David Tepper
Appaloosa Management
Profile & Investment Philosophy
David Tepper, founder of Appaloosa Management, has one of the most exceptional risk-adjusted records in history through a flexible, event-driven approach. His philosophy is built on the insight that markets systematically overprice fear and underprice recovery. Tepper's most famous trade was in 2009, buying bank stocks and bonds when others feared bankruptcy, correctly betting the U.S. government would not allow a collapse. This "heads I win, tails the Fed doesn't let me lose" framework characterizes much of his approach. Tepper is comfortable in both distressed credit and high-quality equities, viewing every investment through a risk-reward lens. He has demonstrated exceptional flexibility, moving between deep distress, cyclical recovery, and growth tech. His philosophy can be summarized as: understand the probability distribution of outcomes, position where the asymmetry is highest, and never confuse price decline with fundamental deterioration.
Current Portfolio
LATEST 13FLatest SEC Form 13F filing. Total portfolio value: $5.0B. Holdings: 19 positions.
| Ticker / Security | Shares | Δ vs Prev | Value | Portfolio % |
|---|---|---|---|---|
| SPY SPDR S&P 500 ETF Trust (Call) | 3.00 | 0.00% | $611,670,000 | 12.20% |
| GM General Motors Company | 12.59 | -2.33% | $428,030,000 | 8.54% |
| GOOG Alphabet Inc. | 0.54 | +187.25% | $406,870,000 | 8.11% |
| DAL Delta Air Lines, Inc. | 7.32 | +20.51% | $371,220,000 | 7.40% |
| HCA HCA Healthcare, Inc. | 4.54 | +27.68% | $306,840,000 | 6.12% |
| WHR Whirlpool Corporation | 1.61 | +42.45% | $237,180,000 | 4.73% |
| LUV Southwest Airlines Co. | 4.29 | +162.33% | $184,830,000 | 3.69% |
| ALL The Allstate Corporation | 2.92 | +367.30% | $181,360,000 | 3.62% |
| OC Owens Corning | 3.36 | 0.00% | $158,010,000 | 3.15% |
| BKNG Booking Holdings Inc. | 0.11 | +12.26% | $140,260,000 | 2.80% |
SOURCE: SEC Form 13F. See the live BMI Smart Money Tracker.