20-Year-Old Appaloosa Up 17%

Aug 6 2013 | 1:06pm ET

Appaloosa Management is celebrating its 20th anniversary in much the same way it's spent the last two decades: with a triumphal investor letter.

The Short Hills, N.J.-based hedge told clients that it returned 17% in the first half, Bloomberg News reports. Appaloosa has posted annualized returns of 28% since inception.

In the letter, firm founder David Tepper said that $1 million invested with Appaloosa at the beginning, in 1993, would be $149 million today. Appaloosa celebrated the milestone last month.

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