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we'll show you david pepper's crazy investment technique in this video from day trader to billionaire but first please accept my warmest greetings now let's get to the video as soon as possible david tepper was anxious for a way to earn money in order to pay for his education pepper thought he could become a great trader because of his arithmetic skills and he immediately discovered a successful pattern options were relatively new in the late 1970s certain option pricing he discovered are always a little slow to adapt to changes in their underlying securities this tamper believes is an ideal opportunity for an arbitrage he was able to create steady money with his strategy which he used to pay for all of his graduate school fees pepper grew up in a port family in pittsburgh pennsylvania and aspired to be wealthy and live a better life he was well aware that it would not be delivered to him so he focused himself in his studies aiming to complete college in three years in order to save money while simultaneously working part time david tipper out of all hedge fund billionaires is the one who started from the bottom he was also subjected to a great deal of childhood trauma despite these good things about my dad he had a bad side too he was physically abusive to me i'm sure it was a cycle that he got from his father and his father got from his father in my young life there was nothing more terrifying there was no greater adversity but i prayed to god that i would never be the same to my children david tepper acquired a job in the treasury department at republic steel in ohio after getting an mba from carnegie mellon but the company was in financial trouble he was first introduced to the junk bond market there michael milken an investor pioneered a vast market for high-yield bonds sometimes known as junk bonds in the early 1970s putting a world hypothesis into effect pepper quickly recognized that he had a knack for dealing junk months which led to a position of the fabled goldman sachs he made a lot of money for goldman sachs but anyone can make money in a bull market the true test will be how well you do in a bear market good evening today is black monday the day the dow dropped more than 500 points the day the dow dropped more than 22 percent almost double the rate of the black monday that signaled the beginning of the crash of 1929.
almost every trader at goldman sachs lost money during the 1987 market crisis except david tepper he anticipated a crash and set his entire portfolio too short he made a lot of money by betting against other people there is a competitive culture at goldman sachs david tepper was not highly regarded by his co-workers but when i came up her partner i got shot down and i was incredibly upset pepper had had enough and began trading aggressively on his own account in order to raise enough capital to open his own fund pepper raised 57 million dollars for his new hedge firm appaloosa with the help of his connections and goldman sachs because i didn't end up a partner at goldman sachs i started starting my own company 25 years ago in 1993 called appaloosa and ended up doing something that was a lot more fun and made my life better in so many ways opportunity knocked on his door as soon as he launched his fun pepper bought many banknotes in argentina immediately before the economy started to recover during the south american crisis in the early 1990s and as a result in 1995 the fund had earned a 30 return david tepper is an unusual value investor as a result he reminds me a lot of seth plarman they are willing to gamble big on something that is under value if they find it and during pepper's early years he consistently outperformed the market until something happened the russian central bank defaulted on his debt in 1998 sending shockwaves around the world pepper like many other investors at that time invested hundreds of millions of dollars in russian bonds believing that a government could not relieve debt but he was mistaken pepper lost 80 million dollars when the russian government refused to pay its debt then tepper did the unthinkable he noticed that the market had been overly negative about russian bonds after the incident causing them to be severely discounted he'll mow on the same bonds as before he had gained 61 percent a result of his bets recouping his prior losses by the end of 1990 and he had profited much more for contrarian investors like pepper the stress that has turned into a gold mine pepper paid a 67 net return on distress bonds in 2001 but he would invest in whatever he thought was undervalued whether for the short or long term he's also generated large profits year after year by investing in the off the beaten path enterprises like miran an energy firm but none of it compares to the opportunity presented by the 2008 financial crisis seven percent here loss of 37 points or so apple shares are just getting hammered this morning we're down by between three and four and a half percent generally across these markets let's talk about the speed with which we are watching this market deteriorate we're red everywhere essentially down by four or five percent pepper like everyone else took a hit in 2008 despite the fact that his fund was down 28 he remained enthralled because he saw so many discounted chances he was not going to let emotions influence his trading because he understood his losses were just temporary so the point is that if your thinking and your emotion is the same as everybody else's then you cannot do the out thinking and what i call the second level thinking which is required to act against the herd the common word is contrarian and to sell at high prices which are high because other people are optimistic and buy at low prices which are low because other people are depressed as a result appaloosa began purchasing whatever common preferred and junior supporting it that it could find aig bank of america and city group securities can be purchased for as little as 5 cents on the dollar and as promised his greatest efforts were rewarded bank of america has increased by more than 330 percent while citigroup has increased by more than 220 but aig has increased the most from aig alone he made a billion dollars as humans we are subject to a variety of cognitive biases people have a tendency to look for patterns that aren't there many individuals are flocking to the stock market casino because of robin hood it is possible that david pepper's success is due to chance but there are two things he does over and over that we may learn from he never trades with leverage and always trades with a big margin of safety yeah actually appaloosa and palomino are one set of funds and then we have thoroughbred funds so appaloosa and palomino will do anything stocks bonds how much leverage none none none no what do you need leverage for pepper bought washington mutual's debt between 50 and 60 cents on the dollar when the company was on the verge of bankruptcy second his plan was mostly based on events not only did the asset have to be undervalued but david tepper also tried to find out why it was discounted and what circumstances might cause value realization in the future this occurrences were dubbed catalyst by seth clarman and they triggered value realization pepper began his career as a day trader in college with the goal of becoming wealthy and has since built one of the world's most successful hedge funds and with that today's video comes to a close to express your love and support for the video click the like button below if you haven't already right next to it to be the first to know when a new video is posted thank you for taking the time to watch and we hope you enjoyed yourself we look forward to seeing you again soon
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