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
| # | Position | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | AMZNSHARES | AMAZON COM INC | 5.0M | $1.2B | 15.4% |
| 2 | MUSHARES | MICRON TECHNOLOGY INC | 975.0K | $1.1B | 14.6% |
| 3 | TSMSHARES | TAIWAN SEMICONDUCTOR MANUFAC | 1.6M | $788.0M | 10.2% |
| 4 | GOOGSHARES | ALPHABET INC | 1.9M | $653.7M | 8.5% |
| 5 | UBERSHARES | UBER TECHNOLOGIES INC | 7.7M | $555.2M | 7.2% |
| 6 | EWYSHARES | ISHARES INC | 2.4M | $489.6M | 6.3% |
| 7 | METASHARES | META PLATFORMS INC | 675.0K | $380.2M | 4.9% |
| 8 | VSTSHARES | VISTRA CORP | 2.2M | $351.4M | 4.5% |
| 9 | NVDASHARES | NVIDIA CORPORATION | 1.5M | $305.1M | 3.9% |
| 10 | NRGSHARES | NRG ENERGY INC | 1.8M | $257.1M | 3.3% |
| 11 | AAPLPUT OPTION | APPLE INC | 835.0K | $241.6M | 3.1% |
| 12 | BABASHARES | ALIBABA GROUP HLDG LTD | 2.0M | $192.0M | 2.5% |
| 13 | BASHARES | BOEING CO | 800.0K | $173.2M | 2.2% |
| 14 | LRCXSHARES | LAM RESEARCH CORP | 382.5K | $165.7M | 2.1% |
| 15 | BIDUSHARES | BAIDU INC | 1.3M | $148.0M | 1.9% |
| 16 | AALSHARES | AMERICAN AIRLINES GROUP INC | 7.5M | $135.5M | 1.8% |
| 17 | AMDSHARES | ADVANCED MICRO DEVICES INC | 197.5K | $114.7M | 1.5% |
| 18 | CRWVSHARES | COREWEAVE INC | 1.1M | $107.3M | 1.4% |
| 19 | ASMLSHARES | ASML HLDG NV | 50.0K | $99.5M | 1.3% |
| 20 | AVGOSHARES | BROADCOM INC | 150.0K | $56.7M | 0.7% |
| 21 | QCOMSHARES | QUALCOMM INC | 250.0K | $46.2M | 0.6% |
| 22 | 84615Q103SHARES | SPACE EXPLORATION TECHN CORPCUSIP 84615Q103 | 225.0K | $38.4M | 0.5% |
| 23 | ETSHARES | ENERGY TRANSFER L P | 1.6M | $30.1M | 0.4% |
| 24 | MPLXSHARES | MPLX LP | 502.5K | $28.3M | 0.4% |
| 25 | WHRSHARES | WHIRLPOOL CORP | 715.0K | $28.2M | 0.4% |
| 26 | BRK/BPUT OPTION | BERKSHIRE HATHAWAY INC DELCUSIP 084670702 | 25.0K | $12.5M | 0.2% |
| 27 | GTSHARES | GOODYEAR TIRE & RUBR CO | 1.5M | $10.0M | 0.1% |
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