David Tepper, the legendary billionaire investor who runs Appaloosa Management LP, a $14.2 billion hedge fund in Short Hills, N.J. has done it again.
His late September call that the government’s intervention in the financial markets will guarantee that most investment choices will go up, was right on. Tepper ‘s flagship Appaloosa fund, which returned a massive 132.7%, net of fees, after grossing $7.5 billion by betting on a resurgence of financials early on, is up 20.9% year-to-date [YTD]. His offshore fund and Thoroughbred fund are up 20.98% and 19% YTD, respectively.
Here is Tepper’s latest letter to investors, courtesy of Dealbook: