Photo: Bloomberg TV screengrab
David Tepper, who runs $12 billion distressed debt hedge fund Appaloosa Management, was on Bloomberg TV “Market Makers” with Stephanie Ruhle moments ago. It was a tremendous interview and it showed a very relaxed and funny side of Tepper.
Tepper, who has one of the best long-term track records, told Bloomberg TV that his fund was up 30% in 2012.
He’s said he’s “going to come out of the closet” as being bullish in 2013.
The reason, he explained, is there are no major negatives and basically nothing to really be bearish about.
“This country is on the verge of an explosion of greatness,” he said, “An explosion of greatness.”
He said the “main thing right now is to be long equities.” He said that if you’re long equities, you’re going to make money this year.
Tepper is long Citigroup, which is one of his fund’s top holdings. He thinks Citi has a 50% upside from here due to its international business.
As an aside, he clearly had a lot of fun on set with Ruhle.
At the beginning, Tepper, who owns a 5% stake in his hometown Pittsburgh Steelers, gave her a Steelers hat. Tepper joked that it might mess up her hair if she tried it on. We’re told Ruhle did try the hat on.
Speaking of jokes, Tepper was full of them today. For example, he made fun of the Bloomberg TV set for being cheap when Ruhle said she didn’t make a lot of money and he also said something about how taking his clothes off would kill Bloomberg TV’s ratings.
He also took a jab at the sell-side. Tepper, who previously worked at Goldman Sachs, said he “would rather work at McDonald’s than the sell-side.” He later said he tried to get a job at McDonald’s one time and they wouldn’t hire him.
Toward the end of the segment, Tepper broke into song sharing his musical abilities. During his senior year of high school, Tepper played the father (Harry MacAfee) in the musical Bye, Bye Birdie and won the “best actor award.”
Ruhle also asked him about his “biggest regret.” He responded saying he wished he used Rogaine earlier. Bloomberg showed images of him earlier in the segment rocking an afro in 1978.