Early Life and Education
David Alan Tepper was born on September 11, 1957, in Pittsburgh, Pennsylvania. He grew up in a Jewish family in the Stanton Heights neighborhood. As a boy, he enjoyed playing football and memorizing baseball statistics, which he attributes to his photographic memory. He graduated with honors in economics from the University of Pittsburgh in 1978 and later earned an MBA from Carnegie Mellon University in 1982.
Rise to Success
Tepper's career began in finance with Equibank, followed by positions at Republic Steel and Keystone Mutual Funds. In 1985, he joined Goldman Sachs, where he became head trader within six months. After being passed over for a partnership at Goldman Sachs, Tepper founded Appaloosa Management in 1993. The hedge fund specialized in distressed debt, achieving significant returns by investing in undervalued companies. Appaloosa's assets under management grew substantially, solidifying Tepper's reputation as a successful hedge fund manager. In 2018, Tepper purchased the Carolina Panthers NFL team for a record $2.2 billion.
Key Business Strategies
Tepper's investment strategy focuses on identifying undervalued assets and capitalizing on market inefficiencies, particularly in distressed debt. His approach involves in-depth research and a willingness to take calculated risks. Tepper's ability to spot opportunities and make quick decisions has been key to his success. He is known for his aggressive but well-calculated investment strategies, particularly in distressed companies and industries facing financial difficulties.
Philanthropy
Tepper is actively involved in philanthropy, with a focus on community-based projects, food insecurity, basic needs, education, and disaster relief. He and his wife, Nicole Tepper, established The David & Nicole Tepper Foundation in 2020. The Foundation has made substantial commitments to food banks across the Carolinas.