David Tepper

From Wikipedia, the free encyclopedia

David Alan Tepper (born September 11, 1957) is an American speculator, investor, and successful hedge fund manager^[1]of Appaloosa Management. His investment speciality is distressed companies.

In recent years he's become known as a philanthropist, his largest gift going to Carnegie Mellon University, whose Tepper School of Business is named after him. He earned his MBA from Carnegie Mellon in 1982.

He is a “distressed-debt specialist”, was once (2003) considered to be “the hottest investor on wall street” ^[2] and was one of the top 10 money earners in Institutional Investor’s Alpha’s Ranking of the world’s 25 Highest-Paid Hedge Fund Managers in 2004^[1]. He also ranked second on the same list in 2003. ^[1] With an estimated current net worth of around $1.2 billion, he is ranked by Forbes as the 645th richest person in the world.

Contents 1 High school and college 2 Career 3 Philanthropy 4 See also 5 Notes 6 References

[edit] High school and college

David Tepper attended Peabody High School in the East Liberty neighborhood of Pittsburgh, Pennsylvania. At the University of Pittsburgh he paid his way through school by working at the Frick Fine Arts library. He graduated with honors receiving his Bachelor of Arts degree in Economics. He also dabbled in the markets during college.

After graduation he entered the finance industry working for Equibank as a Credit Analyst in the Treasury department. In 1980, unsatisfied with this position he enrolled for his Graduate Degree from Carnegie Mellon University.

[edit] Career

According to the Financial Times, Tepper was the former head of junk bond trading at Goldman Sachs ^[2] In 2001 he generated a 61% return by focusing on distressed bonds, and in the fourth quarter of 2005 he pursued what he saw as better opportunities in Standard & Poor's 500 stocks.^[3] He makes significant gains year after year by “investing in the diciest of companies,” such as MCI and Mirant. Investments in Conseco and Marconi also led to huge profits for the company’s hedge funds while Tepper “keeps the market on edge.” ^[4]

[edit] Philanthropy

On March 19, 2003 Tepper announced he would make a single donation of $55m to Carnegie Mellon University's Graduate School of Industrial Administration. ^[5] This donation was made after being encouraged by Kenneth Dunn his former professor who became Dean of the school. He accepted the suggestion, but made it a “naming-gift” and suggested the school's name be changed to David A. Tepper School of Business.^[6]

[edit] See also

List of personalities associated with Wall Street

[edit] Notes

[edit] References

Reuters staff. "Dissident Delphi investor challenges board", The Boston Globe, Reuters, March 16, 2006. Retrieved on 2006-08-17.

Forbes staff. "#645 David Tepper", The Worlds Billionares, Forbes magazine, November 2005. Retrieved on 2006-08-17.

Editorial staff. "How To Rebuild A B-School", Management, Businessweek, March 29, 2004. Retrieved on 2006-08-17.

staff (2006). America's Most-Generous Donors. List the 2004 Pledges. The Chronicle of Philanthropy. Retrieved on 2006-08-17.

Tepper magazine staff. "A kid from Peabody High School", Feature, Carnegie Mellon University, Fall 2004, pp. 6. Retrieved on 2006-08-17.

Guinto, Joseph. "To MBA or Not to MBA, That is the Question", Business Feature, American Way magazine, September 1, 2004. Retrieved on 2006-08-17.

Web staff (August 17, 2006). David Tepper Bio. Tepper School of Business. Retrieved on 2006-08-17.

CM Today magazine staff. "Wall Street Wizard David Tepper “learns it, earns it and returns it”", Top Stories, Carnegie Mellon University, June 2006. Retrieved on 2006-08-17.