KRANESHARES TRUST | 4.8M | $161.7M | 2.3% |
| 16 | VISTR | VISTRA CORP | 945.0K | $152.5M | 2.2% |
| 17 | UBER | UBER TECHNOLOGIES INC | 1.9M | $151.2M | 2.2% |
| 18 | CORNI | CORNING INC | 1.6M | $137.5M | 2.0% |
| 19 | DEUTS | DEUTSCHE BANK A G | 3.1M | $121.5M | 1.8% |
| 20 | JD | JD.COM INC | 4.2M | $119.3M | 1.7% |
| 21 | OWENS | OWENS CORNING NEW | 950.0K | $106.3M | 1.5% |
| 22 | RTX | RTX CORPORATION | 500.0K | $91.7M | 1.3% |
| 23 | L3HAR | L3HARRIS TECHNOLOGIES INC | 295.0K | $86.6M | 1.3% |
| 24 | BIDU | BAIDU INC | 575.0K | $75.1M | 1.1% |
| 25 | MOHAW | MOHAWK INDS INC | 675.0K | $73.8M | 1.1% |
| 26 | LYFT | LYFT INC | 3.8M | $73.6M | 1.1% |
| 27 | LAM | LAM RESEARCH CORP | 425.0K | $72.8M | 1.1% |
| 28 | ADVAN | ADVANCED MICRO DEVICES INC | 325.0K | $69.6M | 1.0% |
| 29 | ASML | ASML HOLDING N V | 62.5K | $66.9M | 1.0% |
| 30 | UNITE | UNITEDHEALTH GROUP INC | 200.0K | $66.0M | 1.0% |
| 31 | BALL | BALL CORP | 1.2M | $63.6M | 0.9% |
| 32 | IQVIA | IQVIA HLDGS INC | 280.0K | $63.1M | 0.9% |
| 33 | UNITE | UNITED AIRLS HLDGS INC | 465.0K | $52.0M | 0.8% |
| 34 | ISHAR | ISHARES TR | 1.1M | $41.6M | 0.6% |
| 35 | ENERG | ENERGY TRANSFER L P | 2.2M | $36.1M | 0.5% |
| 36 | MPLX | MPLX LP | 627.5K | $33.5M | 0.5% |
| 37 | DELTA | DELTA AIR LINES INC DEL | 475.0K | $33.0M | 0.5% |
| 38 | GOODY | GOODYEAR TIRE & RUBR CO | 2.5M | $21.9M | 0.3% |
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