저자: 미상 · 외국인
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David Tepper(Appaloosa Management) 미국 주식 포트폴리오 상위 종목 변화를 분석. 기술주 비중 70% 이상으로 집중, 메타·마이크로소프트·알파벳 등 비중 확대 및 축소를 소개. 단기 변동을 활용하는 매매 스타일로 장기 보유형 투자자와 대조적이라고 평가. 개별 자산의 향후 가격 방향에 대한 예측은 없음.
다듬은 글
David Tepper is no ordinary investor. He is one of the richest people on this planet. He is currently ranked 87th among the richest people in the world. He is known as the owner of the Carolina Panthers and Charlotte FC. But to us investors, he is primarily the founder and president of Appaloosa Management, a global hedge fund based in Miami.
He is known for investing in distressed debt, a bit like Howard Marx, and has earned a reputation for successful bets on financial markets. So let's try to learn a little from this extremely successful investor. Let's walk through the history of his 10 largest investments in the US and see what changes he made to them over the last quarter.
And, hopefully, we will be able to notice some patterns or interesting ideas to implement into our own way of thinking. So, let's start with its 10th largest position— FedEx. It represents 3.4% of his portfolio, and he made no changes to this position last quarter. FedEx is an American holding company specializing in transportation, e-commerce, and business services.
David Tepper purchased his first shares in the first quarter of 2023, so it was a very recent purchase. We see that so far everything looks very good, the price is increasing every quarter, but unfortunately we cannot learn much from such a new investment. So, let's look at David Tepper's ninth largest position , and that's Intel.
It represents 4.39 % of his portfolio, and he reduced this position by 7.75% last quarter. Intel is an American technology company. It is one of the world's largest manufacturers of semiconductor chips. David Tepper purchased his first shares in the second quarter of 2023. So, this is another new investment, and so far so good.
The price has gone up a few percent, but the only thing we can make of it is that he thinks it's an interesting investment at the moment. And next in eighth position is AMD. It represents 4.62% of his portfolio, and he reduced this position by 1.52% last quarter. AMD or Advanced Micro Devices is an American semiconductor manufacturing company.
AMD's main products include microprocessors, motherboard chipsets, and graphics processors. David Tepper purchased his first shares in the second quarter of 2023, simultaneously purchasing Intel . Interestingly, he invested in very similar companies at the same time. So maybe he's not sure which one will be the better investment, but he believes in the industry as a whole.
And the seventh largest position is Alibaba. It represents 6.16% of his portfolio, and he reduced this position by 19.55% last quarter. Alibaba is a Chinese technology company specializing in e-commerce , retail , the internet, and technology. David Tepper purchased his first shares in the third quarter of 2014 .
So, finally we have a long-term investment. But in reality, everything is a little more complicated. He bought and sold this company many times over the years. And we see rapid movements. So it looks like he's taking advantage of short-term market fluctuations, at least with this position. But let's look at some other long-term investments.
In sixth place we see Uber. It makes up 6.58% of his portfolio, and he added 1.4% to that position last quarter. Uber provides passenger transportation, food delivery, and freight transportation services. It operates in approximately 70 countries and makes an average of 25 million trips per day. David Tepper purchased his shares in the second quarter of 2021, so he has owned it for about 3 years.
And here we see a lot of movement as well, but it seems he decided to make this a significant investment right around the time the price started to rise earlier this year. So, good timing. And the top five starts with Alphabet. It makes up 7.16% of his portfolio, and he added 19.05% to that position last quarter.
Alphabet is the parent company of Google and several former Google subsidiaries. We don't know when David Tepper purchased his first shares, as we only have data for the second quarter of 2014, but overall we see that while the price is increasing over the long term, he is reducing these investments.
I think on the one hand, it's the way he invests, which is that he's constantly making a lot of changes, but it's also part of his portfolio strategy. He doesn't want any position to become too big. He currently has 32 stocks in his US portfolio , so he is fairly well diversified. The fourth largest position is Nvidia.
It makes up 8.8 % of his portfolio, and he added 0.49% to this position last quarter. Nvidia is an American technology company. It is currently the dominant provider of hardware and software for artificial intelligence. David Tepper purchased his first shares in the first quarter of 2023 . So, this is another new investment.
This is likely due to the fact that AI is growing, and because of this, Nvidia's position is becoming increasingly important in this ecosystem. But, as with other short-term investments, we can't learn much from this. And now we get to the places on the pedestal. In third place we see Amazon. It represents 9.41% of his portfolio, and he added 18.58% to that position over the last quarter .
Amazon is an American technology company specializing in e-commerce , cloud computing , online advertising, digital streaming, and artificial intelligence. David Tepper purchased his first shares in the first quarter of 2019. So this is a much older investment, and we see that he started investing when the stock was around $90, and when it got to around $150, he sold a lot of the stock.
And when the price dropped to about $120, he bought again. So he uses market fluctuations to his advantage. This is a completely different strategy than, for example, the approach of Warren Buffett or Guy Spear: buy and do nothing. The second largest position is Microsoft. It represents 10.19% of his portfolio, and he added 31.85% to that position over the last quarter .
Microsoft is best known for its software products, such as Windows, as well as its productivity applications. And its flagship hardware products are the Xbox and the Microsoft Surface personal computer. We don't know when David Tepper purchased his first shares, but we do know that he owned over 10 million shares of Microsoft back in 2008, when the price was around $28.
Now we have already exceeded 300 dollars . So he would probably be much better off just holding the stock. But instead, he sold them all in 2013, then bought them back in 2020. He recently increased his position, so it seems he believes the new head of this company is just getting started. And it's so easy to say, " Just hold on to the company and do nothing," but it's much , much harder to actually do that when the stock has been going up and down for years.
And the biggest position is Meta. It represents 11.56% of his portfolio, and he added 29.78% to this position last quarter. Meta owns and operates Facebook , Instagram, Threads, and WhatsApp, among other products and services. David Tepper purchased his first shares in the first quarter of 2014. He sold them in less than a year for a decent profit , and then quickly reversed that position again.
And finally, he bought it back in 2016 for about $125. He then sold a lot of shares, first at around $170, and then again when the price peaked in 2021, at between $300 and $340. And, as with almost all of his top positions, he's been buying a lot of stock in recent quarters. So it will be interesting to see what he does next.
Are these long-term or short-term ideas ? Okay, so this is his US stock portfolio. And technology companies make up over 70% of it. So he really thinks this is the most interesting and profitable sector. It is fairly well diversified, with only two positions exceeding 10%. But again, it's 70% tech, so from a sector perspective, it seems pretty concentrated.
He definitely takes advantage of short-term fluctuations. He is constantly changing his portfolio, opening and exiting positions . So I wouldn't call him a long-term investor. He is very different from most of the super investors we have analyzed. He is extremely active. And it just goes to show that we have to develop a style that suits us, that takes advantage of our capabilities.
There is no one magic formula, no one way to invest . For example, I'm much more comfortable with the investment style of Guy Spear, Lee Lu, or Buffett, where they buy a company and just hold it for many years. But David Tepper's example shows that if you can take advantage of rapid market fluctuations, it can be very, very profitable.
So let me know in the comments what your favorite super investors are that you might want me to analyze in the future. And if you enjoyed this video, you can check out my analysis of Howard Marks' portfolio by clicking here. Thank you very much for watching and see you next time.
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