Sunday, December 20, 2009
Who bought Citi under $1 and BAC at $3?
And he made $7 billion on his beaten down bets for his hedge fund!! And he'll make $2.5 billion for himself!
And now he's gobbling up commercial real estate.
Through February and March, Mr. Tepper scooped up beaten-down bank shares as many investors were running for the exits. Day after day, Mr. Tepper bought Bank of America Corp. shares, then trading below $3, and Citigroup Inc. preferred shares, when that stock was under $1. One of his investors insisted more carnage loomed. Friends who shared his bullish beliefs were wary of aping his moves amid speculation that the government was about to nationalize the big banks.
"I felt like I was alone," Mr. Tepper recalls. On some days, he says, "no one was even bidding."
...At one point in March, the firm was down about 10% for the year, or about $600 million. Mr. Tepper got on the phone to make more trades, something he often left to subordinates. This time, he wanted to talk directly to Wall Street brokers to test how bad things really were.
The answer: really bad. Mr. Tepper says he was told that he was the only big investor doing much buying.
He also bought a piece of the Steelers, who had just an amazing victory over the Packers.
It will go with his year at Appaloosa!
The full highlights are here.
A great game!!!
Posted by Palmoni at 10:01 PM