Appaloosa’s David Tepper Is Getting Nervous about the Market

David Tepper有一个投资者的信息：市场极具挑战性，现在不是时候积极的时间。

“这是紧张的时光，”昨天在斯皮布奇替代品会议上发言，称为盐，谷仓对冲基金行业联合国在拉斯维加斯的贝拉吉奥酒店举行的盐桥替代品会议上。“你应该很久但你应该有一些现金。我不是说短暂的，我只是说不要过于疯狂'。“

Tepper, founder of the $19.3 billion, Short Hills, New Jersey–based Appaloosa Management, was by no means the only hedge fund insider speaking on Wednesday to sound less than optimistic, but coming from him the message carried additional weight. For one thing, when Tepper talks, people listen. That’s because he is one of few hedge fund managers operating today who lives up to the industry’s early promise of consistently generating outsize returns. His investment record is hard to beat: $1 million invested with Appaloosa at its July 1993 inception date would be worth an astonishing $181 million today. Tepper recently topped theInstitutional Investor’s Alpha在其公司的阿巴洛瓦投资之后，在2013年，在其公司的Appaloosa Investment I和Palomino资金恢复42％之后，享受最高收入的对冲基金管理人员清单。（Palomino在今年前三个月上涨1.26％。）

备注还发出了Tepper的思维的转变。正如最近为11月，TEPPER在另一个会议上告诉投资者，他预测股市在六个月内将更高，并且任何谈论股票市场泡泡的谈话都在早产。当时，TEPPER表示投资者不能出错购买指数基金或延长市场的交易交易资金。

那么造成便服的造成便利者是过去几年的更乐观的对冲基金经理之一，转化谨慎吗？他说他担心美国国内生产总值的增长率，他认为应该更快地提高。TEPPER认为穷人的第一季度数量可能会向上修改，但他说，GDP增长不接近3.5％，这是麻烦的。他还担心欧洲中央银行并没有足够快，以实现量化宽松措施。

虽然TEPPER说，美国股市现在是“好的”，但投资者应该更加专注于不会赚钱而不是赚钱。在他的估计下，减缓增长率降低利润，并且由于他的公司称之为“协调自满”，因此环境被混合。换句话说，世界各地的央行害怕让动作刺激恐惧市场的增长。

但谈话并非都沮丧和厄运。Tepper用五颜六色的咒骂和揭示了他的职业生涯的攻击性和揭示了轶事。在开发阿帕卢萨萨之前，坐在高盛和公司的垃圾债券贸易咨询台的永珀说，他在连续第三次担任本公司的伙伴关系之后，“我说了狗屎，I’m going to try to start a hedge fund.” Later, when discussing his charitable activities — which have included keeping various food banks afloat after both the financial crisis of 2008–’09 and Superstorm Sandy in 2012 — Skybridge Capital founder Anthony Scaramucci asked Tepper if he believed in karma. “Are you fucking kidding me?” he replied. “Of course I believe in that shit.”

Tepper also regaled the audience with the story of why he chose the name Appaloosa for his firm. “At the time we started the fund, information was sent out by faxes,” he explained. “If you were at the beginning of the alphabet you got the info ten minutes faster.” He had originally wanted to call the firm Pegasus, as Greek titles were popular at the time, but the name was already taken.

随着他公司坚定不移的回报，难怪投资者吵着进入阿帕卢萨。但是，拥有老学校对冲基金管理的永党 - 制作大赌注，赚取大笔资金，不要担心看起来的机构 - 已向投资者退回资金，并表示他对更多资产没有兴趣。“我们决定了我投资更多的高回报，而不是收集资产，这就是我们想要做的，”TEPPER说。“我喜欢比赛。我喜欢赢得比赛。“

泰珀说,多年来阿帕卢萨马scaled back its activities, scrapping funds that invested in loans and mortgages because he felt the firm was getting too complex to manage, which detracted from its performance. These days Tepper is focused on continuing his firm’s remarkable run, noting in his characteristically blunt fashion that Appaloosa has given its investors back two times their initial allocation into the firm: “I like most of my investors — I don’t like them all — but when you give them back twice what they invest, it’s a great burden off your shoulders.”