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welcome to episode 69 David Tepper pen trading rules this is an outline of episode 69 rule number one be the leader of the herd be the first to get out of the gate I always get the best glass sometimes I got eaten by lions you've done this consistently year after year after year after year so does that mean it feels like this come along all the time and you don't see - look we're we're her for better or worse we're a herd leader okay we're at the front of the pack we are one of the first movers first movers are interested you get to the good grass first or sometimes a line each year so sometimes we have negative years but most years we do well remember to do not listen to investors for example in 2000 he shouldered the Nasdaq index during the.com he was forced to liquidate his position because his investors were nervous three months after he liquidated his position the Nasdaq collapse he could have made a lot of money since 2000 he has ignored the investors we number three no leverage none how much leverage not not but not what do you need leverage for you don't just I'm going to do 40% it when you've seen the outside returns in the past some of these guys have used leverage now we don't have leverage and we didn't have leverage in um in 2009 we don't have leverage this year remember for pick wide dilation return capital to investors David Kaplan has a habit of returning money to investors at the end of the year for example in December 2016 he returned 20% of the fund about three billion dollars to investors now the majority of the fund belongs to him and his employees rule number five look for triggers of excessive pessimism for example he saw rising bank deposit in Argentina in 1995 as a change towards the positive in 1995 purchased argentina the argentine sovereign debt worse debt in the country of Argentina I was quoted saying raising rising bank deposits pretended to strengthen economies in other words he was seeing the deposits of these banks increase increase I thought this economy is strengthening the markets overreacting and made a good deal a bit of money on this Argentine debt rule number six look out for possible political intervention look for hints on the government for example the US government in 2009 the hints could be positive like a pile of pump more money Michael Lewis can write a book about a huge trade in anything it can be a best seller what did you see how did you do it in o.9 what it would what happened with buying banks at the beginning around what did you see is easy it was easy it was fine y'see the government told you what they were going to do basically the government put out a white paper I can remember the exact date Ari's paper in March it was a Treasury paper you know you can't put out a paper and say you're going to you're going to buy securities and not buy them even the government has to be subject to the laws so they told me they were going to by Bank of America at six at a six handle they told me where they were going to buy all their stocks nobody believed them the market kept going down we actually did so what we did is we didn't buy just stocks we bought bonds so we bought you know bonds have preferred you know had twelve cents in a dollar fifteen cents in a dollar twenty cents of the dollar and you know stuff went up but couldn't it have been a situation where some of these things had to get nationalized that's why people not at that point not at that point because you have to believe that the government is not above the law now at that point in time people were confused and I thought I don't know what they thought because what is the habeas corpus in the Civil War right it wasn't that bad although the government did change its mind on many things when it first said this is what tarps for changed it's mine and redirected a lot of that money it saves your time when dealing with you can't put things in writing and say you're going to buy to price you not do it call this the United Security Law School number seven who do any asset class stocks bonds airlines banks steel energy telecom are in your universe will you do anything and long or short anything longer short any asset class yeah Appaloosa Palomino or one set of funds and then we have thoroughbred funds so a pollution Palomino will do anything stocks bonds number eight local companies with high revenues because with high revenues the bankrupt company can find it easier to dig themselves out of the hole prefers those that have high revenue right so bankrupt companies we know the deadest is the catalyst it takes a company under but he looks for those with high revenues that have the ability to dig themselves out and rule number nine sometimes just be unemotional do nothing it was unemotional it was easy it is what it is strain the point is yeah I wasn't emotional was easy sometimes it's just that easy I don't have to be you know is you know what it is fair that's FDA or is that how you spell fair FAA yeah here Pittsburgh so yeah we were pretty out of motional when we invest so it is what it is that's the number ten small town side big upside Luke flow situations a small downside and big upside if you are not sure which direction the economy is going and frankly I don't know is either going to get better or it's going to get worse so you talked about you asked the question when you get moments well clean this might be one of those kinda so you're sitting in a situation where you're down sights not that big if you guys like to talk equities we do a lot of bonds but you're downsides not that big in equity and you have this potential either economy Duke is good and you make a lot of money I was going to say a bad word reload I should sue load up on it I can say that of a over the top or do you need to do that again if you get stronger on your own it's probably okay because generally if the world's stronger the Euro gets stronger but it's not again you trying to figure out is the economy going to get it better by itself or not thank you for - using everyone peace and prosperity
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