The Wild Strategy That Made David Tepper Billions | +Current Investments

요약 보기

David Tepper의 위기투자 전략을 소개하는 영상. 1998 러시아 채권, 2001 WorldCom 등 파산 기업 채권, 2008 금융위기 은행주 매수 사례를 들어 저평가 자산에 대한 역발상 투자를 설명. 2024년 13F 기준 상위 보유종목은 Alibaba, Amazon, Microsoft, Meta, Google이며 Alibaba 비중이 크고 일부 비중 축소, Lyft 750만주 신규 매수를 언급. 개별 자산의 1~3개월 가격 방향에 대한 예측은 없음.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. this is David teer the billionaire hedge fund manager who started appala Management in 1993 and turned it into a billion dollar Empire extremely quickly for reference they started with $57 million in assets under management and by 2010 they had $14 billion in assets under management which is just a crazy quick growth and in this video what we're going to do is we're going to break down the strategy that he used to build his Empire which is essentially a crisis investing strategy and in addition to that we are also going to look at what he is currently holding in his Investments as of 2024 so let's break it down so as I said the strategy that teer used to build this Empire it can basically be described as a crisis investing strategy meaning in times of Crisis you know economic collapse banking collapse Etc he looks to come in find assets that are extremely under valued and bet big and just essentially try to buy them when they're dirt cheap and this is essentially the strategy that he is rinsing repeat year after year as all sorts of events have you know transpired and he has capitalized absolutely massively uh in the process so the best way I've heard this described is if there isn't a $20 bill on the floor appala management is not interested in other words if we can't buy it for dirt cheap we're not interested and this is essentially the motto of appala capital they want to buy bonds assets when they are extremely undervalued so let's look at some examples and really break it down so the first example comes in 1998 when the bank of Russia defaulted on their debt now of course there was a lot of panic in the market but teer saw an opportunity and that opportunity was to start buying Russian bonds for very cheap and at first it didn't really work out so well he had a lot of unrealized losses but he trusted his thesis he held strong I believe he bought more and more Russian bonds and ultimately he ended up having a fantastic gain from this opportunity and it's believed it's reported that he purchased these Russian bonds for 16 cents on the dollar and sold them for 40 cents on the dollar for obviously a huge gain so this is example number one so another example comes in 2001 when teer saw an opportunity and this opportunity was when a number of companies were facing bankruptcy such as Enron Worldcom and a number of others The Wall Street Journal is reporting that telecommunications giant Worldcom May declare bankruptcy tonight the company's board of directors has been meeting all day it would be the biggest bankruptcy filing in history the company is more than $30 billion dollar in debt and is reeling from an accounting scan and basically when the markets were panicking the stock looked like it was going to zero teer came in and he started to purchase these bonds and stocks for ridiculously cheap basically this led he held these for a while and this led to a massive gain in 2003 one of his biggest years 148% gain and again he's just capitalizing off fear of crisis of panic he's coming in he's remaining clearheaded and purchasing these super cheap assets the final example comes from the 2008 financial crisis when the markets were just completely panicking it was Panic selling the phone say a lot of their customers are freaked out waiting to see how low the Dow will go they're focused on the Dow not so focused on OPC yes OPC did cut production by half million Barrel really you're seeing just broad-based declines across all of the major technology sectors Apple's Under Pressure uh Yahoo down 8 a half% Cisco 65% Research In Motion what did teer do he remained logical and he started to aggressively purchase distressed debt and distressed stocks in particular banking stocks and it's reported that he purchased Bank of America for $3 a share City group for less than $1 a share when there was this complete Market panic and essentially he bought them for dirt cheap uh but the question is how could he be so confident how could he aggress aggressively purchase these stocks when people are thinking they're done they're going to be complete collapse paper in March it was a treasury paper you know you can't put out a paper and say you're GNA 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 buy Bank of America at six at a six handle they told me where they were going to buy other 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 uh bonds that preferred you know at 12 cents in a dollar 15 cents in a dollar 20 cents in a dollar and and um you know stuff went up but couldn't it have been a situation where some of well he did his research he trusted his thesis he knew that the US government would bail out these