European Shorting
Number of Stocks: 61
Number of New Stocks: 9
Total Value: $4,717 Mil
Q/Q Turnover: 11%
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David Tepper is a hedge fund guru who has produced about 30% annual net returns since his fund was founded in 1993. In a CNBC interview this week, Tepper said on the stock market, “I’m definitely bullish.”
David Tepper was on CNBC this morning arguing that stocks are historically cheap::In making his argument Tepper referred to this article, Are Stocks Cheap? A Review of the Evidence, in which Fernando Duarte and Carlo Rosa argue that stocks are cheap because the “Fed model”—the equity risk premium measured as the difference between the forward operating earnings yield on the S&P500 and the 10-year Treasury bond yield—is at a historic high. Here’s the chart: Continue Reading »
[Tepper] said the post showed “when the equity risk premium is high historically, you get better returns after that.” He continued, “So we’re at one of the highest all-time risk premiums in history.”
Investor Guru David Tepper, founder of Appaloosa Management, was listed by Forbes recently as the highest-earning among the top 40 hedge fund managers and traders. Tepper personally made $2.2 billion in 2012, beating out the other top 10 Gurus Carl Icahn, Steven Cohen, James Simmons, George Soros, Ken Griffin, Ray Dalio, David Shaw, Leon Cooperman and Daniel Loeb. Tepper’s hedge fund, Appaloosa Management, also had a high with net returns of almost 30% last year. Appaloosa has an average annual return of 23.3% over five years, and 29.2% since inception in 1993. 
After beating the S&P 10 consecutive years, and returning around 30% last year, David Tepper’s Appaloosa Management is again up more than 10% year to date. The index-beating return is being imparted partially from strong gains in a sector Warren Buffett particularly dislikes – airlines. The three with the largest weighting in Tepper’s portfolio are: United Continental Holdings (UAL), US Airways Group Inc. (LCC) and Delta Air Lines (DAL). 
David Tepper, founder of Appaloosa Management, told Bloomberg Television's Stephanie Ruhle on "Market Makers" today that he's "going to come out of the closet right now…we are bullish… This country is on the verge of just an explosion of greatness. Do you like that? Explosion of greatness."
Appaloosa Management, the hedge fund of David Tepper, was up 25% through October, adding another sizable return year to its history, the Wall Street Journal reports. Tepper was on CNBC this morning and gave an overview of his fund’s moves during the year: · December – Waited for the LTRO in Europe and invested fast right after in December.
Tepper thinks the economy is pretty good with a lot of tailwind at its back from the Fed. Where does all the liquidity sloshing around the globe eventually go? Tepper thinks that equities are likely the only place. Continue Reading »
The housing renaissance did not materialize the way David Tepper may have imagined in 2011, when he added four of the panned home builder stocks in the first quarter: Kb Home (KBH), D.R. Horton Inc. (DHI), Pulte Group (PHM) and Beazer Homes USA Inc. (BZH). By year-end, he sold them all again, at or near a loss – with the exception of his Beazer holding, a fraction of which he retained. 
David Tepper’s three airline stocks increased approximately 82% on average in the first half of the year, but the famed founder of Appaloosa Management expects further gains – he added to his two larger airline stocks when they sagged in the third quarter. The average loss for his airline holdings was 15.8%.
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