As you may recall, last fall, Appaloosa founder David Tepper told New York that it would be fair to interpret the fact that he bought the $50 million beach house belonging to the ex-wife of Jon Corzine, the man who passed him over for a Goldman partnership, with the intent of demolishing it and building a bigger, better house in its place as his way of rubbing his success in Corzine’s face. “You could say there was a little justice in the world,” Tepper, who left Goldman to found his hedge fund and become a multi-billionaire, said with a smile on his face. Today brings word that Tepper’s dream will be seen to completion- Sagaponak has approved the demolition of the home, as well as Tepp’s request to build a much more luxurious house (large enough to accommodate his noted balls), where the hovel once stood. Read more »
As we’ve previously discussed, one of the tricky things about being David Tepper is figuring out what to do with your stack and stacks of money. Making it rain every single year is great but there is the downside of finding the space for all that cheddar. At this point in Tepper and Appaloosa’s history, they’re about one quarter away from busting at the seams and in order to remain nimble, need to figure out something, stat. Ideas rejected by Tepp so far include: having yet more molds of his lucky balls made, this time cast in gold- but nothing can beat the original brass ones; buying a private jet, but he already has NetJets, so no sense there; buying a professional sports team (he already has a minority stake in the Steelers and one naughty quarterback is more than enough to handle) and so on and so forth. Tepper has thrown around the idea of putting money to work sticking it to pricks who have it coming (“Sometimes if someone is an asshole, like a waiter at a restaurant, I think, I could just buy this place and fire that guy”) but you don’t need more than a few million for things like that and Tepps is trying to figure out what to do with billions. At the moment all he’s come up with is investing it in other hedge funds so if you need money for that sort of thing, do consider getting in touch. Read more »
Take your money and light half of it on fire and you’ll get a pretty good idea. Read more »
Give it up for Vikram! Read more »
“I’m surprised how fast the market bounced [Monday],” Tepper told Absolute Return today. “Shows you there’s a lot of money looking for any dip on the sidelines. Which is good, but I have to be a little more cautious than last week because I didn’t know how much this stuff could flair up. I’m still generally constructive but just a tiny bit more cautious than I was before because of this [Egypt] stuff.” As for the Super Bowl? The Appaloosa manager, who is a minority owner of the Steelers and pictured at left ready for the big game, is confident Ben Roethlisberger will pull one out. Read more »
7:59 The last time the Appaloosa founder was on CNBC he sparked the “Tepper-Rally” in the stock market and Joe Kernen came thisclose to fellating him on live TV. What are we in store for today? Stay tuned.
8:03: Kernen describes Tepper’s appearance this morning as being as hotly anticipated as the LeBron James decision.
8:05: JK, a television anchor: “I know you hate TV, so we thank you so much for coming on. I hate TV too!” (Samesies!)
8:10 Tepper has started a campaign to raise $15 million to feed the needy in New Jersey. Bank of America, JPMorgan and other NJ hedge funds have committed almost $9 million to the charity. It’s a good cause! Read more about it here.
8:15 Kernen wants to get back to how hot Tepper looks. A picture of Brass Balls that ran in the Post is shown; JK tells him, “You’ve never looked better.”
8:17: Tepper says “QE2 worked.” Read more »
The lock-up period’s not over yet but that’s just the kind of guy he is. There’ll be a small fee associated with the exit, of course, and the knowledge that you’ll never find a manager with a pair like Big Tepp. Read more »