David Tepper is the Founder and President of Appaloosa Management, a hedge fund located in Short Hills, New Jersey. Tepper was raised in Pittsburgh, Pennsylvania and the second of three children. He grew up in a traditional middle class household with his father an accountant and his mother a teacher. He attended the University of Pittsburgh graduated with honors earning a Bachelor of Arts degree in Economics.
Following graduation, Tepper began working in the finance field for Equibank. After spending some time at Equibank, Tepper realized he was not content with his job so he went back to school enrolling at Carnegie Mellon University. Tepper earned his Master of Science in Industrial Administration.
With his MS in hand, Tepper accepted a job in the treasury department of Republic Steel in Ohio. After being recruited and making a couple of stops along the way, Tepper found himself in New York City as a Credit Analyst for Goldman Sachs. After just six months on the job, David was promoted to head trader on the high yield desk. He worked in this role for eight years before leaving in 1992 to start Appaloosa Management.
In 2001, Appaloosa Management generated a 61% return with an extended focus on distressed bonds. Tepper stays atop the investment game by investing in some of the most unpredictable stocks. Investments in companies like MCI Inc., Mirant Corporation (now GenOn Energy Holdings), Conseco (now CNO Financial Group) and Marconi Communications have led to big profits for Tepper’s hedge fund.
Throughout Tepper’s career, he has twice been recognized as the top hedge fund earner, in 2009 by the New York Times and in 2012 by Forbes. In 2014, Tepper was recognized by Forbes again, this time as one of the 25 Highest-Earning hedge fund managers in 2013. Tepper also owns 5% of the Pittsburgh Steelers and is a frequent donor to Carnegie Mellon University having donated over $125 million.