companies that the US government would step in and they'd start to stimulate the economy and that's exactly what they did and as a result teer and appoa management profited absolutely massively in the aftermath it's reported that they made $7 billion from these companies from this crisis and in fact teer himself reportedly made $4 billion off of this so just an amazing payday huge profits off of Once Again remaining logical and aggressively purchasing stocks and bonds when the markets panicking there's a lesson here in life in life get all the experience you can while you're young go for the experience versus a paycheck that kind of experience experience got me a job at a mutual fund specializing to distress companies and eventually in the door of Goldman Sachs so what lessons can we take away from David teer well lesson number one is to look for asymmetric Investments as he has said when you have all of this upside it presents huge opportunities and that's essentially exactly what they do they look for these Investments where they're purchasing something for dirt cheap extremely undervalued so essentially their upside is huge and their downside is minimized lesson number two is the importance of fundamental analysis teer is a master at reading the financials and understanding that certain companies are extremely undervalue perhaps their assets are not actually so bad they are just going through a certain crisis and this is where teer stands out he can recognize the gems the companies that are actually worth something but EXT ex undervalued investors either way for me probably like a 40% for my investors like 30% I mean DAV we are talking now about not being able to do 5% for pension plans like not people are accepting 2 and a half% just to get their money back in 10 years how do you do 40 how many years is that that 40% 17 years lesson number three is to analyze with logic not analyze with fear again this is something that teer is just a master at when the markets are panicking ping when everything is collapsing he analyzes with logic and he takes the necessary action to purchase a stock to purchase some debt whatever it might be when everyone else is panicking he's a contrarian and this is again where terer stands out lesson number four is to trust your analysis there's so many articles so much information you know when the market is panicking you just simply need to trust your own analysis trust your own thesis and that's it if you don't do that you're really going to struggle with trading and investing and this is what tus says he says just don't listen to all the crap because that's the truth there's so much crap coming from articles the news Etc you just need to do your own analysis and trust that analysis lesson number five is that you need to be willing to take on risk of course you need good risk management but if you want to win big you've also got to risk big and this is something that Tepper was pretty good at when an opportunity came he was willing to put the dollars down he was willing to take the risk and sometimes you just have to take the risk of course strong risk management is always key but when the opportunity arises when your analysis is being met you must be able to take the risk otherwise you're never going to win so finally what is teer investing right now as of 2024 well let's have a look at his most recent 13f filing and and see exactly what applea management are invested in right now so the first thing to note from the 13f filing is that the top five Holdings of teer are Alibaba Amazon Microsoft meta and Google um and interestingly he holds 10.5 million shares of Alibaba and it makes up a huge percentage of their portfolio so obviously teer sees a huge opportunity in Alibaba and if you know anything about Alibaba you will know that it has been tanking over the last few years very aggressively been dropping and the stock price is I think it was once at $300 a share and it's now around $100 per share so obviously peer is a huge opportunity in Alibaba and hence why I assume it makes up such a large percentage of the portfolio now the one thing to note on all of these top five Holdings he has is that he's actually reducing the position sizing in all of them for example he's recently reduced his position in Alibaba by 6% reduced his position in meta by 16% um Google by 7% Etc so another thing to note is that he's purchased a huge amount of the stock lift which seems like quite a unique uh investment where he's purchased 7.5 million shares which is just a huge amount of stock and I believe that makes up one to two% of the actual market cap so that's obviously a huge purchase a huge investment that has recently taken place so again he must see a huge opportunity in lift um and as we know at teer he's looking to buy assets for cheap so he must believe that stocks such as Alibaba and Lyft are essentially looking very cheap they're very undervalued and he's looking to capitalize massively on these stocks anyways that concludes the video thank you very much for watching watch