Billionaire David Tepper, who runs $12 billion distressed debt hedge fund Appaloosa Management, is speaking at the SALT Conference in Las Vegas.
"I think if you had a million with David when he started Appaloosa, it would be worth more than $191 million," SkyBridge Capital's Anthony Scaramucci said during the introduction.
Tepper has one of the best long-term performance track records in the hedge fund world. He has also been the highest paid fund manager the last two years.
Scaramucci began the discussion going over Tepper's past. Tepper became the head trader in the junk bond department at Goldman Sachs at a young age.
"I had a really good education background. The whole background from Republic Steel...was really great at understanding companies and when they're bullsh**ing you...Because I used to bulls*** on the phone," he said.
"You were a legend down there," Scaramucci, a Goldman alum, said of Tepper.
"They didn't make me partner for the third time so I said screw that s***."
Scaramucci then asked Tepper how he got the name Appaloosa. He wanted Pegasus, but that was taken. So he picked an "A" name because it would give him an edge when people faxed alphabetically.
"Actually it's because I like to eat horse meat," he joked. "Nah, that's not true."
Following Goldman, he set out to start a hedge fund. He had $4 million saved up to start his hedge fund. He invested $3.5 million of his own money and he doubled that money.
He also raised money, but that wasn't easy. He didn't know anyone as a junk bond trader and a kid from an inner-city school in Pittsburgh. He was able to raise $50 million.
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Join the conversation about this story » Reported by Business Insider 8 hours ago.
"I think if you had a million with David when he started Appaloosa, it would be worth more than $191 million," SkyBridge Capital's Anthony Scaramucci said during the introduction.
Tepper has one of the best long-term performance track records in the hedge fund world. He has also been the highest paid fund manager the last two years.
Scaramucci began the discussion going over Tepper's past. Tepper became the head trader in the junk bond department at Goldman Sachs at a young age.
"I had a really good education background. The whole background from Republic Steel...was really great at understanding companies and when they're bullsh**ing you...Because I used to bulls*** on the phone," he said.
"You were a legend down there," Scaramucci, a Goldman alum, said of Tepper.
"They didn't make me partner for the third time so I said screw that s***."
Scaramucci then asked Tepper how he got the name Appaloosa. He wanted Pegasus, but that was taken. So he picked an "A" name because it would give him an edge when people faxed alphabetically.
"Actually it's because I like to eat horse meat," he joked. "Nah, that's not true."
Following Goldman, he set out to start a hedge fund. He had $4 million saved up to start his hedge fund. He invested $3.5 million of his own money and he doubled that money.
He also raised money, but that wasn't easy. He didn't know anyone as a junk bond trader and a kid from an inner-city school in Pittsburgh. He was able to raise $50 million.
Refresh this page for live update
Join the conversation about this story » Reported by Business Insider 8 hours ago.