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David Tepper's Appaloosa Management goes for the financials, opening about a $250M position in...

David Tepper's Appaloosa Management goes for the financials, opening about a $250M position in AIG, a $96M position in JPMorgan (JPM), and a $8M position in Morgan Stanley (MS). Also new in the portfolio are 10K call options on Hartford Financial (HIG). He upped his stake in Citigroup (C) by about 10% to $309M, and cut his stake in Bank of America (BAC) by nearly 30% to about $25M. The fund has about $25B AUM. (13-F)
Comments (2)
  • No doubt, BAC is more speculative than the other financials, but the rewards will outweigh the risks? I am still a believer--too big to fail. Again, most of this positioning relates to it's position concerning real estate.
    14 Nov 2012, 06:12 PM Reply Like
  • BAC still offers the best discount to the stated value on the books.
    15 Nov 2012, 07:02 AM Reply Like
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