Monday, 29 December 2014
Last updated 3 hours ago
Nov 11 2010 | 2:07am ET
In September, Appaloosa Management’s David Tepper said running a hedge fund was “easy,” if you knew what the government was going to do. Last month, he tried to prove it.
Appaloosa’s eponymous and Palomino hedge funds were up more than 5% in October, almost three times the industry average based on major hedge fund indices. The $8.7 billion funds are up almost 21% year-to-date, after soaring 132% last year.
And like last year, when Tepper said “the government told you what they were going to do,” Appaloosa’s October was Tepper’s statement that the September Federal Reserve Open Market Committee state was a “put” on the stock market: If the economy failed to improve, “the Fed is going to come in” with quantitative easing.
Indeed, after last week’s Fed announcement that it would buy $600 million in Treasury bonds, Appaloosa “became more constructive on equities,” it told investors.
New Jersey-based Appaloosa’s $5.7 billion Thoroughbred Fund didn’t do quite as well in October as its other funds, but it still added more than 3% and is up more than 18% on the year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.