Tepper's Appaloosa Exits Financials
It looks like David Tepper, the manager of the $15 billion hedge fund Appaloosa, is no longer one of the bigger bulls when it comes to the financials.
While Tepper won’t comment, I’m hearing he has completely eliminated his 17 million shares position (at last 13-F filing) in Bank of America, as well as, selling his entire position in Wells Fargo .
While Appaloosa still has a position in Citi, I’m told it has also been sharply reduced.
At the Ira Sohn Conference in May 2010, Tepper gave a full-throated endorsement of names such as BAC and Citi, saying he thought Bank of America could go to $27 a share within a year.
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