The U.S. will likely emerge the winner in a "cold currency war" that is heating up, an expert said.Currenciesread more
These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Tariffs are the only instrument left for addressing China's systematic and excessive surpluses on its U.S. trades, writes Michael Ivanovitch.US Economyread more
In its latest attempt to build market credibility, China on Monday launched the Science and Technology Innovation Board, or "STAR Market," on which 25 companies were listed.China Economyread more
When Cathy Hsu and Tony Hsieh wanted to build an English language app for Chinese children, they decided to follow Facebook and Google's lead.Start-upsread more
Stocks in Asia traded lower on Monday afternoon, as a Nasdaq-style technology board on the Shanghai Stock Exchange marked its debut.Asia Marketsread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Editor's note: This is PRO Strategy, a column on how the smartest minds on Wall Street invest.
David Tepper is one the most respected and legendary investors in the hedge fund business, generating impressive gains for his clients across decades. Here's how we can learn from his success and apply his investment philosophy.
Tepper didn't start out as a master of the universe right away. After receiving his MBA from Carnegie Mellon University, he took a position in the finance department of Republic Steel, which was then followed by a stint at Keystone Mutual Funds. He then joined Goldman Sachs' high-yield bond trading desk and worked there for eight years, before founding his hedge fund Appaloosa Management.
From inception in 1993 through 2015, Tepper's main fund generated annual returns of 25 percent compared to the at 9.5 percent, according to market sources. In total, Appaloosa Management has $18.5 billion of assets under management.
"Dave Tepper is by any measure the best investor in the industry and has been since the launch of Appaloosa in 1993. I have had the privilege of knowing many great investors during my nearly three decades in the business but Dave resides at a level above all, attributable to a number of factors," said Short Hills Capital Partners' chief investment officer, Stephen Weiss.
"He is able to expeditiously distill market-moving information from all the noise and data, with a level of conviction and clarity before others."
Here are three key themes of Tepper's philosophy: