Nate Thoma is 33 year-old with “scruffy beard” who lives in Queens and sometimes wears plaid shirts. He’s also a sometime day trader who has “about $500,000 in investments” and in fall 2008, saw his investment in Washington Mutual wiped out after regulators seized the bank. Thoma spent “weeks in front of his Scottrade account, trying to figure out how to recoup money he had lost” and after studying WaMu’s capital structure “saw an opportunity to make it back.” Read more »
As the Appaloosa manager may have his hands tied at the moment, we’re happy to pass it on.
Subject: HOW DO YOU LIKE ME NOW? Read more »
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 »
Take your money and light half of it on fire and you’ll get a pretty good idea. Read more »
Jeffrey Kaplan will now be working for David Tepper at Appaloosa, overseeing “the fund’s relations with investors and Wall Street.” Kaplan presumably got to know Tepper while advising on “a host of corporate, private-equity and hedge-fund clients on leveraged buyouts and other deals.” [WSJ]
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 »