David Tepper

David Tepper Way More Woke Than Average Guy Who Decorates His Office With Brass Testicles, Plays Catch With Breast Implants

Back in January, David Tepper was absolutely effusive about the greater glories of the Trump tax heist. This may have come as a surprise, given the somewhat less enthusiastic things he’s had to say about the president in the past, but really shouldn’t have: David Tepper is, after all, the sort of unconscionably rich guy tax reform was written to enrich, and he hates taxes enough to live in Florida. Still, in case you fear Tepper had gone the full MAGA, he’s here to dispel the notion—now that Jerry Jones can’t veto his membership in the world’s most exclusive club. “It’s the biggest pile of bull-dingy ever. These are some of the most patriotic people and best people. These are great young men,” Tepper told CNBC. “It just makes me so aggravated and angry. OK? It’s just wrong. It’s just dead ...

David Tepper Bought A Football Team With Apple Profits

A year ago, David Tepper and several of his ilk were of the opinion that Apple shares had gone about as far as they were gonna go, which is to say to $150, and sold some. Then he had a change of heart and starting buying again, and buying a lot, building up a tidy 4.6 million share position. And he’s sure glad he did, and that he was wrong about Apple not being a $150 stock, because during the first quarter, when he unloaded all of them, it was more like a $180 stock. Those profits sure did come in handy, because at the same time he was selling the shares, he was buying a $2.2 billion football team. At Tuesday’s prices, the sale of 4,587,852 shares would be worth more than $853 million…. Tepper likely saw a hefty profit thanks to the appreciation of Apple even in recent months. Since Novem...

Everyone Can’t Be Buying The Panthers, So What’s Your Excuse For Selling 153 Million Apple Shares To Omaha’s Favorite Grandpa?

I’ve been a rather vocal critic of the whole “just buy the damn robots” narrative from the time it accidentally went pseudo-mainstream and I’m a big(ly) believer in the idea that sooner or later, everyone crowding into FAANG is going to end up in tears whether it’s from some new regulatory bombshell or maybe just a shift back to value from growth. On the former (the crowdedness of that trade), it’s taken the top spot for four consecutive months in BofAML’s Global Fund Manager Survey and everyone knows that thanks in part to the dynamics described by Howard Marks in his “perpetual motion machine” piece published last summer, these names have been driven inexorably higher by a self-feeding dynamic that has begun to approximate autopilot. (BofAML) As far as the latter point (a shift back to v...

David Tepper’s Brass Balls Are Coming To Carolina

For the first 59 years of his life, David Tepper was rarely too far from his native Pittsburgh. He went to college and business school there, then briefly moved across the Ohio border to do some accounting for a steel company. He then shifted 550 miles to the east for a quick stint in Boston, before deciding it was too far from the Steel City (and certainly not lucrative enough to be so distant from Three Rivers Stadium) and he planted himself along the Hudson River, where he stayed for three decades, got rich and took revenge and decorated his office and bought a piece of his beloved Steelers. Over the past few years, however, Tepper’s life has been changing rapidly. He split from his wife of 30 years and relocated to sunnier, tax-friendlier climes. With everything else up in the air, eve...

David Tepper Contemplating Unconscionable Act Of Betrayal

A Patriots fan owns the team that just denied the Patriots their sixth Super Bowl title. Derek Jeter owns the Miami Marlins, and is running the team much more like the Miami Marlins than the Yankees with which he made his fame and fortune. (And why not? After all, he and his partners bought them from a Yankees fan who presided over the Marlins’ 2003 World Series victory against said Yankees, of which he was a minority owner before buying the Montreal Expos—remember them?—which he sold to his fellow owners for scrap so he could buy the Marlins from St. Louis Cardinals fan and fellow former Yankees limited partner John Henry, who in turn bought the Red Sox, who proceeded to beat his beloved Cardinals in the 2004 World Series.) This is all par for the course: exceedingly rich white men have a...