By Hao Li: Subscribe to Hao's RSS feed
January 21, 2011 12:33 PM EST
Like many ultra-successful hedge fund managers, David Tepper has kept a low profile for many years.
However, in 2009, he was propelled to the spotlight when he made $7 billion for his fund Appaloosa and $4 billion for himself.
Those are astounding figures.
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As far as I know, with the obvious exception of John Paulson's once-in-a-lifetime subprime mortgage bet, $4 billion is the highest one-year pay ever for a hedge fund manager.
Over his 17-year hedge fund career, Tepper returned on average roughly 40 percent annually for himself and 30 percent annually for his investors.
He is also the namesake of Carnegie Mellon's Tepper School of Business.
Tepper is very interesting because of his rather unique specialty, which is distressed investing. Indeed, it was distressed investing that earned him that $4 billion payday in 2009.
The largest and most successful hedge funds generally use global macro, quant strategies, or stock-picking/value investing. The investing public is pretty familiar with those concepts.
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