David Tepper – crisis companies purchaser
David Tepper is the founder and president of Appaloosa Management. He is well known in U.S. investment circles, and is also a hedge fund manager. His unique investment strategy has taken Tepper and his firm to another league. He is known for his strategy of buying up crisis companies.
David Toeper was born on September 11, 1957 in the eastern part of Pittsburgh, Pennsylvania. His father, Harry Tepper, was an accountant and his mother, Roberta, was an elementary school teacher. Topper attended Peabody High School in Pittsburgh. After, he graduated with honors from the Department of Economics at the University of Pittsburgh. He also holds a master’s degree in industrial management from Carnegie Mellon University.
Toeper began his career at Equibank as a credit analyst with the Ministry of Finance. He then took a job at Keystone Mutual Funds in Boston. As a result of his work, he has earned a reputation as a promising analyst for the firm.
In 1985, David joined Goldman Sachs. He worked in their New York office as a credit analyst. According to his former colleagues, he was able to find problem companies and turn them into profitable enterprises. So it is not surprising that his career development at Goldman Sachs was rapid. In just six months, he was promoted to Managing Director of the High Profit Bond Trading Department. Toeper worked with Goldman Sachs for eight years.
David Tepper starts his own company
By 1993, Tepper realizes that he is ready to establish his own company. That’s how Appaloosa Management came into being. Together with another colleague, they created an organization with 57 million in pocket for its development. Thanks to his business acumen and perceptive nature, the company was able not only to pay off within a year, but also to bring in 37% per annum. It is because of such results that the corporation began to attract more and more assets.
According to available data, after a year of active work, Tepper could boast of 300 million dollars attracted. A year later, this amount reached 800 million.
The moment when traders realized that the name of David Topper had to be reckoned with was the purchase of assets and debt of Bank of America and Citigroup. Before Topper bought them, the shares were at the bottom because of the collapse of the Lehman Brosers organization.
The result of David’s diligent company was a 300% increase in corporate shares. And the annual reports hit the investment world with a record 120%. The world had nothing left but to admire his talent. Thus, in 2009, the New York Times highly appreciated Tepper’s astounding success and named him “Best Hedge Fund Manager of the Year”.
For 2019, David Toeper’s total fortune is about $12 billion. Although the investor himself withdrew from the business, dedicating himself to charity. His foundation continues to operate on the equity market.