Apparently the Appalossa chief has “completely eliminated his 17 million shares position” in BAC, as well as his entire Wells Fargo stake. He does still own Citi but Count Vikula appears to be on this ice (the position has been “sharply reduced”). [CNBC, earlier]
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 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 »
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 »