Sunday, 24 May 2015
Last updated 2 days ago
Mar 7 2011 | 11:46am ET
David Tepper and his fellow partners at Appaloosa Management may have a problem: They have too much money and no place to put it.
They may also have a solution: Investing their billions in other hedge funds.
Tepper told MarketWatch that he and his partners are mulling some sort of external hedge fund program in which to invest much of the proceeds of Appaloosa's success. The New Jersey-based hedge fund plans to begin returning some profits to investors—including themselves—to keep Appaloosa small enough to stay successful.
"We've had two very good years and internal partners will have a lot of money," he said. "At some point we will have to invest it somewhere."
Tepper is loathe to simply invest the money himself for the same reasons he doesn't want to keep it in Appaloosa's funds.
"Right now it's very hard to invest your own money in different things without having conflicts of interest with your own funds," he said. Still, no decisions have been made; all Tepper would say was that investing in other hedge funds was something he and his partners "may do… in the next year, potentially."
But if Tepper sees enough opportunities for Appaloosa, he and his partners may keep their money right where it is.
"The world could blow up and we won't return money because there'll be more opportunities," he said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…