A U.S. hedge fund that was buying bank shares in early 2009, when most everyone else in the market was taking the safer options, has recorded a $7 billion profit this year to date, with the fund’s founder and President earning himself a cool $2.5 billion.
David Tepper is the founder and President of Appaloosa Management L.P., a hedge fund based in New Jersey.
Once a junk bond trader with Goldman Sachs Mr Tepper started Appaloosa in 1993, the Wall Street Journal reporting that he did so because on several occasions he was passed over for a partnership with the famous Wall Street firm.
And so great has been the overall success enjoyed by Mr Tepper, a 52-year-old married father-of-three originally from Pittsburgh, that, according to the Guardian, his personal wealth was recently estimated to be $3 billion by Forbes magazine, reportedly making him the 97th richest person in the U.S.
