David Alan Tepper (born September 11, 1957) is an American hedge fund manager and the founder of Appaloosa Management. His investment specialty is distressed companies. In recent years he has become known as a philanthropist, and in 2013 he donated his largest gift of $67 million to Carnegie Mellon University, whose Tepper School of Business is named after him. He earned his BA in Economics from the University of Pittsburgh in 1978 and his MS in Industrial Administration from the Tepper School of Business (then known as GSIA) of Carnegie Mellon University in 1982. For the 2012 tax year, Institutional Investor’s Alpha ranked Tepper No. 1 for earning a $2.2 billion paycheck. He topped the list again in 2013, earning $3.5 billion.
Tepper was raised in a Jewish family in the East End of Pittsburgh, Pennsylvania in the Stanton Heights neighborhood. He was the second of three children born to Harry, who worked as an accountant, and Roberta, who was an elementary school teacher who taught at public schools in the city. He attended Peabody High School in Pittsburgh's East Liberty neighborhood. He attended the University of Pittsburgh and helped pay his way through school by working at the Frick Fine Arts library. He graduated with honors, receiving his Bachelor of Arts degree in economics. He also dabbled in the markets during college. His first two investments, given to him by his father, were Pennsylvania Engineering Co. and Career Academies, which went bankrupt.
After graduation he entered the finance industry, working for Equibank as a credit analyst in the treasury department. In 1980, unsatisfied with this position, he enrolled at Carnegie Mellon University's business school to pursue a Master of Science in Industrial Administration (MSIA)...
Quotes by David Tepper
More Quotes by David Tepper