Billionare David Tepper’s hedge fund firm, Appaloosa Management, celebrated its 20th anniversary in 2013 and it’s turning into a year to remember for the former Goldman Sachs trader. Tepper’s big Palomino hedge fund posted net returns of 37.86% through the end of November…The Standard & Poor’s 500 index returned 29.1% this year through November. [Forbes, Related: David Tepper Has A Message For Jon Corzine]
An Investor Who Put $1 Million Into Appalossa Managment In 1993 Would Have Enough Money To Buy And Bulldoze Several Of Jon Corzine’s Houses TodayBy Bess Levin
David Tepper’s Appaloosa Management LP returned 17 percent in the first half of the year, according to a letter sent to investors last week…His returns this year have beaten the Standard & Poor’s 500 Index, which was up 14 percent with dividends reinvested, and event-driven funds, which returned 5.3 percent, according to Hedge Fund Research Inc. Appaloosa, based in Short Hills, New Jersey, has returned 28 percent a year, on average, since it started, said the letter, signed by Tepper. The firm celebrated its 20th anniversary last month. An investor who put $1 million into the fund in 1993, would have $149 million today, it said. [Bloomberg, related]
And anchor Stephanie Ruhle’s Joe Namath moment, which we’ll allow, because he really does have a beautiful singing voice.
A Third Group Will Lay In Wait For Twenty Or So Years Before Bulldozing The House Of The Guy Who Did This To ThemBy Bess Levin
The phone call lasts just a few seconds. The words “congratulations, you’ve become a partner,” are just about all Lloyd Blankfein, the boss of Goldman Sachs, will have time to say to the 85 or so bank high-flyers he will ring next Wednesday to invite into one of the most prestigious and lucrative cliques on Wall Street…Those aspiring partners who pick up their phones next week and hear not Blankfein’s New York tones but, perhaps, the more familiar voice of their divisional boss on the end, will know their time has not come. Some will walk. But others, as Sherwood puts it, “will go back to their desk, and work hard” and try again in two years’ time. [Guardian, Earlier]
“Of the top 25 earners of 2010, 15 did not make this year’s list [of highest paid hedge fund managers]. Among them: Appaloosa’s David Tepper, whose Palomino fund fell 3.33 percent, and Edward Lampert of ESL Partners, which plunged 12 percent on big losses from Sears Holdings. Mr. Tepper did not respond to requests for comment. A spokesman for ESL declined to comment. Mr. Paulson — the $5 billion manager in 2010 — failed to make the list this time. One of his largest funds lost more than 50 percent, after bets on the economic recovery soured. A spokesman for Paulson declined to comment.” [Dealbook, AR, related: "Mr. Tepper keeps a brass replica of a pair of testicles in a prominent spot on his desk...He rubs the gift for luck during the trading day."]
Back in February, Vanity Fair ran a piece on Jon Corzine in the wake of the whole MF Global situation, attempting to determine “what set Corzine on the road to ruin.” Figuring his personal life would be a good place to start, some story lines that were explored included JSC’s relationship with his children and his divorce from Joanne, who he met in kindergarten and was married to for 33 years. The former was described as having become “increasingly distant” as Corzine made his way up the ranks at Goldman Sachs. The latter “bitter,” which was not helped by the fact that, according to VF, Joanne had gotten “too close” to a onetime GS employee with whom Corzine had “bad blood,” named David Tepper. Jon’s children happened to catch the article and responded to it today in a letter to the editor, the short version of which is: “YOU KNOW NOTHING.” From the longer version: Read more »