Hedge fund manager’ drops slip showing $100 million bank balance
A wealthy hedge fund manager, reportedly David Tepper owner of Appaloosa Management, accidentally left his cash machine receipt after withdrawing £250 ($400) which showed his balance was $99,864,731.94 (£62 million pounds). The piece of paper was picked up by a member of the public who passed it on to a financial blogger who posted it on the internet at dealbreaker.com
Although still slightly media shy his investment company hit the spotlight when they made $7 billion in 2009 and $4 billion for himself. Over his 17-year hedge fund career, Tepper returned on average roughly 40 percent annually for himself and 30 percent annually for his investors. 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.