저자: Philipp-MalteLingnau · 외국인
요약 보기
데이비드 테퍼의 투자 전략과 포트폴리오를 소개하는 영상으로, 부실채권 투자 방식과 최근 포트폴리오 변화를 설명한다. 테퍼는 연봉 40억 달러로 역대 최고 수준의 헤지펀드 매니저이며, 조지 소로스를 제치고 최고 자리에 올랐다고 소개된다. 그의 주 수익원은 부실채권(distressed debt)으로, 위기에 빠진 기업에 자금이 투입되면 회생할 것이라는 가정에 투자하는 방식이다. 2007~2008년 금융위기 직후 은행주가 바닥일 때 씨티그룹 등 은행주를 대량 매수해 정부 구제 이후 큰 수익을 냈다는 사례가 언급된다. 이 전략은 과다부채나 위험한 상황의 기업을 정확히 판단하는 높은 전문성을 요구한다고 설명한다. 포트폴리오는 약 67억 달러 규모이며, 피크 시점 기준 약 52개 종목이 언급된다. 포트폴리오 비중은 기술주에 크게 쏠려 있고 마이크론, 페이스북, 알리바바, 알파벳 등이 언급된다. 웰스파고 등 은행주도 포함되어 있으며, 2018년 1분기에 14건의 종목 거래가 있었다고 한다. 이 과정에서 애플은 매도되었고 마이크론은 재매수된 것으로 소개된다. 워런 버핏의 입장과 반대되는 움직임이라고 언급된다. 진행자는 투자 접근법은 시장 상황에 따라 달라지며, 테퍼의 방식은 기회가 생길 때만 실행 가능하다고 강조한다. 영상은 테퍼 개인의 전략 소개가 중심이며, 특정 종목이나 자산의 향후 가격 전망은 제시되지 않는다.
다듬은 글
With an annual salary of four billion US dollars, David Tepper is one of the highest-paid hedge fund managers ever. He is particularly known for dealing with companies that have gotten into trouble, and in this video we'll look at one of his portfolios, his stocks, and his approach. So, if you're interested, then Manrico Bahn investments?
using the triangle below. If the will to lead is there, then I don't see a problem. And with that, welcome! My name is Philipp Walter Lindner, and I hope that you've had a successful day so far. Yes, and I'm really enjoying this series now because I'm learning a lot about the individual investors, their strategies, their approaches, and noticing the little details, and above all, seeing a pattern emerge.
That means if you've seen the other videos, let me know in the comments if you feel the same way, or especially what you take away from these individual personalities. And today, how... I'm talking about David Tepper, who was one of the highest-paid hedge fund managers. He even knocked George Soros, who had the highest salary, off the top spot.
He and his hedge fund primarily make money from so-called distressed debt—I hope that's pronounced correctly. These are companies that have gotten into trouble, and the speculation is that a cash injection or investment can save them. He specifically made a name for himself by going to companies where bank stocks were at rock bottom right after the 2007/2008 banking crisis.
He said, "Okay, I assume the banks won't go bankrupt and will be rescued." This meant massively buying shares of Citibank or Citigroup, for example, and that's how the profits were made. When the rescue came, the uncertainty was naturally gone from the market, and stock prices rose again. These are, of course, moments when you can make an enormous amount of money in an extremely short time.
And this business model itself, focusing on these debts, on these companies that are perhaps over-indebted or have gotten into such a precarious situation, naturally requires extremely good expertise. And I mean that we then bundle this expertise in such hedge funds, and therefore, in my opinion, a very interesting approach.
Now let's look at his portfolio. We currently see approximately 6.7 billion under management, and the peak is around that amount. We also see, for example, in last week's video, 52 stocks, very close to that. And now let's look at the portfolio, and we see here that the approach I just described is, of course, one factor, but it doesn't always have to be the main strategy.
We can see in the portfolio structure, if we look again at the weighting in the portfolio, that in principle, in my opinion, the most important thing is always... Then we see here, and we've already seen this, that I have a very high weighting in the technology sector. That means... For example, Micron Technologies, Facebook, Alibaba – what else do you know here?
Alphabet, and that's about it for the table, which has an extremely high weighting of individual positions. And if we look here, there are also companies with just under two and a half percent, which are now being further acquired as new additions. And what else do we have besides Wells Fargo, so also bank stocks in this environment?
Let's look again at the stock picks, so what has happened recently? There were 14 stock transactions in this area in the first quarter of 2018. And yes, for example, contrary to Warren Buffett's opinion, Apple is being sold, Micron is being bought again. And here too, what we are sowing, as we have already seen with some, is that we are also in the index funds, here also sold out in Mergers and Markets, we have just already in Juba, and it is already running through the portfolio.
And the approach that one takes as an investor is of course always dependent on the market situation. If we now say I For example, I've made a lot of money with companies that have gotten into trouble, but that doesn't mean I can do it over and over again. The situation and the opportunities have to arise first to actually carry it out.
So here's a different approach for me, but a very interesting one back then. It's about your own thoughts on the matter. And with that, we'll close this chapter. David Tepper, if you liked it, don't forget to like and subscribe. You can find more videos here, and you'll also find the channel there, including the complete series on all the investors—yes, legends.
So if you're interested, feel free to watch it; a lot of knowledge has been shared there. And yes, otherwise, I look forward to seeing you again in the next video. Until then, I wish you all the best and take care.
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