{"id":13533,"date":"2010-01-05T09:38:45","date_gmt":"2010-01-05T13:38:45","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=13533"},"modified":"2010-01-05T09:38:45","modified_gmt":"2010-01-05T13:38:45","slug":"tepper-turns-panic-to-profits-with-6-5-billion-hedge-fund-gain","status":"publish","type":"post","link":"https:\/\/www.hedgeco.net\/news\/01\/2010\/tepper-turns-panic-to-profits-with-6-5-billion-hedge-fund-gain.html","title":{"rendered":"Tepper Turns Panic to Profits With $6.5 Billion Hedge Fund Gain"},"content":{"rendered":"<p>Bloomberg &#8211; David\u00a0Tepper often\u00a0throws a $20 bill on the floor\u00a0when he\u2019s weighing a big investment with analysts at Appaloosa Management LP.<\/p>\n<p>\u201cWould you pick that up?\u201d\u00a0Tepper, founder and president of Appaloosa, asks\u00a0them. His point: The best trades can be like found money.<\/p>\n<p>That was the case in early 2009, he says. Shares of banks\u00a0such as Citigroup Inc. and Bank of America Corp.\u00a0were collapsing on rumors they would be nationalized. On Feb. 25, the U.S. Treasury put out a white paper and a term sheet on its Web site for the government\u2019s Capital Assistance Program. They said the preferred stock the government was buying in the banks would be convertible to common shares at prices far above where they were trading &#8212; 37 percent higher in the case of Citigroup and 21 percent for Bank of America, according to Bloomberg calculations.<\/p>\n<p><a title=\"Read Complete Article\" href=\"http:\/\/www.businessweek.com\/news\/2010-01-05\/tepper-turns-panic-to-profits-with-6-5-billion-hedge-fund-gain.html\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; David\u00a0Tepper often\u00a0throws a $20 bill on the floor\u00a0when he\u2019s weighing a big investment with analysts at Appaloosa Management LP. \u201cWould you pick that up?\u201d\u00a0Tepper, founder and president of Appaloosa, asks\u00a0them. His point: The best trades can be like [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13533","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=13533"}],"version-history":[{"count":1,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13533\/revisions"}],"predecessor-version":[{"id":13534,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13533\/revisions\/13534"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=13533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=13533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=13533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}